Do You Qualify for Earned Income Credit (EIC)?

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Introduction

Tax and EIC help! Find out how to qualify for Earned Income Credit in this free video clip on tax tips.

By: Tom Noah

Source: Expert Village

Length: 2:27

Comments: 0

Tags: tax forms taxes

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All Videos In The Series, "How to Complete and File a 1040EZ Tax Form"

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Video Transcript

"I'm going to talk now about the earned income credit and the qualifications that you may need to meet to take this credit. This earned income credit is a tax credit for certain people who work and it can give you a refund, even if you don't owe any tax. To determine if you're eligible for this, you need to answer a series of questions. First, is the amount on Form 1040EZ, line "4", less than $12,590 if you're single, or $14,590 is you're married filing a joint return. If the answer is "yes", it is less than that, you can go to the next question which is "Do you and your spouse, if filing a joint return, have a social security number that allows you to work or is valid for EIC purposes?" If the answer is "yes", you go to the next question. And that is, "Can you, or your spouse, if filing a joint return, be claimed as a dependent on someone else's tax return?" If the answer is "yes", you cannot take the credit. If the answer is "no", you are not claimed as a dependent, you can proceed to the next question which is "Are you, or your spouse, if filing a joint return, at least age 25 but under the age 65 at the end of 2007?" If the answer is "yes", you can continue to the next question which is "Was your home, and your spouse's, if filing a joint return, in the United States for more than half of the year?" If the answer is "yes", you continue to the next question which is "Are you possibly considered a qualifying child?" If the answer is "yes", you have to stop, but if it's "no", you can go on to the next page. And the way the qualifying child is determined is if you are a son, daughter, stepchild, foster child, brother, sister, or any descendant and you were under the age of 19 at the end of 2007, or under the age 24 at the end of 2007 and a student, or any age and permanently and totally disabled and who either lived with another person for more than half of the year."

eHow Article: Do You Qualify for Earned Income Credit (EIC)?

Expert Village: Tom Noah

Tom Noah

Video Series: Personal Finance

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