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| What is it? The Earned Income Tax Credit (EITC) is a federal credit that supplements wages for working individuals and families with limited incomes. It both reduces the amount of money you owe and could give you money back. What do I get? You can get money back from the government as part of your yearly tax return. Every year, the maximum credit available for each family size will rise slightly. This year, the maximum credit is $5,666. The EITC is fully refundable, which means that you can get more money back from the federal government than you actually paid in taxes throughout the year if you qualify. The amount you get back is determined by your income and number of children. For example, if you have three children and your adjusted gross income was $43,352 or less in 2010, then you are eligible for the full credit of $5,666 even if you paid less than the amount of the credit in federal taxes throughout the year. A single person with no children who earned $13,460 or less in 2010 could get refunded a maximum of $457. |
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