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IRS Publication 962

The document provides information about the Earned Income Tax Credit (EITC), a tax credit for working people who earn less than $50,270. The EITC amount ranges from $2 to $5,891 depending on filing status and number of children. To qualify for the EITC, taxpayers must meet requirements such as having earned income, a valid Social Security number, and filing status other than married filing separately. The EITC can help pay bills or be saved. Special rules apply to military members and those in disaster areas. Children must meet relationship, age, residency, and filing tests to be considered qualifying children. Common errors include claiming children who do not qualify or misreporting income/ex

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236 views2 pages

IRS Publication 962

The document provides information about the Earned Income Tax Credit (EITC), a tax credit for working people who earn less than $50,270. The EITC amount ranges from $2 to $5,891 depending on filing status and number of children. To qualify for the EITC, taxpayers must meet requirements such as having earned income, a valid Social Security number, and filing status other than married filing separately. The EITC can help pay bills or be saved. Special rules apply to military members and those in disaster areas. Children must meet relationship, age, residency, and filing tests to be considered qualifying children. Common errors include claiming children who do not qualify or misreporting income/ex

Uploaded by

Francis Wolfgang Urban
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Lifes a little easier with

EITC is for working people who earn less than $50,270. This year, the credit can be from $2 up to $5,891. The credit amount changes based on: if you are single or married if you have no, one, two, or three or more children the amount you earned Are you eligible to claim EITC for 2012? Here are the rules to claim the credit . . . Must work and have earned income Must have a valid Social Security number Investment income limited to $3,200 Generally must be a U.S. citizen or resident alien all year Cannot file as married filing separately Cannot be a qualifying child of another person Cannot file Form 2555 or 2555-EZ (related to foreign earned income) You have to file a federal tax return to get EITC even if you owe no tax or are not required to file. EITC provides a boost to help pay your bills, fix up your place, or save for a rainy day. Just imagine what you could do with EITC.

Did you meet the rules? If so, your earned income must be less than . . . $13,980 ($19,190 if married filing a joint return) with no qualifying children $36,920 ($42,130 if married filing a joint return) with one qualifying child $41,952 ($47,162 if married filing a joint return) with two qualifying children $45,060 ($50,270 if married filing a joint return) with three or more qualifying children Special rules may apply for members of the U.S. Armed Forces and taxpayers in designated major disaster areas. Do you have children? To be a qualifying child for the credit . . . The child must meet the relationship, age, residency, and joint return tests described at www.irs.gov/eitc or in Publication 596, Earned Income Credit. Did you double check your facts? Here are common errors to avoid . . . Claiming a child who does not meet the relationship, age, residency, or joint return tests Filing as single or head of household when married Under or over reporting income or expenses Social Security number and last name mismatches Do you want help with EITC? Go online, call toll free, or come see us . . . Check out our EITC Assistant to see if you qualify and estimate the amount of your EITC. Its available on www.irs.gov/eitc along with information on how to get free tax help. Visit a Volunteer Income Tax Assistance site for free help and tax preparation See your tax return preparer. If you pay someone to do your taxes, choose carefully. Visit www.irs.gov/eitc Choose a Paid Preparer with Care for more information.

See if you qualify.

www.irs.gov/eitc
Publication 962 (Rev. 10-2012) Catalog Number 13772B Department of the Treasury Internal Revenue Service www.irs.gov

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