Earn Income From
General Information about the EITC (Earned Income Tax Credit)
Attention U.S. citizens or resident aliens: If you worked in the U.S. during 2009 and did not earn much money, you may qualify for the Earned Income Tax Credit, or EITC. This is a refundable tax credit the U.S. government gives to working people who don’t make much money.
The government applies your EITC against the amount of taxes you owe after all your other credits and withholdings are added up. If the EITC is greater than the amount of tax you owe, then they will pay you the difference. (This is why it’s called a “refundable credit.”)
However, if your EITC is less than your taxes owed, you will not be able to receive it.
There are several rules the U.S. government requires before you can claim the money.
- You (and your spouse, if you are filing as a joint couple) must have a valid Social Security Number.
- You must be a U.S. citizen – OR – a resident alien all of 2009 – OR – a nonresident alien married to a U.S. citizen or resident alien.
- You cannot file as “Married Filing Separately.”
- You (or your spouse, if you are filing jointly) cannot be named as a dependent on someone else’s 2009 tax return.
- You must not have very much investment income.
- You must not be able to file Form 2555 or Form 2555-EZ for foreign earned income.
- You must have a qualifying child – OR – be a person aged between 25 and 64, residing in the U.S. at least 6 months, and not be someone else’s dependent on their 2009 taxes.
In order to receive an EITC refund, you will have to file your 2009 tax return. Workplaces and banks will start mailing out tax information forms in January and February 2010. These forms will show how much tax was withheld from your paychecks, how much interest banks paid you for your bank accounts, and other information.
Once you receive those documents, you can file your 2009 U.S. income tax return. The deadline to file is April 15, 2010.
For more information or to see if you qualify for the Earned Income Tax Credit, go to www.irs.gov/eitc or call 800–829–3676 and request Publication 596, Earned Income Credit.
About the Author
Lisa Johnson, CRTP, is a licensed tax preparer in Southern California. Johnson volunteers her services each tax season for the IRS VITA (Volunteer Income Tax Assistance) program. This program helps low-income people complete their tax returns and provides basic tax compliance education. Are you ready for the 2009 tax season? Visit www.irs.gov for forms, e-filing, and updated tax law information.
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