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The Curious Bag
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The Earned Income Tax Credit, or EITC, is a federal income tax credit for low-income families.
Qualifications for the 2008 Tax Year
Qualifications may change with each tax year. The qualifications for the 2008 tax year were that a family with two or more qualifying children must earn less than $38,646.
Qualifying Child
Children claimed for EITC purpose must qualify according to the following criteria: -- Relationship: The child must be your son or daughter, either by blood or by adoption, a sibling, or a sibling's child. -- Age: The child must be under 18, or a full-time student under the age of 24. -- Residency: The child must have lived with you, within the United States, for at least half of the 2008 tax year.
Why Take the EITC?
If you qualify for the EITC, it may reduce your federal income taxes or increase your refund.
Foreign Income Exclusion
An EITC recipient cannot be eligible to file forms 2555 or 2555-EZ, which relate to tax exceptions for foreign earned income.
Maximum Credit
The maximum EITC for the tax year of 2008 was $4,824 for a family with two or more qualifying children. This amount may change from tax year to tax year.
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