Earned Income Tax Credit (EITC) Explained

In this video I go over the Earned Income Tax Credit (EITC) and the qualifications one needs to meet in order to take the credit. I briefly go over how to report the credit on one's tax return (Form 1040). The credit ranges from $560 if you are single all the way up to $6,935 if you have three children.

[@taylorbooker8463]

This was incredibly helpful for my exam, thank you so much.

[@ArmUkraine]

EITC also stands for the (from a business point of view) “best” company ever!

[@TRYtoHELPyou]

the heck man, three kids and turbotax said "no" on that EIC line.... we fit ALL of the requirements for 2019 it seems..... not very happy with turbotax right now :/ EDIT: We were less than two hundred over 😂

[@esthermuse4385]

Did the earned income change to Three kids

[@davidcartagena1272]

You should have made up 200 bucks in expanses

[@yeahboyoboy]

Confused on a point about the EITC Estimator. When inputting the info, under the heading AGI, the Estimator asks for the information in "Box 1" on your W-2s. What's contained in Box 1 on a W-2 is "Gross Income," not AGI. In that the EITC Estimator asks about filing status (mine would be married filing jointly w/ no children which qualifies), is that then what takes into account AGI because the "Estimator" is figuring in the Standard Deduction for that filing status? If not, that changes everything in terms of outcome. Also, in that there are no children involved, would it be safe to say that the printing of the result would act as evidence of the claim when filing? Thanks for answering this. I think the IRS does a poor job when it comes to explaining all the lines where information is asked for as so many are not taken into account.

[@fideljaime7550]

Can you claim eitc when filling jointly. one person has a social and the other one has a itin?

[@Puffin289]

Are early ira cash withdrawals included in the earned income calculation to determine the eitc credit? IRS audited my eitc due to my failure to include the cash withdrawal. Im single filer with a declared wages of $ 12789. My IRA cash withdrawal was 523.

[@dantanner8936]

My efile was accepted on 1/25/23. I did qualify for the Eitc. Does the irs start the average count of 21 days from that acceptance date or from mid February when they actually start processing the eitc returns?

[@TaxTeach]

Hi Dan, the IRS expects to start providing refunds related to EITC around February 28th. You can check the status of your refund on the IRS website located here: www.irs.gov/refunds.

[@libramoon9968]

If my federal tax refund came (direct deposit 8888) deposited in my bank, will the earned income credit also be direct deposit too?

[@dyvapratiwi3448]

Hi thanks a lot for this. How to claim it for free? I mean without using turbotax etc.. Can I just file tax return offline?

[@hazelhazzel5998]

Can but it'll take forever doing it by mail way longer e filing is way better and use freetaxusa to file they make calculations easier

[@strokerace4765]

I am on SSDI and Teacher pension. I made $60 working in 2023. Can I qualify for EITC?

[@aka2312]

if i file before 24 year old but my taxes are accepted and refund comes on my birthday making me 25 will i stil get theEITC payment or do i have to file a amended return

[@hazelhazzel5998]

No

[@sophiacole1992]

What form do you use to claim this credit

[@TaxTeach]

You have to complete a schedule on your Form 1040 called Schedule EIC.

[@KEVINSURIEL]

If I get $79k agi for a household member with 1 child and considered single will I be able to claim tax credit for the child? Also if you claim a relative as a dependent since if you paid for everything would that be considered a secondary dependent

[@hazelhazzel5998]

Yep

[@hilahechal4146]

If my income is w2 from my c corp. and my c corp generated income do I still qualified for EITC?

[@benitodiaz1531]

Can you still get EITC even without claming kids?

[@Danny-xk5wj]

I guess not

[@hazelhazzel5998]

Yes you can a credit up to 17,000

[@hazelhazzel5998]

​@Danny-xk5wj yep you can

[@TheMadisonHang]

its free money

[@wasifmohammad8708]

So basically if I am only income person then i will get only 600$ ?

[@hazelhazzel5998]

No you would qualify for 17,000$

[@hazelhazzel5998]

Look at the chart

[@hazelhazzel5998]

There is a chart online and it explains the 600 is like the amount credited to each like 1,000 dollars its credit plus it maximizes your refund by allot if you do it right

[@rosedevarel7098]

Darn it, no kids

[@hazelhazzel5998]

Don't need none

[@clintoni7480]

*promo sm*

[@Knovocaine]

Hi Sean! Taxation is theft.

[@CryptoNewsTV]

Having kids shouldn’t give you a break

[@user-cz4kt9vx2k]

Its not a break. Lol. Wait till you have kids then you see the expenses that come with that and you would understand

[@Pokesabbath]

I net 80 and can barely live on my own this crap is crazy rent 1100 car insurance 300 car note 500 I live in southeast Michigan. I mean this is basically for people not working full time and either have government assistance or they live with a family or have roommates. Come on I paid the federal government more than 3x my return every pay week and I get no credits they crushing the middle class to handout checks to everyone

[@hazelhazzel5998]

No it ain't the literal main qualification is that you worked show a w2 , make less than 65,000 a yr ages 25-64