The Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) are two anti-poverty measures that can make a real difference for workers who are struggling to make ends meet.
The EITC is a refundable tax credit available to qualifying lower-wage workers and their families. Workers earning less than about $50,000 from wages, self-employment, or farming in 2017 could qualify. Many people will qualify for the first time this year due to changes in their income, their marital status, or parental status, according to the IRS. The IRS estimates that four out of five eligible workers currently claim their EITC. In 2015, the EITC lifted an estimated 6.5 million people out of poverty, more than half of them children.
The CTC is available to workers with children earning more than $3000. A qualifying child must be under age 17.
The Get it Back Campaign has released a new video on EITC eligibility. This one explains the basics about refundability and who can claim this credit. It is very simple but conveys great information. Take a look:
Millions of workers could overlook important federal tax benefirts because they simply don't know about them. We want to change that. For more information and to see if you qualify for the Earned Income Tax Credit and/or the Child Tax Credit, visit http://www.eitcoutreach.org/help/
Detailed eligibility rules can be found here: http://www.eitcoutreach.org/learn/tax-credits/earned-income-tax-credit/eligibility/blog comments powered by Disqus