EITC stands for the Earned Income Tax Credit. It is a credit that has been around since 1975. Congress passed EITC as an incentive for working low-to-moderate income individuals and families. Have you ever claimed it on your tax return? Think you make too much money to claim the EITC? Well, that may not be the case.
The American Recovery Reinvestment Act of 2009 provides a temporary increase. In years prior to 2009 the EITC could only be claimed for up to two qualifying children but the ARRA changed it for 2009 and 2010 so that EITC can be claimed for up to three qualifying children.
There are certain rules you must meet to qualify for the EITC. If your income for 2010 is below $48,362 you may be eligible to claim in EITC on your 2010 tax return.
For more information visit www.irs.gov to see if you may be eligible to claim the Earned Income Tax Credit on your 2010 tax return.
/posted by Tiffany Sokolowski
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