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What is it? The EITC is a Federal tax credit program for working families with a limited income. The EITC is a way for people who work but don't earn a high income to pay less federal tax. What do I get? You can get cash back from the government as part of your yearly tax return. In 2007, a family with two or more children can get up to $4,716 back from the federal government and a family with one child can get up to $2,853 from the EITC. A single person or childless couple can get up to $428. Every year, the maximum credit available for each family size will rise slightly. The EITC is fully refundable, which means that you can get more money back from the federal government than you actually paid in taxes throughout the year. For example, let's say you have two children and are eligible for the full credit ($4,716). Even if you paid less than $4,716 in Federal taxes throughout the year, you can still get the full $4,716 refunded to you. |
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