SEARCH
« Five takeaways from CBO's analysis of Republican health care plan | Main | Tax Tip: When to admit you need help »
Tuesday
Mar142017

Tax Tip: Qualifying for the earned income tax credit

iStock/ThinkstockYou may qualify for a tax credit meant to help working people. It's called the earned income tax credit.

"Depending on what your income was, you can receive a sizeable benefit that'll make a better refund for you," says ABC News Chief Business and Economics Correspondent Rebecca Jarvis.

She says one out of every five American workers fails to claim this credit.

"If you worked and earned less than $53,505 in 2016, you are entitled to this," Jarvis explains. That's for a married couple filing jointly, and it depends on how many children you have.

It's kind of complicated but you can get more information on the IRS website.

"On the IRS website they have an EITC assistant tool, and it can tell you if you are eligible for this. And it can be very valuable," says Jarvis.

If you're married and filing separately, you're not eligible for this. If you're single, head of the household or a surviving spouse, you might be. The maximum credit you might get is $6,269.

Copyright © 2017, ABC Radio. All rights reserved.







ABC News Radio