Earned Income Tax Credit Form 2011, 2012

The earned income credit is a tax credit that puts a little money back into the pockets of taxpayers who have moderate to low income. You may qualify to claim the (eic) earned income tax credit.

If all you need is to print-out a tax form, then go here, earned income credit form

Who is Eligible for the Earned Income Credit?

The criteria for earned income credit qualification has a few considerations. The first thing you must do is determine whether or not you qualify.

You must be a United States citizen. You do have to make an income whether it is as an employee or self employed. You must have a valid Social Security number for you and your children. You don't actually have to be parents to qualify for the earned income credit. If you happen to have investment income, it must be less than $3,100 for the year. Of course there are always the tricky areas of tax laws that can become quite complicated.

For example, the age limit of children. Your children have to under 18 years of age, unless they are full time students. Full time students must be under 24 years of age and if your child is permanently disabled, then the age limit doesn't apply. Do you see what I mean about all of the rules with exceptions? Defining the relationship is predominately what will qualify or disqualify you for being eligible to claim the eic tax credit.

Advice for Claiming the Earned Income Credit

The best advice I can give you concerning the earned income credit is to use an online tax preaparation software company, such as, TurboTax online. The tax software will scan all of your personal data and go to work for you looking for every tax credit and tax deduction you are qualified to claim. The tax software will also find and fill out the earned income tax credit form for you.

Some EIC Qualifications for Income Levels

Your income for married filing jointly must be $45,250 or less with two children. If you are filing single, then your income must be $35,450 or less with two children. All of these EIC calculations change based on filing status, income levels, and how many children you have or if you don't have children.

You, your spouse, and any qualifying children must have valid social security numbers and must not be claimed on anyone else’s return.

If you meet all of the guidelines then it could result in a credit of up to $5,666.00. So the earned income tax credit is definitely worth exploring to see if you qualify. As your income amount increases your tax credit amount will begin to phase out.

What about my benefits?

If you currently receive any type of public assistance such as Medicaid, food stamps, or live in low-income housing, the earned income tax credit will not affect your benefits in any way.

How do I estimate the amount of my eic tax credit?

If you find that you meet all the necessary guidelines, then you will need to use the table provided on the instructions for Forms 1040A or 1040EZ. This table will help you estimate the amount you will receive from the earned income credit.

Visit TurboTax Online to calculate your earned income credit. TurboTax online offers free tools and calculators to help you file your earned income credit tax form.