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EIC is a refundable credit.
The earned income credit (EIC) is a tax credit for certain people who work and have earned income under $48,279. A tax credit usually means more money in your pocket. It reduces the amount of tax you owe. The EIC may also give you a refund.Go to the IRS gov website and use the search box for Publication 596 (2009), Earned Income Credit (EIC)
No. You must report income to receive the Earned Income Credit. You must file a tax return to receive the credit, even if you otherwise would not have to. Any amount of the credit over the amount of taxes you owe will be refunded to you.
EIC
Earned Income Credit (EIC) Calculator Earned Income Credit (EIC) is a tax credit available to low income earners. In some cases the EIC can be greater than your total income tax bill, providing an income tax refund to families that may have little or no income tax withheld from their paychecks. Use this calculator see if you qualify for the Earned Income Credit, and if so, how much it might be worth to you and your family. This calculator creates estimated values for tax year 2010.
Earned Income Credit
Any federal or state agencies (including student loan and child support) have the right to take any amount due from your refund. It has nothing to do with EIC and they have the right to take the whole refund you are due if you are in default or have a judgment against you.
Yes
eic would probably be referring to the EARNED INCOME TAX CREDIT (EITC) Go to the IRS gov website and use the search box for Earned Income Tax Credit (EITC) The Earned Income Tax Credit or the EITC is a refundable federal income tax credit for low to moderate income working individuals and families.
The Earned Income Credit is eligible to citizens in all 50 states when filing their yearly federal income tax return. There are eligibility requirement to meet the test for receiving EIC. http://taxresolutionaries.blogspot.com
According to the Wiki on EIC you can get 40% of your income back up to $12,570 . Between $12,570-$16,420 you would get the max amount back at $5,028. Above that amount it goes down. This info was based on the 2009 tax year data. But to answer your question 40% of 0 dollars would be nothing. If you had an income of $1000 dollars you would EIC at $400 .
YES. When you did not work (provide your services to some one) in the tax year 2009 you DID NOT have any type of qualifying earned income in order to qualify to receive any of the EITC amount.Go to the IRS gov website and use the search box for 2009 Form 1040 (Schedule EIC) worksheet Earned Income Credit go to page 2 for the below information.Taking the EIC when not eligible. If you take the EIC even though you are not eligible and it is determined that your error is due to reckless or intentional disregard of the EIC rules, you will not be allowed to take the credit for 2 years even if you are otherwise eligible to do so. If you fraudulently take the EIC, you will not be allowed to take the credit for 10 years. You may also have to pay penalties.