<p><span style="font-weight: 400;">Filing taxes doesn’t usually come at the top of people’s Favorite Things To Do list. It’s not all that bad, however, and in fact could bring some things to look forward to. Like the Earned Income Tax Credit (EITC).</span></p>
<!-- WP QUADS Content Ad Plugin v. 2.0.99 -->
<div class="quads-location quads-ad135805 " id="quads-ad135805" style="float:none;text-align:center;padding:0px 0 0px 0;" data-lazydelay="3000">

</div>

<p><amp-youtube layout="responsive" width="1160" height="653" data-videoid="C61fbioPS2M" title="Personal Income Tax Basics: Taxes 101"><a placeholder href="https://www.youtube.com/watch?v=C61fbioPS2M"><img src="https://i.ytimg.com/vi/C61fbioPS2M/hqdefault.jpg" layout="fill" object-fit="cover" alt="Personal Income Tax Basics: Taxes 101"></a></amp-youtube></p>
<h3><b>Earned Income Tax Credit</b></h3>
<p>The EITC or EIC is a refundable tax credit available to claimants that qualify as low- and moderate-income workers. Essentially, the <a href="https://www.forbes.com/sites/kellyphillipserb/2020/01/31/8-myths-about-the-earned-income-tax-credit-eitc-at-tax-time/#62b9f0e23983" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.forbes.com/sites/kellyphillipserb/2020/01/31/8-myths-about-the-earned-income-tax-credit-eitc-at-tax-time/%2362b9f0e23983&;source=gmail&;ust=1616176094871000&;usg=AFQjCNHyvEQGxLT7_mn770IvueRl1w6ZOQ">benefits of an EIC</a> claim go far and beyond simply getting a cut on what you owe in taxes. It can, in fact, also give you a refund that’s more than the actual amount you paid. An <a href="https://turbotax.intuit.com/tax-tools/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://turbotax.intuit.com/tax-tools/&;source=gmail&;ust=1616176094871000&;usg=AFQjCNGEUYggjKUAjgtStGVvBl5n-hM3iA">income tax calculator</a> can break down the numbers. Simply put, it’s one of the easiest <a href="https://www.taxry.com/blog/save-money-on-taxes-irs-approved" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.taxry.com/blog/save-money-on-taxes-irs-approved&;source=gmail&;ust=1616176094871000&;usg=AFQjCNHY2zqd_6WYq4pzjoyAmUCEDD4TNg">ways to save money on taxes</a>, and then some.</p>
<h3><b>How Do You Qualify for EITC?</b></h3>
<p><span style="font-weight: 400;">According to the IRS</span><span style="font-weight: 400;">, “you must meet certain requirements and file a tax return, even if you do not owe any tax or not required to file.” So keep in mind that filing a tax return is the first thing you should do before you can begin checking the boxes for the rest of the requirements.</span></p>
<!-- WP QUADS Content Ad Plugin v. 2.0.99 -->
<div class="quads-location quads-ad135804 " id="quads-ad135804" style="float:none;text-align:center;padding:0px 0 0px 0;" data-lazydelay="3000">

</div>

<p><span style="font-weight: 400;">What if you have personal loans that may be much bigger than your income? </span><span style="font-weight: 400;">Are </span><a href="https://www.loanry.com/blog/personal-loan-save-money/are-personal-loans-considered-taxable-income/"><span style="font-weight: 400;">personal loans taxable</span></a><span style="font-weight: 400;">? How can they impact your EITC claim?</span></p>
<p><span style="font-weight: 400;">Personal loans are not taxable because they are not earned money, and so do not qualify as income. So if you have an outstanding personal loan, you should not worry about it affecting your EITC claim.</span></p>
<p><span style="font-weight: 400;">What will impact your EITC, however, are your income and number of child dependents. Now, having a child is not necessarily a requirement for eligibility. Regardless of this fact, you can still file for a claim for earned income credit.</span></p>
<p><span style="font-weight: 400;">The important thing to note about this particular requirement, however, is that if you are without a child, then you must meet the corresponding requirements for that. If you do have a child, then your child must meet ALL the qualifying child rules in relation to the EITC claim.</span></p>
<!-- WP QUADS Content Ad Plugin v. 2.0.99 -->
<div class="quads-location quads-ad135804 " id="quads-ad135804" style="float:none;text-align:center;padding:0px 0 0px 0;" data-lazydelay="3000">

</div>

<h3><b>Children and EITC Claims</b></h3>
<p><span style="font-weight: 400;">Individuals without kids should have resided in the United States for over six months in the past year. Age of eligibility ranges from at least 25 to 64 years old at the end of the year. Also, you must not be identified as someone else&#8217;s dependent.</span></p>
<p><span style="font-weight: 400;">Meanwhile, if you do have children—whether biological, step, adopted, foster, or grandchild— they must be under 19 at the end of the year. Children who are full-time students must be under 24. Permanently and totally disabled children are exempt from the age limit.</span></p>
<p><span style="font-weight: 400;">Other individuals you can claim as your child can include your siblings, half or step-siblings, or even your niece or nephew from them.</span></p>
<h3><b>Filing for Back Claims</b></h3>
<p><span style="font-weight: 400;">What if you think you were eligible for EITC in the last three years, but didn’t file a claim? Simply inform the IRS about this oversight so they can process your claim. They will get in touch with you to confirm your claim&#8217;s approval.</span></p>
<!-- WP QUADS Content Ad Plugin v. 2.0.99 -->
<div class="quads-location quads-ad135804 " id="quads-ad135804" style="float:none;text-align:center;padding:0px 0 0px 0;" data-lazydelay="3000">

</div>

<p><span style="font-weight: 400;">If you think you check the boxes on each of these requirements, go ahead and make a claim for earned income tax credit the next time you file for tax returns. And one last thing for your information, the 2020 range for EITC is from $538 to $6,660. Now that&#8217;s something to look forward to in the next tax filing season. File that claim and see how much you can earn back.</span></p>

<div class="essb_links essb_counter_modern_right essb_displayed_bottom essb_share essb_template_default4-retina essb_1036668788 print-no" id="essb_displayed_bottom_1036668788" data-essb-postid="137732" data-essb-position="bottom" data-essb-button-style="button" data-essb-template="default4-retina" data-essb-counter-pos="right" data-essb-url="https://www.explosion.com/137732/how-to-figure-out-if-youre-eligible-for-earned-income-tax-credit/" data-essb-fullurl="https://www.explosion.com/137732/how-to-figure-out-if-youre-eligible-for-earned-income-tax-credit/" data-essb-instance="1036668788"><ul class="essb_links_list"><li class="essb_item essb_link_facebook nolightbox essb_link_svg_icon"> <a href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.explosion.com%2F137732%2Fhow-to-figure-out-if-youre-eligible-for-earned-income-tax-credit%2F&t=How+to+Figure+Out+if+You%E2%80%99re+Eligible+for+Earned+Income+Tax+Credit%3F" title="Share on Share" onclick="essb.window(&#39;https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.explosion.com%2F137732%2Fhow-to-figure-out-if-youre-eligible-for-earned-income-tax-credit%2F&t=How+to+Figure+Out+if+You%E2%80%99re+Eligible+for+Earned+Income+Tax+Credit%3F&#39;,&#39;facebook&#39;,&#39;1036668788&#39;); return false;" target="_blank" rel="nofollow" class="nolightbox essb-s-bg-facebook essb-s-c-light essb-s-ch-light essb-s-bgh-dark essb-s-bg-network" ><span class="essb_icon essb_icon_facebook"><svg class="essb-svg-icon essb-svg-icon-facebook" aria-hidden="true" role="img" focusable="false" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M16 8.049c0-4.446-3.582-8.05-8-8.05C3.58 0-.002 3.603-.002 8.05c0 4.017 2.926 7.347 6.75 7.951v-5.625h-2.03V8.05H6.75V6.275c0-2.017 1.195-3.131 3.022-3.131.876 0 1.791.157 1.791.157v1.98h-1.009c-.993 0-1.303.621-1.303 1.258v1.51h2.218l-.354 2.326H9.25V16c3.824-.604 6.75-3.934 6.75-7.951"></path></svg></span><span class="essb_network_name">Share</span></a></li><li class="essb_item essb_link_twitter nolightbox essb_link_twitter_x essb_link_svg_icon"> <a href="https://x.com/intent/post?text=How%20to%20Figure%20Out%20if%20You’re%20Eligible%20for%20Earned%20Income%20Tax%20Credit%3F&;url=https%3A%2F%2Fwww.explosion.com%2F137732%2Fhow-to-figure-out-if-youre-eligible-for-earned-income-tax-credit%2F" title="Share on Tweet" onclick="essb.window(&#39;https://x.com/intent/post?text=How%20to%20Figure%20Out%20if%20You’re%20Eligible%20for%20Earned%20Income%20Tax%20Credit%3F&;url=https%3A%2F%2Fwww.explosion.com%2F137732%2Fhow-to-figure-out-if-youre-eligible-for-earned-income-tax-credit%2F&#39;,&#39;twitter&#39;,&#39;1036668788&#39;); return false;" target="_blank" rel="nofollow" class="nolightbox essb-s-bg-twitter essb-s-c-light essb-s-ch-light essb-s-bgh-dark essb-s-bg-network" ><span class="essb_icon essb_icon_twitter_x"><svg class="essb-svg-icon essb-svg-icon-twitter_x" aria-hidden="true" role="img" focusable="false" viewBox="0 0 24 24"><path d="M18.244 2.25h3.308l-7.227 8.26 8.502 11.24H16.17l-5.214-6.817L4.99 21.75H1.68l7.73-8.835L1.254 2.25H8.08l4.713 6.231zm-1.161 17.52h1.833L7.084 4.126H5.117z"></path></svg></span><span class="essb_network_name">Tweet</span></a></li><li class="essb_item essb_link_pinterest nolightbox essb_link_svg_icon"> <a href="#" title="Share on Pin It" onclick="essb.pinterest_picker(&#39;1036668788&#39;); return false;" target="_blank" rel="nofollow" class="nolightbox essb-s-bg-pinterest essb-s-c-light essb-s-ch-light essb-s-bgh-dark essb-s-bg-network" ><span class="essb_icon essb_icon_pinterest"><svg class="essb-svg-icon essb-svg-icon-pinterest" aria-hidden="true" role="img" focusable="false" width="32" height="32" viewBox="0 0 32 32" xmlns="http://www.w3.org/2000/svg"><path d="M10.625 12.25c0-1.375 0.313-2.5 1.063-3.438 0.688-0.938 1.563-1.438 2.563-1.438 0.813 0 1.438 0.25 1.875 0.813s0.688 1.25 0.688 2.063c0 0.5-0.125 1.125-0.313 1.813-0.188 0.75-0.375 1.625-0.688 2.563-0.313 1-0.563 1.75-0.688 2.313-0.25 1-0.063 1.875 0.563 2.625 0.625 0.688 1.438 1.063 2.438 1.063 1.75 0 3.188-1 4.313-2.938 1.125-2 1.688-4.375 1.688-7.188 0-2.125-0.688-3.875-2.063-5.25-1.375-1.313-3.313-2-5.813-2-2.813 0-5.063 0.875-6.75 2.688-1.75 1.75-2.625 3.875-2.625 6.375 0 1.5 0.438 2.75 1.25 3.75 0.313 0.313 0.375 0.688 0.313 1.063-0.125 0.313-0.25 0.813-0.375 1.5-0.063 0.25-0.188 0.438-0.375 0.5s-0.375 0.063-0.563 0c-1.313-0.563-2.25-1.438-2.938-2.75s-1-2.813-1-4.5c0-1.125 0.188-2.188 0.563-3.313s0.875-2.188 1.625-3.188c0.75-1.063 1.688-1.938 2.688-2.75 1.063-0.813 2.313-1.438 3.875-1.938 1.5-0.438 3.125-0.688 4.813-0.688 1.813 0 3.438 0.313 4.938 0.938 1.5 0.563 2.813 1.375 3.813 2.375 1.063 1.063 1.813 2.188 2.438 3.5 0.563 1.313 0.875 2.688 0.875 4.063 0 3.75-0.938 6.875-2.875 9.313-1.938 2.5-4.375 3.688-7.375 3.688-1 0-1.938-0.188-2.813-0.688-0.875-0.438-1.5-1-1.875-1.688-0.688 2.938-1.125 4.688-1.313 5.25-0.375 1.438-1.25 3.188-2.688 5.25h-1.313c-0.25-2.563-0.188-4.688 0.188-6.375l2.438-10.313c-0.375-0.813-0.563-1.813-0.563-3.063z"></path></svg></span><span class="essb_network_name">Pin It</span></a></li><li class="essb_item essb_link_mail nolightbox essb_link_svg_icon"> <a href="#" title="Share on Email" onclick="essb_open_mailform(&#39;1036668788&#39;); return false;" target="_blank" rel="nofollow" class="nolightbox essb-s-bg-mail essb-s-c-light essb-s-ch-light essb-s-bgh-dark essb-s-bg-network" ><span class="essb_icon essb_icon_mail"><svg class="essb-svg-icon essb-svg-icon-mail" aria-hidden="true" role="img" focusable="false" width="32" height="32" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 60 60"><polygon points="60,50.234 60,9.944 39.482,30.536 " /><polygon points="0,9.941 0,50.234 20.519,30.535 " /><path d="M1.387,8.5l21.002,21.08c0.121,0.051,0.471,0.415,0.517,0.519l5.941,5.963c0.635,0.591,1.672,0.59,2.333-0.025l5.911-5.933c0.046-0.105,0.4-0.473,0.522-0.524L58.615,8.5H1.387z" /><path d="M38.07,31.954l-5.5,5.52c-0.73,0.68-1.657,1.019-2.58,1.019c-0.914,0-1.823-0.332-2.533-0.993l-5.526-5.546L1.569,51.5h56.862L38.07,31.954z" /></svg></span><span class="essb_network_name">Email</span></a></li></ul></div>
0 Comments