The Earned Income Tax Credit (EITC) is a federal tax credit. It reduces or eliminates taxes for workers under a certain income, and in many cases actually gives them money back!
Here's a few more facts:
- For the 2014 tax year 27.5 million taxpayers received about $66.7 billion in EITC
- The average amount of EITC received nationwide last year was more than $2,400
- EITC is for workers whose income does not exceed the following limits in tax year 2015:
- $47,747 ($53,267 married filing jointly) with three or more qualifying children
- $44,454 ($49,974 married filing jointly) with two qualifying children
- $39,131 ($44,651 married filing jointly) with one qualifying child
- $14,820 ($20,330 married filing jointly) with no qualifying children
- Investment income in all cases must be $3,400 or less
We'll be online sharing information from 1-2 PM on Friday, January 29. You can find sample tweets here.
You can also sign up to get your taxes done for free with PathWays PA at pathwaysvita.com.