The Earned Income Credit (EIC) is the largest and most often overlooked tax credit
for modest income households. A good accountant or tax software (TaxAct) should
identify those eligible. However there are a few gotchas that people need to be aware of —
** even for those who paid no taxes and have “no tax liability” you still need to file a
tax return (even a 1040EZ will do) to claim the EIC.
** a “child” can mean many things — grandchild, niece, foster child or younger sibling.
** any child must live in the home for at least six months of the year.
A child away at college still meets this criteria.
Check out the EIC app to quickly determine if you are eligible for the EIC!