- Possess a valid Social Security number.
- Meet certain residency and filing criteria, including following guidelines for a qualifying child.
- Have an investment income that’s no more thatn $2,950.
- Have a total earned income of at least $1 and and an earned income and adjusted gross income (AGI) that’s less than:
- $12,880 with no qualifying child ($15,880 if married, filing jointly)
- $33,995 with one qualifying child ($36,995 if married, filing jointly)
- $38,646 with more than one qualifying child ($41,646 if married, filing jointly)
If you meet the criteria above, you may be eligible for the Earned Income Tax Credit (EITC). The EITC is a refundable credit for low and moderate-income taxpayers. If you qualify, you could pay less federal income tax, pay no tax or receive a refund. To find out if you’re eligible for an EITC this year, visit the IRS website and use their eligibility tool. If you know you’re eligible, find out how much your EITC will be for 2008.