Earned Income Credit (EIC)

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Definition of 'Earned Income Credit (EIC)'

The Earned Income Credit (EIC) is a refundable tax credit for low- to moderate-income workers. The EIC is designed to help workers offset the cost of raising children and to encourage work. The EIC is available to workers who have earned income and meet certain other requirements.

The amount of the EIC you can claim depends on your income, the number of children you have, and your filing status. The EIC is fully refundable, which means that you can get back more money than you paid in taxes.

To claim the EIC, you must file a tax return. You can file a tax return even if you don't owe any taxes. If you are eligible for the EIC, you will receive the credit when you file your tax return.

The EIC is a valuable tax credit that can help low- to moderate-income workers. If you think you may be eligible for the EIC, you should file a tax return to claim the credit.

Here are some additional details about the EIC:

* The EIC is available to workers who are at least 19 years old and who have earned income.
* The EIC is not available to workers who are claimed as dependents on someone else's tax return.
* The EIC is available to workers who have a Social Security number.
* The EIC is available to workers who are married filing jointly, married filing separately, or head of household.
* The EIC is available to workers who have children under the age of 18.
* The amount of the EIC you can claim depends on your income, the number of children you have, and your filing status.
* The EIC is fully refundable, which means that you can get back more money than you paid in taxes.

If you have any questions about the EIC, you can contact the IRS.

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