Definition of 'Hardship Exemption'
There are a few different types of hardship exemptions that you may be eligible for. One type is the earned income tax credit (EITC). The EITC is a refundable tax credit that can help low- and moderate-income workers offset the cost of raising children. The amount of the EITC you can claim depends on your income and the number of children you have.
Another type of hardship exemption is the child tax credit. The child tax credit is a nonrefundable tax credit that can help offset the cost of raising children. The amount of the child tax credit you can claim depends on your income and the number of children you have.
If you are facing a financial hardship, you may also be eligible for the earned income tax credit (EITC) or the child tax credit. These credits can help you reduce your tax burden and keep more money in your pocket.
To claim a hardship exemption, you will need to file Form 1040 or Form 1040A with the IRS. You will also need to provide documentation to support your claim, such as a letter from your employer stating that you have been laid off or a medical bill from a doctor.
If you are eligible for a hardship exemption, it is important to claim it. This can help you reduce your tax burden and keep more money in your pocket.
Do you have a trading or investing definition for our dictionary? Click the Create Definition link to add your own definition. You will earn 150 bonus reputation points for each definition that is accepted.
Is this definition wrong? Let us know by posting to the forum and we will correct it.