One of the largest benefit programs for working taxpayers is also one of the most overlooked tax credits. It's called the Earned Income Tax Credit and, as the name implies, it's for people who work for a living but don't make a lot of money. This year some individuals and families might qualify for the credit for the first time because of unemployment or other changes in their financial, marital or parental status during the past year.
Taxpayers with the earnings of or less than $38,646 ($41,646 if married filing jointly) for families with two or more children; $33,995 ($36,995 married filing jointly) for families with one child or $12,880 ($15,880 married filing jointly) if there are no children should check to see if they qualify.
You might qualify if your income was less than $41,646 last year and you, or your spouse, had income from wages, self-employment, farming or, if under the minimum retirement age, from disability retirement benefits paid under an employer plan. The amount of your EITC could be as much as $4,824 depending on how much you earned, your filing status, whether you have children, etc. Find more information at www.irs.gov/eitc. The online EITC assistant can help determine your eligibility and the amount of your credit.