Earned Income Tax Credits for 2024 - Step-by-Step Example

The Earned Income Tax Credit (EIC) is a federal tax credit that helps taxpayers lower their federal tax liability each year. The credit is available to mostly lower-to-middle-income households, particularly those with children.

In this example, we have a single taxpayer filing as head of household with two dependent children, ages 9 and 6. She is eligible for the EIC. If claiming an EIC with qualifying children, the taxpayer must include a completed Schedule EIC with their Form 1040.

IRS Publication 596: https://www.irs.gov/forms-pubs/about-publication-596

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