Welcome, visitor! [ Register | Login

Post an Ad

Advance EIC or Earned Income Tax Credit (EITC)

Debt-Credit Consolidation February 27, 2021

The EITC is a refundable federal income tax credit for people who work but do not earn high incomes. If you qualify, the EITC reduces the amount of tax you owe and you may receive a refund. You may even be eligible for an advance EITC, which allows you to receive part of the credit in each paycheck during the year.

The following eligibility requirements apply:

  • You must have a valid Social Security Number (SSN).
  • You must be between 25 and 65 years of age, unless you have a qualifying child.
  • A qualifying child must live with you in the United States (U.S.) more than half of the year.
  • You must have earned income from wages or self employment. This does not include alimony, child support, welfare benefits, unemployment benefits, interest, dividends, pensions, and certain workforce payments.
  • You cannot file your taxes as “Married Filing Separately.”

 

If you qualify you must file the Form W-5 with your employer to receive the advance EITC. All of the rules and examples can be found in Internal Revenue Service (IRS) Publication 596. Benefits can range from $2 to over $4,500, depending on earned income, number of qualifying children, and other factors. Any refund that you receive as a result of taking the EITC will not be used to determine your eligibility or how much you can receive from the following programs:

  • Temporary Assistance for Needy Families (TANF)
  • Medicaid, Food Stamps, and housing assistance

No Tags

309 total views, 1 today

  

  • Debt Collectors -Recovery Services - PA & VA

    by on February 24, 2021 - 0 Comments

    Entity Address Telephone Monarch Recovery Management, Inc. 10965 Decatur Road, Philadelphia, PA, 19154 (215) 281-7500 Monarch Recovery Management, Inc. 9350 Ashton Road, Suite 101, Philadelphia, PA, 19114 (215) 281-7500 Central Credit Services, Inc. Five Neshaminy Interplex, Suite 117, Trevose, PA, 19053 (215) 333-2272 Tate & Kirlin Associates, Inc. 2810 Southampton Road, Philadelphia, PA, 19154 (215) […]

  • Credit Counseling Agencies :EASTERN DISTRICT OF NORTH CAROLINA

    by on February 1, 2021 - 0 Comments

    Alliance Credit Counseling, Inc. 13777 Ballantyne Corporate Place, Ste.100 Charlotte, NC  28277-3433 Phone:  888-594-9596 Fax: 704-943-0313 Email:  kevin@knowdebt.org Website:  www.acc.consumerbkcenter.com, www.crisishelp.org, www.knowdebt.org Debt Management/Credit Counseling All Names Used: Alliance Credit Counseling, Inc., AAAlliance Credit Counseling, Inc., AAA Alliance Credit Counseling, Inc.  Addresses: 15720 John J. Delaney Dr., Ste.100, Charlotte, N.C. 28277, 7621 Little Avenue, #100, […]

  • How to calculate Monthly Income and Expenses - Case study

    by on January 25, 2021 - 0 Comments

    Monthly Income and Expenses   Once you know your monthly expenses, you can use a Monthly Income and Expense Worksheet (similar to the one on page 8 of your Participant Guide), a money management software program, or an online budgeting worksheet to determine: How much money you have coming in (income) How much is going […]

  • 5 Tips for Getting the Most From Your Credit Card

    by on March 9, 2021 - 0 Comments

    Pay on time. Paying your credit card account on time helps you avoid late fees as well as penalty interest rates applied to your account, and helps you maintain a good credit record. A good credit record leads to a higher credit score, which helps you qualify for lower interest rates. Know the date your […]

  • Seeing Through Stimulus Scams

    by on January 22, 2021 - 0 Comments

    Seeing Through Stimulus Scams With talk of stimulus plans ruling the news, it’s no surprise a new round of stimulus scams are afoot. Here’s how it goes: An email, online ad, or website says you’re eligible to get an economic stimulus payment. You just have to send back a form or submit one online to […]