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Video instructions and help with filling out and completing How to calculate eic
Welcome to lesson 8.1 about the Earned Income Tax Credit tax credits are designed to offset tax liability in the form of refundable credits or non refundable credits refundable credits are preferred in a lot of cases because even if there's no tax liability the taxpayer can get the entire amount of the credit whereas non-refundable credits can only offset the amount of taxes owed and anything past that the taxpayer will not receive the Earned Income Tax Credit is a refundable credit it's the largest government anti-poverty initiative and it's designed to push people above the poverty line so it's very important to a lot of our clients that are receiving this credit and that's actually why we have the name the Earned Income Tax Credit coalition there's two sets of rules for the Earned Income Tax Credit there's tax payers with kids who have to fall in certain rules and then there's a separate set of rules for tax payers without kids so don't mix them up both sets of rules don't apply to everyone if you already watched the video for dependents you'll know that there's rules for claiming qualifying children the rules are the same for tax payers claiming the Earned Income Tax Credit with their children so we're going to need to pass the relationship test we're going to need to pass that age test so they have to be under 19 or under 24 if there are students the residency test the only difference is there's no support test so if you have a child who's being supported by the other parent but living with you full-time and meets the age test and the relationship test then we can still claim them for the Earned Income Tax Credit even though we couldn't claim them as a qualifying child for that extra exemption so keep that in mind we won't see it often but it is something that we need to be aware of so those are the rules that kids have to meet if a taxpayer is trying to claim them for the Earned Income Tax Credit and then we have a group of taxpayer without kids who are going to be eligible for the Earned Income Tax Credit and they have a separate set of rules taxpayers must fall within a certain age category and that's 25 to 64 they cannot be claimed on another person's return so they can't be a dependent and they must have lived in the US for more than six months and a couple other rules please make note of it's not on the slide if the filing status of the taxpayer is married filing separately they're not going to qualify for this credit and a bunch of other credits as well as you'll find as you go through the videos and then for this specific credit as well taxpayers with ITINs are not eligible everybody must have a social security number that's claiming the Earned Income.