Earned Income Credit detailed

IRS resources. The IRS’s EITC Tax Preparer toolkit at www.eitc.irs.gov includes (1) the latest rules and tax law changes, (2) EIC eligibility requirements, (3) tips on how to file accurate claims and meet preparer due diligence requirements, (4) current EIC forms, brochures and support materials available for download and (5) compliance information.

Qualifying Taxpayer – To qualify for the EIC, a taxpayer must meet the following requirements:

      1)The taxpayer must have earned income.

      2)The taxpayer’s investment income cannot be more than $3,150 in 2011.

      3)The taxpayer’s filing status may not be MFS.

      4)The taxpayer (and spouse if married) and the qualifying child must have Social Security numbers.

      5)The taxpayer (or spouse if married) cannot be the qualifying child of another person.

      6)The taxpayer may not file Form 2555 or Form 2555-EZ Foreign Earned Income Exclusion.

      7)A taxpayer who is a nonresident alien for any part of the year generally may not claim the credit.

# of Qualifying Children	Earned Income/AGI Less than:	Maximum Credit
0	$13,660 ($18,740 MFJ)	$ 464
1	$36,052 ($41,132 MFJ)	$ 3,094
2	$40,964 ($46,044 MFJ)	$ 5,112
3 or more	$43,998 ($49,078 MFJ)	$ 5,751