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Optima Tax Relief Reviews How Taxpayers Can Benefit From the Earned Income Tax Credit

Individuals and families can benefit from the earned income tax credit (EITC) if they have low to moderate incomes. EITC can help lower a taxpayer’s overall taxes and even result in a refund.

In order to take advantage of the credit, taxpayers must file a tax return and claim the credit. Even if you are not required to file your taxes, it is recommended that you still file to claim your EITC.

Optima Tax Relief reviews how taxpayers can find out if they qualify for the credit. Here is what you should consider when looking into the EITC credit:

  • Major life events could cause an individual to qualify and be disqualified from eligibility for the credit from year to year.
  • Qualifying individuals will need to have an earned income from working for an employer or from running or owning a business or farm. These individuals must also meet the basic requirements to use the EITC.
  • Taxpayers without children may qualify for an EITC.
  • EITC cannot be claimed if a taxpayer’s filing status is married filing separately. In order to qualify, a taxpayer must have a valid Social Security for themselves, their spouse, and any qualifying child listed for the credit on their tax return.

Taxpayers should know the EITC rules before claiming the credit:

  • Taxpayers may be married or unmarried. If married, they must file a joint return.
  • Those who claim the credit without a qualifying child must meet rules for age, residency, and dependency.
  • For a child to qualify, they must live with the taxpayer for more than six months of the year.
  • In addition, the child must meet rules for age, relationship, support, citizenship, and joint return.
  • Special rules apply for members of the U.S. military serving in a combat zone.
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