The Earned Income Tax Credit (EITC) is one of the federal government’s largest tax credits for low to moderate income families. The recent expansion of this credit means that more people may qualify to have some much-needed money put back in their pockets.
The EITC is generally available to workers without qualifying children who are at least 19 years old with earned income below $21,430 for those filing single and $ 27,380 for spouses filing a joint return. the maximum credit for taxpayers with no qualifying children is $1,502. There are also special exceptions for people who are 18 years old and were formerly in foster care or are experiencing homelessness. Full time students under age 24 don’t qualify.