Qualify for the Earned Income Credit?
Qualifying for the Earned Income Credit is based on several factors including citizenship, financial status and the number of qualifying children in your family. The financial criteria for the Earned Income Credit changes based on the income values for each year. There are four tiers of earning that determine the maximum credit amounts. The first tier is for those with no qualifying children.
There are also tiers for those with 1 qualifying child, 2 qualifying children and 3 or more qualifying children. The Earned Income Credit is greater for those with more qualified children. There are also stipulations for investment income. In addition, anyone involved in the Earned Income Credit must have a Social Security Number.
They must also have earned income, not file taxes as married filing separately, meet the right citizenship requirements, not file Form 2555 or 2555EZ, and, if there is no qualifying child, be between the ages of 25 and 65, reside in the United States for at least 6 months of the year and not be another taxpayer’s dependent. For children to qualify a taxpayer as eligible for the Earned Income Credit, they must pass all of the joint tax return, relationship, residency and age requirements.