The earned income tax credit (EIC) reduces the income tax of that certain low-income taxpayers would otherwise owe. It's a refundable credit, so if the tax that's due is less than the amount of the credit, the difference is paid to the taxpayer as a refund.
To qualify for the EIC, a taxpayer must work, earn less than the government's ceiling for his or her filing status and family situation, meet a set of specific conditions, and file the required IRS schedules and forms.
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- Alternative minimum tax (AMT), Back-up withholding, Deduction, EBITDA, exemption, Gift tax, Head of household, Nonprofit, Real property tax, Recapture
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