26 CFR 1.32IRSactive
Earned Income Tax Credit
Plain English Summary
Provides a refundable tax credit to lower-income working individuals and families.
CFR Title
26
CFR Part
1
Effective Date
Jan 1, 1975
Jurisdiction
US
Full Text
Eligible individuals with earned income below specified thresholds may claim the earned income tax credit on their federal income tax return. The credit amount depends on the individual's earned income, adjusted gross income, filing status, and number of qualifying children.
The credit is refundable, meaning eligible taxpayers can receive it even if they owe no federal income tax. Investment income must not exceed a specified threshold. Claimants must have a valid Social Security number and meet residency and relationship tests for qualifying children.
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