In 2010, nearly 27 million Americans claimed the Earned Income Tax Credit (EITC) for a total of $59.5 billion. Could you use some of that cash? Then take our quiz to find out if you qualify and how to claim your money.
The EITC is an income tax credit designed to help which of the following segments of American taxpayers?
working Americans with low incomes
unemployed Americans with no income
wealthy Americans with high tax rates
Which of the following is considered the most successful anti-poverty program enacted by the U.S. federal government?
food stamps (SNAP)
Temporary Assistance for Needy Families (TANF)
Earned Income Tax Credit (EITC)
How many Americans were kept out of poverty in 2010 by the money they received through the EITC?
1.27 million people
6.6 million people
If you are a single adult, head of household or widow(er) with no children, what is the maximum amount of money you can earn in a year and still qualify for the EITC?
What is the maximum amount of money you can earn as a married couple with three or more children and still qualify to receive the EITC?
Which of the following annual income levels results in the largest possible EITC for married couples with one or more children?
True or False: You don't need to earn any money to qualify for the EITC.
Which of the following is NOT a requirement to qualify for the EITC?
a valid Social Security Number
proof of U.S. citizenship
a completed income tax return
Which of the following filing methods is NOT accepted when claiming the EITC?
married filing jointly
married filing separately
head of household
To claim an EITC with children, your children need to "qualify" under IRS rules. Which of the following children would NOT qualify under those rules?
your 2-year-old grandchild who lives with you
your 16-year-old cousin who lives with you
your 18-year-old biological son who lives with your ex-husband
If your child is a full-time student, how old can that kid be and still count as a "qualifying child" for EITC purposes?
younger than 30
younger than 24
younger than 19
If you're claiming the EITC without any children, can you claim the credit after the age of 65?
Which of the following does NOT count as earned income under the EITC rules?
Social Security benefits
True or false: You can still qualify for the EITC even if you have a small amount of foreign earned income.
What is the maximum amount of money you can earn in investment income and still receive an EITC?
In what year was the EITC created?
The EITC is a "refundable" tax credit, meaning it can lower your tax burden below zero, resulting in a refund. Which of the following tax credits are also refundable?
Child Tax Credit
Saver's Tax Credit
Hybrid Vehicle Credit
How many families that are eligible for the Earned Income Tax Credit fail to claim it each tax year?
What is the maximum EITC dollar amount that you can possibly receive for tax year 2011?
How much money does the IRS wrongfully pay out in EITC claims each year based on incorrect earnings calculations?