Do you qualify for the Earned Income Tax Credit (EITC) we talked about the other day? Worried about remembering to file for the credit at tax time? Meet the income requirements and have at least one qualifying child?
Then you might want to take a look at the Advance EITC (AEITC). The IRS has made it possible for qualified taxpayers to receive a little piece of your yearly credit in every paycheck if you meet a few requirements:
- You are working.
- You expect your adjusted gross income and earned income will fall within the income limits for the year.
- You expect to have at least one qualifying child.
- You expect to qualify for the EITC.
With the Advance EITC you won’t receive all of your credit in your paychecks, but will receive part of the credit from your employer in that form. To get these advance payments you’ll need to use the W-5 Form found here.
Check out IRS.gov for full details on the AEITC requirements.
