For Tax Year 2021, the Fact Sheet provides FAQs regarding Earned Income Tax Credit (EITC). People without children can also be eligible for EITC. It is great news for low to medium-income earning families.
What to know about FAQs?
It is important to note that these FAQs might not address any specific taxpayer’s circumstances or facts. Also, further modifications or updates might not be allowed on reviews.
It is because the Internal Revenue Bulletin hasn’t published these FAQs. Hence, they won’t be dependent or utilized by the IRS to resolve any case.
When a FAQ turns out to be inaccurate
In case any FAQ inaccurately presents a statement of law for circumstances of a specific taxpayer, the law will be responsible for controlling the liability of the taxpayer. Also, when the taxpayer relies on such FAQs considering them to be accurate, no penalty will be imposed on them. Basically, no accuracy-related or negligence penalty can be imposed on them.
A glance at FAQs
Q) What is EITC?
A. It is a tax credit that offers a tax break to low-medium earning families. It might also provide refunds to people who do not own tax.
Q) What is the age limit to claim EITC for individuals with no children?
A. Individuals with 19 years of age might qualify for EITC when they file their tax year 2021 tax return. But, students under the age of 24 are not eligible. Further, 18 years old individuals with no children, had some income, were in foster care/homeless might qualify.
They have to file their 2021 tax return.
Q) Is a social security number necessary to qualify for EITC?
A. A valid social security number is essential to claim EITC. It must be issued by the due date of taxpayer’s return.
Q) Are SSNs important for qualifying children to claim EITC?
A. It is not vital for your qualifying children to have SSNs to claim EITC. But, the amount of credit for EITC that you can claim will be lesser without valid SSNs in place.
These are a few FAQs mentioned in IRS.gov for taxpayers to have general information about the EITC.