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2013•Unpublished venueRequires access

The importance of filing for the Earned Income Tax Credit

Wenhua Di, Emily Ryder

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Abstract

The Earned Income Tax Credit (EITC) encourages work and reduces poverty by rewarding low- and moderate-income working families at tax time. Low-wage workers may receive the EITC even though they owe no tax or are not required to file. When the EITC amount exceeds their tax liability, the Internal Revenue Service (IRS) will still refund the balance.

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What this paper is about

The Earned Income Tax Credit (EITC) encourages work and reduces poverty by rewarding low- and moderate-income working families at tax time. Low-wage workers may receive the EITC even though they owe no tax or are not required to file. When the EITC amount exceeds their tax liability, the Internal Revenue Service (IRS) will still refund the balance.

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Available abstract

The Earned Income Tax Credit (EITC) encourages work and reduces poverty by rewarding low- and moderate-income working families at tax time. Low-wage workers may receive the EITC even though they owe no tax or are not required to file. When the EITC amount exceeds their tax liability, the Internal Revenue Service (IRS) will still refund the balance.

Key concepts: Earned income tax credit, Internal revenue, Tax credit, Labour economics, Liability, Economics, Income tax, Business

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