![]() It is rather complicated, and because eligible taxpayers usually don't have much cash to spare, they generally cannot afford professional help in filing for it. There is, however, a drawback to the credit. That credit will erase your $800 bill, but you lose the extra $200.īut a refundable credit, which the EITC is, will allow you to get that extra $200 back as a refund from the Internal Revenue Service. For example, you owe $800 and have a $1,000 credit. Most tax credits are nonrefundable, meaning they sim.ply zero out a tax bill. It even can produce a tax refund for eligible filers who had no tax liability. This tax break returns to qualified individuals a portion of the taxes they paid. The earned income tax credit, or EITC, can be a great benefit for workers who don't make much money or to those who did work but then lost a job.
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