The Earned Income Tax Credit is a financial boost for workers earning $49,078 or less in 2011. Four of five eligible taxpayers filed for and received their EITC last year. The IRS wants you to get what you earned also, if you are eligible.
Here are the top 10 things the IRS wants you to know about this valuable credit, which has been making the lives of working people a little easier since 1975.
For more information about the EITC, see IRS Publication 596, Earned Income Credit. You can download this publication – available in English and Spanish – from this website or order it by calling 800-TAX-FORM (800-829-3676).
TaxACT Free Federal Edition helps determine whether you qualify for the EITC. If you do, TaxACT will figure your credit amount and complete Schedule EIC for you as you answer questions. Start your free return now.
January 1 — Everyone
Federal Holiday (New Year's Day) - Details
January 11 — Employees who work for tips
If you received $20 or more in tips during December, report them to your employer - Details
January 12 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of December 2015.
January 14 — Regular method taxes
Deposit the tax for the last 16 days of December 2015.
January 15 — Individuals
Make a payment of your estimated tax for 2015 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES - Details
January 15 — Farmers & fishermen
Pay your estimated tax for 2015 using Form 1040-ES - Details
January 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in December 2015
January 15 — Nonpayroll withholding.
If the monthly deposit rule applies, deposit the tax for payments in December 2015.
January 18 — Everyone
Federal Holiday (Birthday of Martin Luther King, Jr./Inauguration Day) - Details
January 27 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the last 16 days of December 2015.
January 29 — Regular method taxes
Deposit the tax for the first 15 days of January.