Irs tax form 1040 Schedule EIC is for the earned income credit. To determine if you qualify for the earned income credit, you must be able to fill out your child’s name, social security number and their year of birth. You also need to list the child’s relationship to you, for example: son, daughter, grandchild, niece, nephew, foster child, etc. Then you calculate the number of months that the child lived with you in the United States in 2008.
The purpose of this schedule EIC is to determine the amount of credit, or money back that you are eligible for during the tax year. You are only able to receive benefits for the earned income credit on up to 2 kids, so it doesn’t matter if you list out more than that on the form.
There are penalties for taking the EIC when you are not eligible. If you take the EIC when you are not supposed to and it is determined that your error is due to reckless or intentional disregard of the EIC rules, you will not be allowed to take the credit for 2 years even if you are otherwise eligible to do so. If you fraudulently take the EIC, you will not be allowed to take the credit for 10 years. You may also have to pay penalties.
Download form 1040 Schedule EIC right now directly from the IRS Website!
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