Self-Study Course Details
The Earned Income Credit (EIC) is a refundable tax credit that has a significant impact on United States revenue. In fact, EIC claims in any year generally total more than $68 billion.
EIC claims are also increasing in both number and amount. In the ten year period ending in 2016, the number of EIC claims increased from 24.6 million to 27.4 million, an increase of 11.4%. Not only had the number of claims for EIC increased over the period, the average credit per family also increased by 23.5%, from $1,974 at the beginning of the period to $2,437 in the year the 10-year period ended. The combination of an increased number of EIC claims coupled with an increase in the average credit caused the total amount of EIC claimed to climb by 37.5% over the period from $48.5 billion to $66.7 billion.
In a recent year, 150.3 million individual federal tax returns were filed, and 27.4 million—18.2% of individual taxpayers—claimed the Earned Income Credit. Based on that percentage, it would not be unexpected that approximately one taxpayer in every five may claim the EIC.
- Apply the earned income credit rules to determine if a taxpayer is eligible for the tax credit
- Identify the common errors committed in connection with the earned income credit
- Identify the consequences of the IRS’ disallowance of the earned income credit
- Recognize the tax return preparer’s EIC due diligence requirements
Paul J. Winn CLU ChFc is a financial writer, editor and trainer in the insurance industry. Past positions have included product developer, compensation officer, marketing VP, VP of strategic planning as well as being President of Maryland Financial Corporation. Mr. Winn has served on multiple Insurance Industry Boards including Baltimore Chapter of CLU and ChFC and Member/Secretary, Advisory Board to New York State Insurance Department. He is well known as a writer and editor of major mutual life insurance company’s agent-training ”university” and has created more than 100 training/continuing education courses. He is also a published book author.
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