Who qualifies for the Earned Income Tax Credit (EITC)?

The Earned Income Tax Credit (EITC) is designed to benefit low to moderate-income workers, particularly those who have qualifying children. The credit is aimed at providing financial assistance to families who may struggle to make ends meet, thereby incentivizing work and reducing poverty.

To qualify for the EITC, an individual must have earned income from employment or self-employment, and the amount of the credit increases with the number of qualifying children, although there are also provisions for individuals without children. The focus of the EITC is on income levels, specifically catering to taxpayers whose income falls below certain thresholds set by the IRS, making it accessible to those in financial need.

Other options listed do not align with the purpose of the EITC. High-income earners typically do not qualify due to income limitations. Self-employed individuals can potentially qualify if they meet other requirements, but the emphasis of the EITC is more on income levels rather than self-employment status specifically. Dependent students under the age of 24 are generally not eligible for the EITC, as they need to have their own qualifying income and fulfill additional criteria to be considered for the credit.