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For tax years 2009 and 2010, eligible
individuals can get a refundable income tax credit up to $400 ($800 if
married filing jointly). The individual MUST have a Social Security
number.
The credit is calculated by multiplying the
taxpayer's earned income by 6.2%.
The credit is gradually phased-out when
modified adjusted gross income exceeds $75,000 ($150,000 if married
filing jointly). This credit is also reduced by individuals who were
eligible for the one-time $250 economic recovery payment described
above.
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