Tax filing for the jobless: Five ways to trim your tax bill
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5. Check if you qualify for the Earned Income Tax Credit
If you did actually work last year, but didnâ€™t earn very much money, you may qualify for the Earned Income Tax Credit (EIC). It will reduce the amount of tax you owe or give you a return. The EIC started in 1975 as a way to ease poverty and encourage people to work.
You must meet a few requirements, including a maximum income based on the number of children you have. If you have no children, the maximum is $13,460, $35,535 for one child, $40,363 for two children, and $43,352 for three or more children. Add $5,010 to each amount if you are married and filing jointly. Also, your investment income for the year must be below $3,100.
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