EARNED INCOME TAX CREDIT (RESOURCE) (FAM)

Payments made by the Internal Revenue Service (IRS) to certain working individuals who are raising a dependent child and meet IRS requirements.

The Earned Income Tax Credit (EITC) is available as a recurring advance payment, which the employer adds to the individual’s regular paycheck. However, the EITC is also available as a lump sum payment at the end of the tax year.

Treatment: Excluded Resource for a period of 12 months from receipt.

Reference:26 USC 6409