The earned income credit is based on a set percentage of earned income. However, you don’t have to compute the credit. You merely look at an IRS Earned Income Credit Table, which accompanies the instructions for your return.
You can have the IRS figure your credit for you (you don’t even have to look it up in the table). To do this, just complete your return up to the earned income credit line and put “EIC” on the dotted line next to it. If you have a qualifying child, complete and attach Schedule EIC to the return.
If you claimed the credit in a previous year and the credit was reduced or disallowed because of intentional or reckless disregard or fraud, you cannot claim the credit for 2 or 10 years (depending on the reason for the reduction or disallowance); there is no disallowance for a math or clerical error. If you are now beyond the applicable time limit, attach Form 8862, Information to Claim Earned Income Credit after Disallowance.
23.8 million individuals who itemized deductions reported $58.7 billion in deductions for noncash charitable contributions in 2007 (the most recent year for statistics). The most common items donated: clothing and household items, corporate stock, and land.
Source: Statistics of Income Bulletin, Spring 2010View all factoids