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HRMantra Glossary: W-5 Form | HRMantra
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What is a W-5 tax form?
The W-5 form, or Earned Income Credit Advance Payment Certificate, was the form submitted by an employee to receive a portion of the Earned Income Credit (EIC) in advance with his or her wages. The W-5 form has not been used since 2010, which was the last year to receive the Earned Income Credit before filing the 1040.
The earned income credit reduces the tax liability of low- to moderate-income working people. In some cases, people who qualify for the EIC can also get a refund with no income taxes due.
W-5 Form Definition
The IRS Tax Form W-5 is an obsolete form last used in 2010 that allowed a qualified employee to receive an advance on their Earned Income Credit. At this time, a person can only receive the EIC after filing their taxes.
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