W-5 Form

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What is a W-5 Form? 

Form W-5 tax form is a form from the Internal Revenue Service (IRS) that is obsolete and is no longer used. It was formerly entitled “Earned Income Credit Advance Payment Certificate” and was used by taxpayers to claim earned income credit (EIC) and would like to get a portion of it in advance through their pay. 

The EIC is a tax credit for certain eligible workers. It was created to help working individuals whose earned income is below a certain level, considered low income. EIC eligibility depends on several factors including income and the size of the family.

Form W-5 was last used in 2010 when the Advance Earned Income Credit was repealed by President Barack Obama. This was the last year that the Earned Income Credit was allowed to be received in advance. 

Nowadays, working individuals from low-income families still receive Earned Income Credit. However, EIC tax credit will be received by eligible individuals only after filing taxes.

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