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Rise Glossary

What is a Form W-5?

Form W-5 is known as the Earned Income Credit Advance Payment Certificate, it is a form used by certain eligible taxpayers who expect to qualify for the Earned Income Tax Credit (EITC) to request advance payments of the credit from their employer. The EITC is a refundable tax credit for low- and moderate-income working individuals and families. By requesting advance payments of the credit, eligible taxpayers can receive a portion of the credit in their paychecks throughout the year, rather than having to wait until they file their tax return to receive the credit. Form W-5 must be filled out by the taxpayer and provided to their employer, who will then adjust the taxpayer's withholding to reflect the advance payments.