The W5 Form is called Earned Income Credit Advance Payment Certificate. W5 form was used by employee(s) to claim part of EIC (Earned Income Credit) in advance with their pay, however, W5 was outmoded in 2010. Now EIC (Earned Income Credit) can be received after filing taxes.
According to the W5 Form 1993, an employee can claim EIC (Earned Income Credit) as much as $1,434 which increases up to $1,511 if the employee is having more than one qualifying child.
However, as per W5 form 2007, an employee cannot claim EIC (Earned Income Credit) for more than $1,712.