It depends. If you're a sole proprietor or an employer, SEP IRA contributions are tax-deductible. They reduce your taxable income. However whether you can qualify for the EIC depends on a calculation. You can use the Earned Income Tax Credit Assistant to determine if you’re eligible for the earned income credit (EIC).
IRS Pub 560: https://www.irs.gov/pub/irs-pdf/p560.pdf
