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To claim the Earned Income Tax Credit (EITC), you must have what qualifies as earned income and meet certain adjusted gross income (AGI) and credit limits for the current, previous and upcoming tax years. Use the EITC tables to look up maximum credit amounts by tax year.
income on Form 1040, line 15, is $25,300. First, they find the $25,300-25,350 taxable income line. Next, they find the column for married filing jointly and read down the column. The amount shown where the taxable income line and filing status column meet is $2,628. This is the tax amount they should enter in the entry space on Form 1040, line 16.
Tax Table: See the instructions for line 16 to see if you must use the Tax Table below to figure your tax.
You can use this EIC Calculator to calculate your Earned Income Credit based on the number of qualifying children, total earned income, and filing status. Provide the following information and then click "Calculate My EIC" to retrieve results: Enter your total earned income.
There are seven federal income tax rates in 2022: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income above $539,900 for single filers and above $647,850 for married couples filing jointly.
The average amount of EITC received nationwide in tax year 2022 was about $2,541. However, there are still millions of people not taking advantage of this valuable credit. Help us reach the workers who qualify but miss out on thousands of dollars every year without the EITC.
See the earned income and adjusted gross income (AGI) limits, maximum credit for the current year, previous years and the upcoming tax year. Page Last Reviewed or Updated: 07-Feb-2024.
Taxpayer claiming the EITC who file Married Filing Separately must meet the eligibility requirements under the special rule in the American Rescue Plan Act (ARPA) of 2021. See Who Qualifies for the EITC. The income limits for earned income, adjusted gross income and investment income are adjusted for cost-of-living each year.
Results. General Information. Answer a few quick questions about yourself to see if you qualify. All fields marked with an asterisk * are required. Select the tax year you would like to check your EITC eligibility for:* 2023. 2022. 2021. Yes. Next.
Earned income generally means wages, salaries, tips, other taxable employee pay, and net earnings from self-employment. Employee pay is earned income only if it is taxable. Nontaxable employee pay, such as certain dependent care benefits and adoption benefits, isn't earned income.