The EITC can be a significant tax credit – worth as much as $7,830 for the 2024 tax year and $8,046 for the 2025 tax year. However, the credit amount varies significantly depending on tax filing status, number of qualifying children, and income earned. It is phased in and then phase...
The tables below show the Earned Income Credit by filing status, minimum earned income required, the phaseout range, and the maximum credit by filing status. Earned Income Credit Limits, Criteria etc. for Tax Year 2023 Filing Status and AGI Criteria ...
The earned income tax credit is a refundable credit for low- to middle-income workers. For the 2024 tax year (taxes filed in 2025), the tax credit ranges from a max of $632 to $7,830, depending on tax filing status, income and number of children. Taxpayers without children can qualify...
What is the Earned Income Tax Credit? The EITC is a tax break available to eligible low- and middle-income workers. The amount you can claim depends on how much income you earn and how manyqualifying childrenyou have in your household, though you can still qualify if you don't have any...
2024 Earned Income Credit Table (Maximum Credit Amounts & Income Limits) Earned Income Tax Credit for Tax Year 2024 No ChildrenOne ChildTwo ChildrenThree or More Children Maximum 2024 Credit Amount $632 $4,213 $6,960 $7,830 2024 Earned Income Amount $8,260 $12,390 $17,400 $17,400 Ph...
Earned Income Tax Credit Also called the EITC. A dollar-for-dollar reduction in the tax liability for lower and middle income persons in the United States. The credit is applied against taxes owed on wages, salaries, tips and other forms of earned income. Investment income is excluded and on...
The Earned Income Credit, which synonymously goes by the name tax credit, is a provision provided to employees with low income.
Taxpayers are also limited to how much investment income they can have in order to qualify for the earned income tax credit. In 2025, that threshold will go to $11,950, up from $11,600 in 2024. If investment income is above $11,950 in 2025, taxpayers will not qualify for the cred...
Earned Income Credit (EIC) Inputs Press spacebar to hide inputs[-] Filing Status: Number of qualifying children: 0 1 2 3 Earned income: $0 $1k $5k $20k Self employment income: $0 $1k $5k $20k Scholarships, penal & retirement income: ...
For the 2024 tax year, the maximum credit is $7,830 for a taxpayer who has three or more children. Understanding the Earned Income Tax Credit (EITC) The earned income tax credit (EITC), also called the earned income credit (EIC), was intended as a work bonus plan to increase the real...