Although an incredible number of families currently claim this valuable tax break, the IRS says many more qualify for this refundable tax credit yet neglect to take advantage of it.
The guidelines for (EIC) Earned Income Credit Table were recently increased; therefore, many more families meet the requirements and can claim the earned income credit. Take a couple of minutes to ensure you don’t pass up a credit that might provide you with a bigger refund check.
How Much are the EIC, Earned Income Credit Table Amounts for 2021, 2022?
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The EIC/EITC is known as the Earned Income Tax Credit. This tax credit is available for those who have a low or moderate-income.
The amount that you receive for this credit is determined based on the filing status you use and your salary for the year.
Those who qualify pay less in federal taxes and can claim the earned income credit when they file their tax returns.
Basic Requirements to Be Eligible
- You have to have a qualifying child, and they must have a social security number
- You cannot file married or file separately
- Your investment income should be no higher than $3,600
- You have to be a U.S.
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The Earned Income Tax Credit (or “EITC” for short) is an excellent option for low-income families and individual filers to utilize for a larger return and overall cash back from the government when you file your taxes. While fairly straight-forward to understand, many tax filers do no understand how the EITC works, and if they qualify. It’s estimated that nearly 1/5 qualified applicants don’t use the credit.
This article will help you understand the basics of the earned income credit, and will also help you determine if you can claim the Earned Income Credit and if you qualify.… Read the rest