What is the Earned Income Tax Credit (EITC or EITC)?

The Earned Income Tax Credit (EITC or EITC) is a refundable tax credit for low- and moderate-income workers. The earned income tax credit doesn't just cut the amount of tax you owe the EITC could also score you a refund, and in some cases a refund that's more than what you actually paid in taxes. The amount depends on income and number of children. People without kids can qualify. If you fall within the guidelines for the credit, be sure to claim it on your return when you do your taxes And if you didn't claim the earned income credit when you filed your taxes in the last three years but you think you qualified for it, the IRS encourages you to let it know so you can get that money back.

Do you qualify for the Earned Income Tax Credit?

You might qualify for the earned income tax credit if
  • You must have earned income (pensions and unemployment don't count).
  • Your 2020 investment income must be $3,650 or less.
  • You can't claim the earned income tax credit if you are married filing separately.
  • You must not file Form 2555, Foreign Earned Income; or Form 2555-EZ, Foreign Earned Income Exclusion.

How much can I get?

Below are the maximum earned income tax credit amounts:
Tax Year:
Number of children Maxmium
EITC		 Earned
for
max EITC		 Phase out
(S/HH/QW)		 Phase out
(MFJ)
Start end Start end
*** Your investment income must be less than

Qualifying children rules

  1. Relationship: Your son, daughter, or descendent of any of them. Your brother, sister or descendent of any of them.
  2. Age Test At end of the filing year, your child was younger than you (or your spouse if you file a joint return), AND younger than 19 (24 if a full-time student, or any age f permanently and totally disabled).
  3. Residency test Child must live with you (or your spouse if you file a joint return) in the US for more than 6 months.
  4. Joint ReturnThe child cannot file a joint return for the tax year unless the child and the child's spouse did not have a separate filing requirement and filed the joint reutrn only to claim refundN.


Earned Income Tax Credit Calculator

Here is a calculator which can help you to calculate your earned income credit. Once you put in your filing status, number of your qualifying children, your earned income, investment income as well as your AGI, your earned income credit will be calculated instantly.


EITC filing status:
Tax year:
Your Filing Status:
Number of your qualifying children:
Your residency state:

Check those that apply to you:

  1. I've lived in the U.S. for more than 6 months.
  2. I am over 25 and under 65 years old.
  3. I have no foreign sources of income.
  4. I'm a U.S. Citizen or Resident alien with valid SSN.
  5. No one claims me on theIr tax forms as a dependant.
  6. No one else claims me as a child on their tax return.
Check All

Income Information

Investment Income: $
Earned Income for EITC purpose: $
Adjusted Gross Income (AGI): $
 

Results:
Federal EITC:
State EITC: