|| EIC (Earned Income Credit) Notes
What are the qualifications for the Earned Income Credit (EIC or EITC)?
To qualify for and claim the Earned Income Credit you must:
- Have earned income; and
- Have been a U.S. citizen or resident alien for the entire tax year; and
- Have a valid Social Security number (not an ITIN) for yourself, your spouse (if filing jointly), and any qualifying children on your return; and
- Not have investment income exceeding $3,500; and
- Not be filing a Form 2555 or 2555-EZ; and
- File a return with the Single, Married Filing Jointly, Head of Household, or Qualifying Widower filing status, even if you're not required to file a return.
In addition, both your earned income and Adjusted Gross Income (AGI) may not exceed:
- $15,270 if you're not claiming a qualifying child ($20,950 if filing jointly);
- $40,320 if you're claiming 1 qualifying child ($46,010 if filing jointly);
- $45,802 if you're claiming 2 qualifying children ($51,492 if filing jointly);
- $49,194 if you're claiming 3+ qualifying children ($54,884 if filing jointly).
One more thing – if you're not claiming a qualifying child:
- You (or your jointly filing spouse) must have been born on or after January 1, 1954; and
- You (or your jointly filing spouse) must have been born on or before December 31, 1993; and
- You (and your jointly filing spouse) cannot be claimed as a qualifying child or dependent on anyone else's return.
This link takes you to an on-line calculator for estimating a taxpayer's EIC. All you need are filing status, number of children, and household earnings. This is a very interesting tool.
The following table is from taxfoundation.org.