The earned income tax credit benefits working people with low-to-moderate income. Last year, the average credit was $2,445. EITC not only reduces the amount of tax someone owes, but may also give them a refund, even if they don’t owe any tax at all. Here are a few things people should know about this credit:
Here’s a quick look at the income limits for the different filing statuses. Those who work and earn less than these amounts may qualify. Married filing jointly:
Head of household and single:
The maximum credit amounts are based on the number of children a taxpayer has. They are the same for all filing statuses:
Taxpayers who file using the status married filing separately cannot claim EITC. More information: Publication 5334, Do I Qualify for EITC? Share this tip on social media — #IRSTaxTip: The earned income tax credit can put money in taxpayers’ pockets. https://go.usa.gov/xVAvr |
IRS video tax tip: Phishing-Malware
Here is a video tax tip from the IRS: Phishing-Malware English | Spanish | ASL Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL. www.youtube.com/irsvideos www.youtube.com/irsvideosmultilingua www.youtube.com/irsvideosASL