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The earned income tax credit is only available if your income doesn’t exceed certain limits, some of which are based on your filing status and the number of qualifying children you claim. This ...
Number of Children. Maximum Earned Income Tax Credit. Maximum AGI: Single or Head of Household. Maximum AGI: Married . 0. $600. $17,640. $24,210. 1. $3,995. $46,560
Tax credit equals $0.34 for each dollar of earned income for income up to $10,540. For income between $10,540 and $19,330, the tax credit is a constant "plateau" at $3,584. For income between $19,330 and $41,765, the tax credit decreases by $0.1598 for each dollar earned over $19,330. For income over $41,765, the tax credit is zero.
The earned income limits for taxpayers with qualifying children are as follows: $42,158 ($48,108 if married filing a joint return) if you have one qualifying child with a valid Social Security number
On 2021 federal income tax returns, there was no longer an age cap set at 64 or younger for workers to qualify for the earned income tax credit. It was a one-time-only deal that advocates pushed ...
The credit is a percentage, based on the taxpayer’s adjusted gross income, of the amount of work-related child and dependent care expenses the taxpayer paid to a care provider. [10] A taxpayer can generally receive a credit anywhere from 20−35% of such costs against the taxpayer’s federal income tax liability. [11]
To qualify for the EITC for the 2021 tax year, you must: Have earned an income under $57,414. Have investment income below $10,000. Have a valid Social Security Number. Be a U.S. citizen or ...
A taxpayer may also be considered unmarried for head of household purposes if their spouse is a nonresident alien and the taxpayer does not elect to treat the spouse as a resident alien. In that case, the taxpayer can file as a head of household while still being considered married for purposes of the earned income tax credit .
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