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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 change is retroactive for 2022, making the maximum earned income credit on Michigan state income tax returns go up to $2,081 for 2022. Some money will be sent retroactively.
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 ...
Though there are several restrictions and rules for qualifying for the earned income credit for the 2023 tax year, here are some basic qualifications: Need to have worked and earned under $63,398 ...
It made the credit refundable for families irrespective of size using the earned income formula (10% of a taxpayer’s earned income in excess of $10,000, up to the maximum amount of the credit for that tax year, and scheduled to increase to 15% for tax years 2005 through 2010)
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 ...
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