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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 ...
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.
To qualify for EITC, you must be between 25 and 64 years old and have earned income within certain limits. The amount of your credit also depends on the number of kids you have and your filing status.
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 ...
The amount of credits and deductions may increase as the taxpayer slides down the phaseout scale. Examples include the child tax credit, the earned income credit, the student loan interest deduction. A Roth IRA contribution is taxed at the taxpayer's current income tax rate, which is higher than the income tax rate during retirement for most ...
The AOTC replaced the Hope Scholarship credit for Tax Years 2009 and 2010, increased the benefits for nearly all Hope credit recipients and many other students by providing a maximum benefit up to $2,500 per student, 100 percent of their first $2,000 in tuition and 25 percent of the next $2,000, expanding the income range over which taxpayers ...
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.
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
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