The EITC is a refundable tax credit for low- to moderate-income working individuals and families. The amount of the credit depends on your income, marital status, and number of qualifying children.
– For 2023, the maximum EITC amounts are:
– $7,430 with 3 or more qualifying children
– $6,155 with 2 qualifying children
– $3,995 with 1 qualifying child
– $560 with no qualifying children
– To qualify for the EITC in 2023, your adjusted gross income (AGI) must be below:
– $56,844 ($62,844 if married filing jointly) with 3 or more qualifying children
– $49,298 ($55,298 if married filing jointly) with 2 qualifying children
– $43,492 ($49,492 if married filing jointly) with 1 qualifying child
– $16,480 ($22,480 if married filing jointly) with no qualifying children
– You must have earned income from employment or self-employment to claim the EITC. Investment income cannot exceed $10,300 for the year.
– The credit can only be claimed when filing federal taxes for 2023 in early 2024.
– Eligible taxpayers must file Form 1040 and Schedule EIC and claim any qualifying children when filing to get the EITC benefit.
