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What is the EIC Tax Table Chart?

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Susan Walk

The earned income credit, or EITC, is a tax credit that must be earned from employment, self-employment, or another source of work, including wages, tips, and union benefits.

However, it must meet certain rules and regulations, and there are even more additional rules for workers without a qualifying child, or those who may have a child in your household that meets the child rules.

The earned income tax tables are charts that can help you estimate how much earned income you are due for as a tax credit relative to the number of children you have and the allowable maximum federal EIC and allowable maximum state EIC.

For example, in many states, the statewide maximum allowable EIC hovers around $450 for one qualifying child, $750 for two qualifying children, and $850 for three children.

Federal earned income credits are more transparent, offering very little tax credit for families with no children, and $3,094 for families with one child, $5,112 for families with two children, and $5,751 for families with three children.

Qualifying Child

The qualifying child must be related to the person filing by birth, marriage, adoption, or as a foster child. Furthermore, the child must be under 18 at the end of the year or a full-time student 23 or younger. If the filer is caring for a person who is considered permanently and totally disabled, the person can be claimed regardless of age.

In order to avoid two people claiming the same child for the Earned Income Tax Credit, the child must live with the person claiming them for a minimum of six months and a day.

It is also important to note the taxpayer claiming a qualifying child (and their spouse if applicable) must be between the ages of 25 and 64 years old.

Some states offer their own variation of an earned income credit. Qualifications and calculations are usually similar to the federal version. However, it is important to check with the individual state.

The EIC Tax Table may vary each year and qualifications are subject to change. Currently, IRS publication 596 is used to give detailed information regarding qualifications.  Schedule EIC is the actual form to fill out for filing for the federal earned income tax credit.

Filing your taxes online has never been easier than it is today by using tax software. If you would like the guarantee of claiming the entire earned income tax credit, you can use tax filing software such as, TurboTax to claim your full tax credit today!

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