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Earned Income Tax Credit is a refundable tax credit for low to moderate income families that can be worth as much as $6,935 $7,430 for tax year 2023 or $7,830 for tax year 20222024. The amount of credit varies depending on a taxpayer’s filing status, number of qualifying dependents, and the amount of earned income a taxpayer has. The Earned Income Credit slowly phases in, until it reaches the maximum amount of credit, and then begins to slowly phase out when a taxpayer reaches a certain income threshold. Reference our EIC chart for more information regarding phase-outs and whether a taxpayer qualifies for the maximum credit amount. |
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Have valid Social Security numbers by the due date of the tax return (including extensions)
Not file MFS (Unless they lived apart from their spouse the last 6 months of the year or have a court ordered separation agreement valid on the last day of the tax year)
Must be a U.S. citizen or resident alien all year
Must not file form 2555
Must have investment income less than $10,300$11,000 (2023) and $11,600 (2024)
Have earned income
Taxpayers without qualifying children must be age 25-65 64 (exceptions for tax year 2021)
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Son, daughter, or foster child
Brother or sister
A descendant of any of these
There are additional rules for foster children.
2. Age
Age To meet the age test, the child must be:
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To meet the joint return test the child must not have filed a joint return for
the tax year they are being claimed.
The only exception to this is if the dependent and their spouse are not required to file a tax
return and file to claim a refund only.
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