Earned Income Tax Credit (EITC) 1. What is a Tax Credit Credits are designed to offset tax liability Refundable credits Nonrefundable credits 2.

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Presentation transcript:

Earned Income Tax Credit (EITC) 1

What is a Tax Credit Credits are designed to offset tax liability Refundable credits Nonrefundable credits 2

EITC Rules Taxpayer with kids: o Kids must pass three tests (similar to QC test): Relationship Test Age Test Residency Test *No support test! Taxpayers without kids: o Taxpayer or Spouse must be 25 to 64 o Cannot be claimed on another’s return o Live in the US for more than 6 months 3

EITC Income Limits 4 UnmarriedMarried Filing Jointly Number of Kids $46,997$52,427 3 $43,756$49,1862 $38,511$43,941 1 $14,590$20,020 0

Maximum Credit Maximum Credit AmountNumber of Children Claimed $6,1433 $5,4602 $3,3051 $4960 5

EITC and Dependents 6 Check EITC box if dependent is eligible

TaxWise 7

8