Frank Ellis has posted “Earned Income Credit Table Amounts and Qualifications” at Filemytaxesonline.org. The EITC, according to the author, helps put money in the pockets of low- to moderate-income taxpayers, if they meet the criteria. First, one’s income must be considered “low” by the IRS. Determining credit amounts is as simple as entering one’s tax information into software, the author says.
The article lists common questions, answering uncertainties such as whether one may qualify if they didn’t withhold tax from their pay, or whether their income is low enough to qualify. In 2015, Ellis says, a single person must have earned less than $14,820, while for couples, the limit was $20,330.
A table is provided in the article that lists the number of dependents, maximum credit amounts, and adjusted gross income limits. The author explains who qualifies for the EITC next. One must be a U.S. citizen or be married to one, but someone who claims a status “married filing jointly” cannot claim the credit, the author says. Other qualifications and limitations are mentioned such as other forms of income which may disqualify a taxpayer.
Another section explains whether military combat can affect eligibility. Military combat pay does not have to be disclosed, although total earned income and family size can impact whether one gets the credit and how much. Ellis answers other questions such as whether one can add the credit to their paycheck, claim it for a child who is already the other parent’s dependent, and how to determine if a child qualifies.
The author also summarizes the process of claiming the EITC if they qualify but haven’t done so in the past. He then highlights how filing online with H&R Block or TurboTax makes claiming and calculating the EIC credit easier. Also, he mentions about importing W2 information and using a tax refund estimator.
To learn more, go to http://filemytaxesonline.org/earned-income-credit-amount-qualify/
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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