Dec 22, 2018 – Traverse City MI The Earned Income Tax Credit (EITC) which goes to millions of lower to middle-income families helps to reduce poverty while also encouraging its recipients to work. A recent guide just published on the tax information journal, Internet Tax Connection shows how much the credit is worth and how to use the earned income credit calculator to figure out how much you could be owed this year.
The amount that can be claimed is found on
the EIC tax table. The taxpayer's yearly income and the number of
qualifying children determine the amount. Qualifying children must be claimed
as dependents through the Federal tax forms and can only be claimed once per
year on a single tax form.
Any American looking to claim the maximum amount from the EITC table must have more than two qualifying children and will need to earn less than $45,802 if filing as a single taxpayer or $51,492 if filing as a married taxpayer filing jointly. Low-income families without children can also take advantage of the EITC. For these kinds of families, single taxpayers will need to have a yearly income below $15,270 and married taxpayers filing jointly will need to earn less than $20,950.
The EITC is a fully refundable tax credit and could be worth thousands of dollars. By using a step-by-step calculator such as the earned income credit calculator, taxpayers can easily find out how much they are entitled to this year. All they need do is answer a few questions to get an estimate of how much they could be entitled to in refunds.
To get an estimate of how much you could be owed this year
in tax refunds, please use the Earned Income Credit Calculator Today here,
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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