Who is eligible for earned income credit?
The EITC is for people who work, but have lower incomes. If you qualify, it could be worth up to $5,657 this year. Find out if you are eligible for the Earned Income Tax Credit by answering a few questions and filling out an online earned income credit sheet on the IRS Website.
Q) I don't have a child, am I still eligible?
A) Very possibly, use the worksheet link above to find out.
What is Earned Income Credit?
The Earned Income Tax Credit (EITC) sometimes called the Earned Income Credit (EIC), is a refundable federal income tax credit for low-income working individuals and families. When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.
To qualify, taxpayers must meet certain requirements and file a tax return, even if they did not earn enough money to be obligated to file a tax return.
What are the earned income credit income limits?
New limits for Tax Year 2009
Earned and adjusted gross income (AGI) must each be less than:
-
$43,279 ($48,279 married filing jointly) with three or more qualifying children
-
$40,295 ($45,295 married filing jointly) with two qualifying children
-
$35,463 ($40,463 married filing jointly) with one qualifying child
-
$13,440 ($18,440 married filing jointly) with no qualifying children
Maximum credit:
-
$5,657 with three or more qualifying children
-
$5,028 with two qualifying children
-
$3,043 with one qualifying child
-
$457 with no qualifying children
Investment income must be $3,100 or less for the year.
Earned Income Credit Illinois
If you qualify to claim EITC on your federal income tax return, you also may be eligible for a similar credit on your state or local income tax return.
Illinois, Indiana, Iowa and Wisconsin are all states which offer an Earned Income Credit.
