All About the Earned Income Credit Limitations, Amounts, and Thresholds

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All About the Earned Income Credit Limitations, Amounts, and Thresholds

The Earned Income Credit also known as the EIC credit is a great federal tax credit for the public. The credit is based on income and helps low and middle income families tremendously. The credit is a strategic economic move by the government to motivate the American people to work. The credit is for EARNED income only, which means the taxpayer must have dependent income from a job or self-employment to receive the credit.

Unemployment or other UNEARNED income does not count towards this credit. Therefore, the credit was set in motion to encourage work. The EIC credit has thresholds and maxima, restrictions, and is strategic for our countries economy.

The EIC has thresholds and maximums. If one has no children, the earned income credit can be received if that person makes less than $14,340 (Joint $19,680). The maximum refundable credit is $487. If one has a dependent (under 17 years old) then they must make less than $37,870 (Joint $43,210). The maximum credit for them would be $3,250. One with two dependents making less than $43,038 (Joint $48,378) would receive a maximum of $5,372. One with three or more dependents and make less than threshold $46,227 (Joint $51,567) would receive a maximum of $6,044. The amount given depends on your earned income. Think of the amount given as a bell-shaped curve. The less you make, the less you get. Then the maximum is received around the median, then the amount decreases when you get to the threshold amount.

The EIC credit has a few limitations. First, you must be either Married filing Joint (MFJ), Head of Household (HOH), qualifying widow, or Single. You may not get the credit if you are married filing single. The IRS discourages MFS for economic reasons. Second, dependents must be under 18 (17 in tax year) or be a full-time student up to 24 years old. Third, household members must have a valid social security number. Fourth, you must be a US citizen. Fifth, you must have earned income. Lastly, you cannot be a qualifying child of someone else, aka no one can claim you.

These requirements are set in stone and there is no going away.

The strategic economy of the EIC credit. The reason (besides motivating work) for the EIC credit is that it helps families with low to medium income. It gives them a huge tax break and almost always results in a refund. The EIC credit is an economic strategy that promotes the American economy. The economy not only thrives with the money that the taxpayer spends, but also promotes work that gives the economy a boost.

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