here’s some valuable information on the
Earned Income Tax Credit for 2013!Any questions may be directed to: email@example.com or firstname.lastname@example.org
What is the Earned Income Tax Credit (EITC)?
Sometimes called the Earned Income Credit (EIC), is a tax credit that can help individuals keep more of the income they have earned through working. Congress approved the tax credit legislation in part to provide an incentive to work. When EITC exceeds the amount of taxes owed, it results in a tax refund to the individuals who claim and qualify for the credit.
How does one qualify for EITC for the 2013 tax year?
You must file a tax return, even if you do not owe any tax or are not otherwise required to file a return. You must also meet certain other requirements, including income limits. Your earned income and adjusted gross income (AGI) must each be less than:
- $45,060 ($50,270 married filing jointly) with three or more qualifying children;
- $41,952 ($47,162 married filing jointly) with two qualifying children;
- $36,920 ($42,130 married filing jointly) with one qualifying child;
- $13,980 ($19,190 married filing jointly) with no qualifying children.
What is the maximum credit for the 2013 Tax Year?
- $5,891 with three or more qualifying children;
- $5,236 with two qualifying children;
- $3,169 with one qualifying child;
- $475 with no qualifying children.
And just a reminder... any EITC refund does not count as income and is excluded from the resource limit for 12 months!