2013 EITC

Feb 28, 2014 by

IRS shieldCongress established the Earned Income Tax Credit in 1975 to help ease the federal income tax burden on low and moderate income working people. Naturally—since we’re talking U.S. federal tax code here—the rules governing who gets the credit and how much are not easily grasped. But it’s worthwhile to learn whether you qualify; you stand to gain as much as $6,044!

2013 EITC Overview

To qualify for the 2013 Earned Income Credit, your earned income (by the IRS definition) and adjusted gross income must each be less than:

$46,227 ($51,567 married filing jointly) with three or more qualifying children
$43,038 ($48,378 married filing jointly) with two qualifying children
$37,870 ($43,210 married filing jointly) with one qualifying child
$14,340 ($19,680 married filing jointly) with no qualifying children

And your investment income must be $3,300 or less for the year.

The 2013 tax year maximum credit is:

$6,044 with three or more qualifying children
$5,372 with two qualifying children
$3,250 with one qualifying child
$487 with no qualifying children

Do You Qualify for the 2013 Earned Income Tax Credit?

Qualifying is more complex than this overview implies. To get a better evaluation and estimate of your EITC, try the IRS’ EITC Assistant. Or, click here to see the written EITC qualification rules directly from the IRS website. Finally, if you have a masochistic streak, download and study the 39-page IRS Publication 596, “Earned Income Credit“.

Will You Qualify for the Earned Income Credit?

Will you benefit from the EITC for the 2013 tax year? How much?

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