2014 EITC

Feb 26, 2015 by

2014 EITCIf your 2014 earned income was less than $46,997 ($52,427 for married filing jointly) and you have a least three qualifying children, you may be about to hit the tax credit jackpot. And if you have fewer children—or even none!—you may still qualify for a substantial tax credit.

Earned Income Tax Credit

The Earned Income Tax Credit—or EITC—is the most lucrative tax break available to middle and low income earners. For 2013 the credit averaged $2,407! And for 2014, the maximum available EITC is a whopping $6,143 for taxpayers lucky enough to tick all the right boxes.

Special rules apply to members of the U.S Armed Forces serving in a combat zone.

EITC Assistant

The IRS provides some great tools to help you quickly learn whether you qualify for the EITC and, if so, the amount of your credit.

The Do I Qualify for EITC? webpage covers all the issues. And the IRS’ EITC Assistant walks you through the pertinent questions.

Don’t miss out on this generous break if you qualify—it’s free money!

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