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Eic Worksheet b 2024 Form: What You Should Know

EIC? The Income-Contribution Credit and Earned Income Credit (EIC) are the largest tax credits that the Tax Code allows to employers and employees. A tax credit is the difference between the money you earn and the federal tax liability you are able to avoid. The federal EIC has a maximum annual maximum of 3,000. If you are not enrolled in the Maine EIC, you may also qualify for the Maine ETC. If you meet both the federal and Maine EIC eligibility requirements and have no outstanding balance in your EIC or any other deductions for 2017, and are not enrolled in any other credit you may have, then you will qualify for the Maine ETC for 2017. Please note, if you have an outstanding balance in your EIC or Maine credit for 2017, then you also will find your maximum credit (2101) under the heading “Maximum Credit from Earned Income.” If you plan on filing your 2024 federal income tax return, please take the next step and review our instructions on how to enroll in the Maine EIC. Federal & Maine EIC Eligibility Requirements Maine State Income Tax Return (Form 1040) You will use the information on this page when you check your credit on your Maine State Income Tax Return. Do You Qualify for the EIC? If you earn below certain limits and are enrolled in the Maine EIC you will not be able to claim any tax credit on your Maine State Income Tax Return. In order to be eligible for the Maine EIC, you must be able to earn up to: 6,000 from net gains from property trade, business, or farming for each tax year; 6,500 from net gains from property trade, business, or farming for each tax year if you have an outstanding balance from an EIC (other than the Maine EIC in 2024 or a net credit for 2017), or 7,500 for each tax year if you are married and have child(men), or 10,000 for each tax year if you are married and have three or more qualifying dependents. If you will be filing your federal income tax return for the 2024 tax year, and you received an income tax refund or credit in 2017, whether it was for state tax or federal tax, there is no Maine EIC for you to be eligible for.

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