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Hi i'm mark stever chief tax information officer at jackson hewitt tax service and today i'm here to tell you about the earned income tax credit also known as the eitc which for qualifying taxpayer can be over 6 600. when eitc is added to other credits it can provide a substantial tax reduction and perhaps greater refund for eligible taxpayers the eitc is a very well known and popular credit for taxpayers with low to moderate income the eitc is a refundable credit which means you get that money added to your tax refund regardless of taxes you had withheld or paid in estimated payments millions of taxpayers qualify for this valuable credit annually in fact the irs reports there are about 25 million eligible workers and their families that qualified up to 70 billion dollars of earned income tax credits each year but the eitc can be a complicated credit in fact according to the irs a full one out of five taxpayers fail to claim the credit each year that means thousands of taxpayers are leaving millions of dollars on the table each year also if a taxpayer didn't qualify for the eitc last year they may qualify this year the irs states that about one third of eitc eligible taxpayers turns over every year in fact the significant increase in the number of people who are unemployed this year is really going to shake up who qualifies for eitc for example if you normally qualify for eitc but have been unemployed this year it's possible you may not have enough earned income to qualify for the same amount you've received in the past on the other hand if you've never qualified for eitc before and your household income is less this year and dropped below 51 000 you may be eligible to claim this valuable credit for the first time so how do you qualify for eitc well for starters if you're married your filing status cannot be married filing separate only taxpayers who file a single head of household qualifying widow or married filing jointly if they're married can qualify for the eitc you also need a social security number for yourself your spouse if you're married and for each dependent child as well and this part is key as it says in the name of the credit you must have earned income either from a job self-employment a side gig or just about anything where you work and earn income this is also important if you received unemployment benefits this year those benefits are not considered earned income and you may qualify for less earned income tax credit in order to be eligible for the eitc there are certain requirements that must also be met there are earning limits there are relationship requirements for dependents and even age limitations on children the eitc has some of the most complex rules in the tax code and you want to be cautious that you ...

FAQ

What is the amount of earned income credit for 2018?
For 2022. the maximum Earned Income Tax Credit per taxpayer is. $529 with no Qualifying Children. $3,526 with one Qualifying Child. $5,828 with two Qualifying Children.
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