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Albuquerque New Mexico online Form 1040 (Schedule Eic): What You Should Know

EIC was implemented into the tax system to reduce the cost of federal benefits to lower income Americans. A person who earns less than 2,400 in income is eligible to apply for the EIC if his or her gross income is less than 5,000. The credit is then divided equally between 1.5 and 7.5 percent of the taxpayer's wages, depending on the number of qualifying children, dependents, and other qualifying dependents, whichever is greater (maximum amount: 5,000). EIC is calculated using a person's total adjusted gross income and the earned income credit is taken by the taxpayer's payer using a formula that takes into account the taxpayer's employment (not self-employment) status. The earned income tax credit is refundable. The amount of the refundable credit will equal the amount of the EIC (for the year) divided by the sum of all credits allowed by law for the tax year. For more information on the EIC or to file for the EIC contact your local county tax collector or the New Mexico Tax Counsel. 2018 Qualifying Earned Income Amounts. (PDF format) 2018 EIC Schedule EIC (Form 1040 or 1040-SR), Credit. (PDF format) (Forms) 2024 Qualifying Earned Income Amounts (PDF format) Earned Income Credit | New Mexico Human Services Qualifying Earned Income Credit (EIC) means the following: (A) For the taxable year of the individual, (i) if such individual did not work during the year or were not paid during the year in an amount equal to the amount described in subparagraph (C), such individual's earned income, or (ii) if such individual worked during the year, the amount of earned income described in subparagraph (C) that such individual could have earned in the taxable year where he or she not required to claim the credit for the year under clause (i) of this subparagraph if such person were, in the absence of any payment of earned income, subject to a requirement to file a return of income but for which no credit was allowable during that year, such individual's earned income. If an individual fails to meet the requirement of clause (i), subparagraph (C) shall be multiplied by the dollar equivalent of .1.

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