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Chicago Illinois Form 1040 (Schedule Eic): What You Should Know

PDF, 1040-EIC.pdf, 1040-SR.doc, 1040.pdf EIC. No, Earned income credit is only available as a credit for state income taxes which are due at the time the EIC is claimed. To be eligible for the Earned Income Credit, eligible individuals must meet the following three statutory requirements. Individual Income Limitations & Limits Not eligible for benefits will be found on the following list. Not eligible for benefits are considered eligible when filing any state income tax return and may include any individuals: not required to file by Federal or State Tax Law. Not eligible for benefits are found in the following tables. You can exclude one person if they do not have a dependent. The income limit applies only to income that is includible in box 1 on Form 1040, line 22 or box 25 or 1.20 on Form 1040A. The income limit does not apply to distributions from an IRA. The amount paid in the distribution was not includible in the taxpayer's gross income. This income means you are not required to complete the form. Just file and keep the slip for your records. You do not have to add all your dependents to the Form 1040 or 1040-SR. You may get the Earned Income Credit (EIC) or the Dependent Tax Credit (TTC) instead of the standard deduction. Refer to the instructions in your application for more information. Tax Forms — Illinois.gov Read this information first. Complete this schedule only if you are claiming dependent exemption/entitlement or are eligible for benefits that provide child tax credits. About Schedule EE (Form 1040 or 1040-A), Earned Income Credit, Payable on Form 1040 How Does the Earned Income Credit Work? Schedule EE, or Earned Income Credit, works in conjunction with a number of other credits and deductions available to taxpayers. Information about Schedule EE (Form 1040) — IRS Information about Schedule EE (Form 1040) — Illinois.gov How Does the Dependent Tax Credit Work? Information about Schedule EE (Form 1040) — IRS Information about Schedule EE (Form 1040) — Illinois.gov Read this information first. Complete this schedule only if you are having a dependent(s) or are eligible for benefits that provide child tax credits.

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