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Form 1040 (Schedule Eic) Everett Washington: What You Should Know

Exemption and Earned Income Credit (ERICA) Exemptions. General Exemption. You may claim this general exemption if you meet the requirements for any of the following exemptions: Qualifying Children. You may claim this exemption if your qualifying child (whom you file a joint return with) is under 19 years old, or you did not file an return with them during the year. Note—If you were a resident of Illinois during this year, and you do not qualify for the exemptions in this section, you must make additional election that must be filed with your federal return for the year that your child is 19 years old and under. Additional Forms, Instructions, and Other Information. Find additional forms, instructions, and other information about claiming this exemption. Earned Income Credit. If you have earned income, you may claim this credit on all of your income taxes. To claim this credit, you must include on your federal income tax return the amount of your federal income tax withheld, plus income you received in the form of an exemption deduction or credit (such as an earned income credit or child tax credit) for the tax year, and any amount of non-taxable federal retirement contributions you received from an eligible employer before the end of the tax year. You need not be able to provide the exact amount of your federal income tax withheld to claim the credit. You may file as an individual or claim Form 1040X. To figure how much credit you can claim, subtract your total federal tax withheld from all the earnings on your income tax return and any tax paid to the IRS (if any) before the end of the tax year. For more information, visit the official IRS website. In addition, you cannot claim this credit if you have an AGI of 16,000 or more. Earned Income Credit for EIC. When you file your federal income taxes to claim an EIC, the credit is subject to a limitation of the credit amount. For tax year beginning after December 31, 1998, the limits for EIC and the federal income tax withheld to claim the EIC are 6,000 for an individual and 11,000 for a married couple filing jointly (other than certain childless taxpayers). In addition, the credit may not exceed the amount by which the taxpayer's adjusted gross income (AGI) exceeds 17,350 (14,000 for married taxpayers filing part of a joint return).

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