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Form 1040 (Schedule Eic) Oklahoma City Oklahoma: What You Should Know

Scheduled to be approved by taxpayers for filing for the 2024 filing season, the Earned Income Tax Credit (ETC) was created in June 2024 to help low to moderate income taxpayers or taxpayers who are disabled or elderly. The ETC is fully refundable and the total value of the amount of the tax credit (up to 2,000) is reduced by the amount of the tax liability. The ETC benefits include reduced payroll taxes of 6.2 percent for individuals and 28 percent for married taxpayers filing jointly; reduced Medicare taxes; and reductions in state income taxes. There are other tax benefits to the ETC, such as the tax credit for dependent care expenses, and the credit for childless workers, or those who have no children. The Earned Income Tax Credit is available to taxpayers who meet certain income and filing requirements and who are a single or widowed taxpayer who has one child. Those qualifying can also qualify if income is at or below 130 percent of the federal poverty level. For additional information, please contact your Taxpayer Assistance Center. Forms and Publications ; Scheduled for approval for filing for the 2024 filing season, the Federal Earned Income Tax Credit (ETC) for low to moderate income working individuals or taxpayers who are disabled or elderly qualifies taxpayers who meet certain income and filing requirements and who are a single or widowed, or disabled and have no children. Qualifying income limits are: Single taxpayers and their dependents: Not more than 4,200 for filers with no children. Single taxpayers and their spouses: Not more than 9,400. Married taxpayers filing jointly: Not more than 17,050. Childless taxpayers: Up to 1,800 for dependents up to age 19 and 3,800 for dependents age 19 through 24. Married taxpayers filing jointly: Up to 12,900, with an optional deduction for eligible student expenses. Childless taxpayers and their dependents who were under age 18 at the year of filing; and who are enrolled in and receive educational assistance from an educational institution in the U.S. who are not married to the taxpayer; the amount of their child support may be deducted from their tax and may be refundable. The ETC is refundable only if the taxpayer's tax for the year is less than the Federal tax liability. The ETC is available for the 2024 filing season.

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