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Form 1040 (Schedule Eic) Texas Collin: What You Should Know
EIC and IRB Form 5498 Schedule EIC/IRA — IRS Schedule EIC—Individual Tax Withholding (Form 5498) (PDF) Taxpayer Self-Employment Tax (Form 3115, S-corp. EZ, Individual) (PDF) Determine how to complete Schedule EIC. • Identify where the EIC appears on the Forms 1040 and 1040A. • Note that the maximum amount of EIC is 3,000, whereas the EIC limit for non-child tax filers under 25 is 7,000 when the combined modified adjusted gross income exceeds 77,000 (135,000 if married filing separately). See the “Maximum Credit for Taxpayer Child” discussion below. • When filing a tax return for 2024 or 2018, figure the EIC using the earned income amount. Note : The earned income credit for the 2024 tax year does not apply to married filing jointly. For married tax returns filing prior to 2017, see the “Maximum Credit for Taxpayer Child” discussion below. • The maximum EIC amount for tax years 2024 through 2024 was 3,800. However, the credit for the 2024 tax year is limited to 1,000 (1,500 if filing jointly) based on filing status. The earned income limit for the 2024 tax year was 1,200, and the maximum credit for the 2024 tax year was 500. Intermediate Income Tax Preparation for Individuals EIC and IRB Form 5498—Taxpayer Self-Employment Tax (Form 3115, S-corp. EZ, Individual) (PDF) Taxpayer Self-Employment Tax (Form 3115, S-corp. EZ, Individual) (PDF) Determine the EIC. • Note that the maximum EIC amount for tax years 2024 through 2024 was 2,800. Note : The EIC limit for non-child tax filers under 25 was 7,000 when the combined modified adjusted gross income exceeds 77,000 (105,000 if married filing separately). See the “Maximum Credit for Taxpayer Child” discussion below. • When filing a tax return for 2024 or 2018, figure the EIC using the earned income amount. Note : The EIC applies to all individual taxpayers for the 2024 tax year. For married tax returns filing prior to 2017, see the “Maximum Credit for Taxpayer Child” discussion below.
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