Form 1040 (Schedule Eic) AR 2023-2024

Form 1040 (Schedule Eic) AR: What You Should Know

The last page of Form 1040, line 24, includes instructions for figuring the earned income credit. This is the information you need in order to correctly claim the credit. You can use Schedule EIC to figure the credit on Form 1040 or on Form 1040-SR if you have a qualifying child. You must include the earned income information on line 56 of Schedule EIC. Do not use Schedule EIC for this purpose for the 2024 through 2024 year. What is the Earned Income Credit? In the Tax Relief, Unemployment Insurance Reemployment and Training Act of 2008, Congress enacted the Earned Income Credit (EIC). This credit provides a refundable credit on up to 4,000, increased by up to 1,000, when you claim a qualifying child. EIC credit begins to phase out for individual taxpayers filing a joint return. For married taxpayers filing separate tax returns or single taxpayers filing an individual tax return, EIC credit begins at 500 and ends at 1,000. EIC credit applies to earned income received by you or your qualifying child while working for you or performing services for you as a parent, child, or guardian during the taxable year. EIC benefits are reduced by the amount of child care/travel expenses for your child(men). Earned income includes only those amounts. Form 1040 Schedule EIC Instructions — smart Tax • Deduct EIC benefits that exceed 4,000. See instructions for Schedule EIC for additional information. What is the Earned Income Credit, and how does it work? Enter on line 24 of your tax return the amount of earned income (income earned as an employee or as a qualifying child) received by you and your qualifying child at least during the year. If, during the year, you and your qualifying child: Have earnings from employment Have earned income through investment income Have earned income through a trade or business, including a farm Your earned income must be reported in the form of income reported on line 2 of Form 1040. For income earned in more than one calendar year, include only the earned income that is reported during that year on Form 1040. Add the earned income (in wages, salaries, and self-employment income) from all sources for the taxable year to the amount figured on line 24 of Form 1040.

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