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Tax Tip: Earned Income Credit

By: Leslie Draffin
Updated: July 9, 2012
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The earned income tax credit is a federal and state credit for working people with low to moderate income.  The state credit is equal to 3.5% of the federal credit and actually reduces the amount owed. More than 500,000 Louisiana families claimed this last year, the average benefit was around 100 dollars.

Calculationg this can be slightly confusing so Jefferson suggests going to the worksheet on page 33 in the Louisiana tax return booklet.  You qualify if last year you made less than $13,660 ($18,740 married filing jointly) if you do not have a qualifying child.  If you have one child the income threshold goes up to $36,052 ($41,132 married filing jointly), two children is $40,964 (46,044 mfj) and for three or more its $43,008 (49,078 mfj).

 

 

 

 

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