Here is today's Tax Credit Check. The Earned Income Tax Credit (EITC) provides a boost to working singles and families. In 2011, EITC provided a financial impact of $1.34 billion dollars for the state of Louisiana and $1.05 billion dollars for the state of Mississippi.
Nationwide last year, more than 26 million people received nearly $59 billion in EITC. You may be eligible. Let's check it out.
No.1: EITC is a refundable tax credit meaning you could qualify for a tax refund even if you did not have federal income tax withheld.
No 2: If you qualify, the amount of your EITC will depend on your filing status, whether you have children, the number of children you have, and the amount of your wages and income in 2012.
No. 3: 2012 earned income (income from employment or from self-employment) and adjusted gross income (AGI) must each be less than:
- $45,060 ($50,270 married filing jointly) with three or more qualifying children
- $41,952 ($47,162 married filing jointly) with two qualifying children
- $36,920 ($42,130 married filing jointly) with one qualifying child
- $13,980 ($19,190 married filing jointly) with no qualifying children
No. 4: Your Investment income must be $3,200 or less for the year.
No. 5 The maximum credit for the 2012 tax year (returns filed in 2013) is
- $5,891 with three or more qualifying children
- $5,236 with two qualifying children
- $3,169 with one qualifying child
- $475 with no qualifying children
No. 6: You must file a tax returnin order to claim the EITC, even if you are not required to file