Based on the IRS Draft Version (1040 Tax Table Draft), the following is a summary of the Earned Income Credit (EIC) for the 2024 tax year across different filing statuses and income ranges. The EIC amount depends on the filing status, the number of qualifying children, and the Adjusted Gross Income (AGI).
No Qualifying Children
- Maximum EITC Amount: $632
- Single:
- Income range: $8,250–$10,350
- Gradually phases out after $10,350 and is completely eliminated at $18,591.
- Married Filing Jointly:
- Income range: $8,250–$17,250
- Gradually phases out after $17,250 and is completely eliminated at $25,511.
1 Qualifying Child
- Maximum EITC Amount: $4,213
- Single:
- Income range: $12,350–$22,750
- Gradually phases out after $22,750 and is completely eliminated at $49,084.
- Married Filing Jointly:
- Income range: $12,350–$29,650
- Gradually phases out after $29,650 and is completely eliminated at $56,004.
2 Qualifying Children
- Maximum EITC Amount: $6,960
- Single:
- Income range: $17,400–$22,750
- Gradually phases out after $22,750 and is completely eliminated at $55,768.
- Married Filing Jointly:
- Income range: $17,400–$29,650
- Gradually phases out after $29,650 and is completely eliminated at $62,688.
3 or More Qualifying Children
- Maximum EITC Amount: $7,830
- Single:
- Income range: $17,400–$22,750
- Gradually phases out after $22,750 and is completely eliminated at $59,899.
- Married Filing Jointly:
- Income range: $17,400–$29,650
- Gradually phases out after $29,650 and is completely eliminated at $66,819.
Important Notes
- Age Limitation for Applicants Without Children: Must be between 25 and 64 years old.
- Investment Income Limit: EITC is not available if investment income exceeds $11,600.
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