Earned Income Tax Credit 2024 – Maximum Amount, Eligibility and Status

The Earned Income Tax Credit (EITC) is a valuable credit for low- to moderate-income workers, providing financial benefits. For the tax year 2023, the EITC offers a maximum credit of $7,430 for families with three or more children, an increase from the previous year.

Earned Income Tax Credit 2024

The Earned Income Tax Credit (EITC) is a beneficial credit for individuals with low to moderate incomes, offering substantial financial advantages. 

EITC provides a maximum credit of $7,430 for families with three or more children, marking an increase from the prior year. 

Eligibility hinges on income thresholds, varying with the number of qualifying children and marital status. Notably, the credit is refundable, allowing individuals to receive a refund even if they have no tax liability.

• EITC/ACTC Refund Schedule
• Where is My PA Tax Refund
• NC State Tax Refund Status

EITC Maximum Amount

The EITC amount you receive depends on your filing status, earned income, and the number of qualifying children you have. Here’s a table outlining the maximum credit amounts for 2024:

Number of Qualifying Children	Maximum EITC Credit Amount
None	$600
1 Qualifying Child	$3,995
2 Qualifying Children	$6,604
3 or More Qualifying Children	$7,430

Eligibility for the EITC 2024

Key eligibility requirements for the Earned Income Tax Credit (EITC) in 2024 (tax year 2023):

Filing status and qualifying children (Maximum AGI):

• Single, Head of Household, or Widowed:
  • Zero qualifying children: $17,640
  • One qualifying child: $46,560
  • Two qualifying children: $52,918
  • Three qualifying children: $56,838
• Married Filing Jointly:
  • Zero qualifying children: $24,210
  • One qualifying child: $53,120
  • Two qualifying children: $59,478
  • Three qualifying children: $63,398
• To qualify, individuals must have at least $1 of earned income and meet income thresholds based on the number of qualifying children

Filing Status:

• You must file a tax return and meet specific filing status requirements, such as single, married filing jointly, head of household, or qualifying widow(er) with dependent child.

Investment Income:

• Your investment income (interest, dividends, capital gains) must be below a certain limit. For 2024, this limit is:
  • $11,000 if you do not have qualifying children.
  • $4,000 if you have qualifying children.

Residency:

• You must be a U.S. citizen or resident alien all year or meet specific residency requirements for a portion of the year.

Qualifying Children (Optional):

• Having qualifying children can increase your EITC amount but is not mandatory to claim the credit.
• Qualifying children must be:
  • Your biological or adopted child, stepchild, grandchild, or foster child.
  • Under age 19 or a full-time student under age 24 at the end of 2023.
  • Live with you for more than half of the year.

• Age: If claiming the EITC without qualifying children, you must be at least 25 but not older than 65 (at least one spouse must meet the age rule if married filing jointly).
• Form 2555: You cannot file Form 2555, Foreign Earned Income, and claim the EITC.
• Filing Separately: If married and filing separately, you generally cannot claim the EITC unless you lived apart from your spouse for the entire year and meet additional rules.

How to track your Earned Income Tax Credit Status?

Although you cannot specifically inquire about the status of your EITC portion due to IRS regulations, you have the option to monitor the overall status of your tax return, which will indicate whether your EITC refund is included.

Utilise the IRS “Where’s My Refund?” Tool:

• Visit the official IRS website: https://www.irs.gov/refunds/about-wheres-my-refund
• Click on the “Where’s My Refund?” button.

Provide Your Information:

• Select the tax year you are inquiring about (2023 for returns filed in 2024).
• Input your Individual Taxpayer Identification Number (ITIN) or Social Security number.
• Enter the status of your filing (married filing jointly, single, etc.).
• Input your date of birth exactly as it appears on your return.
• Click “Submit.”

Review Your Refund Status:

• The tool will showcase the status of your entire tax return, detailing whether it has been received, processed, and if a refund is being issued.