{"id":177,"date":"2024-03-01T17:38:45","date_gmt":"2024-03-01T12:08:45","guid":{"rendered":"https:\/\/www.taxtimes.org\/?p=177"},"modified":"2024-03-01T17:38:45","modified_gmt":"2024-03-01T12:08:45","slug":"earned-income-tax-credit","status":"publish","type":"post","link":"https:\/\/www.taxtimes.org\/us\/earned-income-tax-credit\/","title":{"rendered":"Earned Income Tax Credit 2024 &#8211; Maximum Amount, Eligibility and Status"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">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 <strong>$7,430<\/strong> for families with three or more children, an increase from the previous year.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-178\" src=\"https:\/\/i0.wp.com\/www.taxtimes.org\/wp-content\/uploads\/2024\/03\/Earned-Income-Tax-Credit-2024-.png?resize=640%2C360&#038;ssl=1\" alt=\"Earned Income Tax Credit 2024\" width=\"640\" height=\"360\" srcset=\"https:\/\/i0.wp.com\/www.taxtimes.org\/wp-content\/uploads\/2024\/03\/Earned-Income-Tax-Credit-2024-.png?w=640&amp;ssl=1 640w, https:\/\/i0.wp.com\/www.taxtimes.org\/wp-content\/uploads\/2024\/03\/Earned-Income-Tax-Credit-2024-.png?resize=300%2C169&amp;ssl=1 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" data-recalc-dims=\"1\" \/><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Earned Income Tax Credit 2024<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Earned Income Tax Credit (EITC) is a beneficial credit for individuals with low to moderate incomes, offering substantial financial advantages.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">EITC provides a maximum credit of $7,430 for families with three or more children, marking an increase from the prior year.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/www.taxtimes.org\/us\/eitc-actc-refund-schedule\/\">EITC\/ACTC Refund Schedule<\/a><\/strong><\/li>\n<li><a href=\"https:\/\/www.taxtimes.org\/us\/where-is-my-pa-tax-refund\/\"><strong>Where is My PA Tax Refund<\/strong><\/a><\/li>\n<li><strong><a href=\"https:\/\/www.taxtimes.org\/us\/nc-state-tax-refund-status\/\">NC State Tax Refund Status<\/a><\/strong><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span style=\"font-weight: 400;\">EITC Maximum Amount<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The EITC amount you receive depends on your filing status, earned income, and the number of qualifying children you have. Here&#8217;s a table outlining the maximum credit amounts for 2024:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Number of Qualifying Children<\/b><\/td>\n<td><b>Maximum EITC Credit Amount<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">None<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$600<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">1 Qualifying Child<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,995<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2 Qualifying Children<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$6,604<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">3 or More Qualifying Children<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$7,430<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Eligibility for the EITC 2024<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Key eligibility requirements for the Earned Income Tax Credit (EITC) in 2024 (tax year 2023):<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Filing status and qualifying children (Maximum AGI):<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Single, Head of Household, or Widowed:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Zero qualifying children: $17,640<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">One qualifying child: $46,560<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Two qualifying children: $52,918<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Three qualifying children: $56,838<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Married Filing Jointly:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Zero qualifying children: $24,210<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">One qualifying child: $53,120<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Two qualifying children: $59,478<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Three qualifying children: $63,398<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To qualify, individuals must have at least $1 of earned income and meet income thresholds based on the number of qualifying children<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Filing Status:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">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.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Investment Income:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your investment income (interest, dividends, capital gains) must be below a certain limit. For 2024, this limit is:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">$11,000 if you do not have qualifying children.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">$4,000 if you have qualifying children.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Residency:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You must be a U.S. citizen or resident alien all year or meet specific residency requirements for a portion of the year.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Qualifying Children (Optional):<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Having qualifying children can increase your EITC amount but is not mandatory to claim the credit.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Qualifying children must be:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Your biological or adopted child, stepchild, grandchild, or foster child.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Under age 19 or a full-time student under age 24 at the end of 2023.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Live with you for more than half of the year.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">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).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Form 2555: You cannot file Form 2555, Foreign Earned Income, and claim the EITC.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">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.<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span style=\"font-weight: 400;\">How to track your Earned Income Tax Credit Status?<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Utilise the IRS &#8220;Where&#8217;s My Refund?&#8221; Tool:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Visit the official IRS website: https:\/\/www.irs.gov\/refunds\/about-wheres-my-refund<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Click on the &#8220;Where&#8217;s My Refund?&#8221; button.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Provide Your Information:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Select the tax year you are inquiring about (2023 for returns filed in 2024).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Input your Individual Taxpayer Identification Number (ITIN) or Social Security number.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enter the status of your filing (married filing jointly, single, etc.).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Input your date of birth exactly as it appears on your return.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Click &#8220;Submit.&#8221;<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Review Your Refund Status:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">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.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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) [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.taxtimes.org\/wp-json\/wp\/v2\/posts\/177"}],"collection":[{"href":"https:\/\/www.taxtimes.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxtimes.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxtimes.org\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxtimes.org\/wp-json\/wp\/v2\/comments?post=177"}],"version-history":[{"count":2,"href":"https:\/\/www.taxtimes.org\/wp-json\/wp\/v2\/posts\/177\/revisions"}],"predecessor-version":[{"id":180,"href":"https:\/\/www.taxtimes.org\/wp-json\/wp\/v2\/posts\/177\/revisions\/180"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.taxtimes.org\/wp-json\/wp\/v2\/media\/178"}],"wp:attachment":[{"href":"https:\/\/www.taxtimes.org\/wp-json\/wp\/v2\/media?parent=177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxtimes.org\/wp-json\/wp\/v2\/categories?post=177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxtimes.org\/wp-json\/wp\/v2\/tags?post=177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}