EIC or EITC is a refundable tax credit, meaning you can get money back even if you owe no federal income tax or had no tax withheld. And, if you owe tax, it can offset the amount you must pay. Below is a preview of the new 2010 earning limits and maximum credit amounts. This information was valid for the EITC in the 2010 tax year.
Note: The 2010 EIC Table is now available.
Earned income and adjusted gross income (AGI) must each be less than:
- $43,352 ($48,362 married filing jointly) with three or more qualifying children
- $40,363 ($45,373 married filing jointly) with two qualifying children
- $35,535 ($40,545 married filing jointly) with one qualifying child
- $13,460 ($18,470 married filing jointly) with no qualifying children
Tax Year 2010 maximum credit:
- $5,666 with three or more qualifying children
- $5,036 with two qualifying children
- $3,050 with one qualifying child
- $457 with no qualifying children
*The American Recovery and Reinvestment Act (ARRA) provides a temporary increase in EITC and expands the credit for workers with three or more qualifying children. These changes are temporary and apply to 2009 and 2010 tax years.
EIC Changes: Preview of Tax Year 2010
Investment income must be $3,100 or less for the year.
The maximum Advance EITC workers can receive from their employers is $1,830.