Preview of 2014 Earned Income Tax Credit Table

Earned Income Credit 2014 table

Earned Income and adjusted gross income (AGI) must each be less than:

  • $46,997 ($52,427 married filing jointly) with three or more qualifying children
  • $43,756 ($49,186 married filing jointly) with two qualifying children
  • $38,511 ($43,941 married filing jointly) with one qualifying child
  • $14,590 ($20,020 married filing jointly) with no qualifying children

 

Tax Year 2014 maximum EITC credit:

  • $6,143 with three or more qualifying children
  • $5,460 with two qualifying children
  • $3,305 with one qualifying child
  • $496 with no qualifying children

Investment income must be $3,350 or less for the year in order to qualify for this tax credit. If a taxpayer exceeds this amount, they will not be eligible for the earned income credit in 2014. It is very important to follow this limitation with claiming the EITC.

For more information on whether a child qualifies you for  EITC, see Qualifying Child Rules orPublication 596, Rules If You Have a Qualifying Child. The earned income credit 2014 rules will change greatly if a taxpayer has a qualifying child. The more qualifying children, the tax credit will be larger.

 

The American Tax Relief Act of 2012

The American Tax Relief act extended the relief for married taxpayers, the expanded credit for taxpayers with three or more qualifying children and other provisions to December 31, 2017.

Legal Same-Sex Marriages Will Be Recognized For Federal Tax Purposes

The U.S. Department of the Treasury and the Internal Revenue Service recently ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. Under the ruling, same-sex couples will be treated as married for all federal tax purposes where marriage is a factor, including filing status, claiming personal and dependency exemptions, taking the standard deduction, employee benefits, contributing to an IRA and claiming the earned income tax credit or child tax credit.  For tax year 2013 and going forward, same-sex spouses generally must file using a married filing separately or jointly filing status. For tax year 2012 and all prior years, same-sex spouses who file an original tax return on or after Sept. 16, 2013 (the effective date of Rev. Rul. 2013-17), generally must file using a married filing separately or jointly filing status.
The ruling implements federal tax aspects of the June 26 Supreme Court decision invalidating a key provision of the 1996 Defense of Marriage Act. Read more here.

 

More Information about 2015 and 2016 Earned Income Tax credit (2015 EIC)