Current Tax Year 2007
Earned income and adjusted gross income (AGI) must each be less than:
-
$37,783 ($39,783 married filing jointly) with two or more qualifying children;
-
$33,241 ($35,241 married filing jointly) with one qualifying child;
-
$12,590 ($14,590 married filing jointly) with no qualifying children.
Tax Year 2007 maximum credit:
-
$4,716 with two or more qualifying children;
-
$2,853 with one qualifying child;
-
$428 with no qualifying children.
Investment income must be $2,900 or less for the year.
The maximum Advance Earned Income Tax Credit (advance EITC) for tax year 2007 the employer is allowed to provide throughout the year with the employee's pay is $1,712.
Nontaxable Combat Pay.
The provision to include nontaxable combat pay in your income to claim the EITC has been extended to cover excludable combat pay received on or before December 31, 2007. If you were a member of the U.S. Armed Forces who served in a combat zone, certain pay is excluded from your income (see Nontaxable combat pay election in Pub. 3 for more information).
You can choose to include this pay in your earned income when figuring the EITC. If you make the election, you must include in earned income all nontaxable combat pay you received. If you are filing a joint return and both you and your spouse received nontaxable combat pay, you can each make your own election.
The amount of your nontaxable combat pay should be shown in Form(s) W-2, box 12, with code Q.
Return to Main EITC Page
Next Tax Year 2008
Earned income and adjusted gross income (AGI) must each be less than:
-
$38,646 ($41,646 married filing jointly) with two or more qualifying children;
-
$33,995 ($36,995 married filing jointly) with one qualifying child;
-
$12,880 ($15,880 married filing jointly) with no qualifying children.
Tax Year 2008 maximum credit:
-
$4,824 with two or more qualifying children;
-
$2,917 with one qualifying child;
-
$438 with no qualifying children.
Investment income must be $2,950 or less for the year.
The maximum Advance Earned Income Tax Credit (advance EITC) for TY 2008 the employer is allowed to provide throughout the year with the employee's pay is $1,750.
Return to Main EITC Page
Prior Tax Year 2006
Earned income and adjusted gross income (AGI) must each be less than:
-
$36, 348 ($38,348 married filing jointly) with two or more qualifying children;
-
$32,001 ($34,001 married filing jointly) with one qualifying child;
-
$12,120 ($14,120 married filing jointly) with no qualifying children.
Tax Year 2006 maximum credit:
-
$4,536 with two or more qualifying children;
-
$2,747 with one qualifying child;
-
$412 with no qualifying children.
Investment income must be $2,800 or less for the year.
If you were a member of the U.S. Armed Forces who served in a combat zone, certain pay is excluded from your income. See Nontaxable combat pay election in Pub. 3. You can choose to include this pay in your earned income when figuring the EITC. If you make the election, you must include in earned income all nontaxable combat pay you received. If you are filing a joint return and both you and your spouse received nontaxable combat pay, you can each make your own election.
The amount of your nontaxable combat pay should be shown in Form(s) W-2, box 12, with code Q.
Return to Main EITC Page
Prior Tax Year 2005
Earned income and adjusted gross income (AGI) must each be less than:
-
$35,263 ($37,263 married filing jointly) with two or more qualifying children;
-
$31,030 ($33,030 married filing jointly) with one qualifying child;
-
$11,750 ($13,750 married filing jointly) with no qualifying children
Investment income must be $2,700 or less for the year.
Return to Main EITC Page
|