The Earned Income Credit amounts have increased slightly for the 2014 tax year. 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.
The maximum amount of earned income and adjusted gross income (AGI) must be less than:
$46,997 ($52,427 if married filing jointly) with three or more qualifying children
$43,756 ($49,186 if married filing jointly) with two qualifying children
$38,511 ($43,941 if married filing jointly) with one qualifying child
$14,590 ($20,020 if married filing jointly) with no qualifying children
The maximum EIC amount for 2014:
$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
The maximum amount of investment income you can have and still get the credit has increased to $3,350 for 2014.
You can elect to have your nontaxable combat pay included in earned income for the earned income credit. The amount of your nontaxable combat pay should be shown on your Form W-2, Box 12, Code Q.