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Earned Income Credit - About
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TaxACT will automatically calculate the earned income credit based on the information entered in your return. If you qualify for the credit, the amount will be included as a Payment on your Federal Tax Summary. You must enter your income and dependent information before the credit can calculate.

To review your earned income credit information:
  1. From within your TaxACT return (Online or Desktop) click on the Federal Q&A tab
  2. Click Other Credits to expand the section, then click Earned Income Credit
  3. The program will proceed with the interview questions for you to enter or review your EIC information

Additional Information

The Earned Income Tax Credit (EITC or EIC) is a refundable income tax credit for working individuals and families with modest incomes. As a refundable credit, the EIC becomes a tax refund when the amount of the credit exceeds the amount of tax owed.

For 2014, the credit is worth a maximum of:

  • $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

In order to qualify for the credit, your adjusted gross income (AGI) must 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

Your total investment income must also be $3,350 or less for the year.

See the IRS website EITC Central for more information.

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