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 2016, the credit is worth a maximum of:
•$6,269 with three or more qualifying children
•$5,572 with two qualifying children
•$3,373 with one qualifying child
•$506 with no qualifying children
In order to qualify for the credit, your adjusted gross income (AGI) must be less than:
•$47,955 ($53,505 married filing jointly) with three or more qualifying children
•$44,648 ($50,198 married filing jointly) with two qualifying children
•$39,296 ($44,846 married filing jointly) with on qualifying child
•$14,880 ($20,430 married filing jointly) with no qualifying children
Your total investment income must also be $3,400 or less for the year.
See the IRS website EITC Central for more information.