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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 Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Other Credits in the Federal Quick Q&A Topics menu to expand, then click Earned income credit.
  3. Continue with the interview process to enter all of the appropriate 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 2020, the credit is worth a maximum of:

$6,660 with three or more qualifying children
$5,920 with two qualifying children
$3,584 with one qualifying child
$538 with no qualifying children

To qualify for the credit, your adjusted gross income (AGI) must be less than:

$50,954 ($56,844 married filing jointly) with three or more qualifying children
$47,440 ($53,330 married filing jointly) with two qualifying children
$41,756 ($47,646 married filing jointly) with one qualifying child
$15,820 ($21,710 married filing jointly) with no qualifying children

Your total investment income must also be $3,650 or less for the year.

See the IRS Earned Income Tax Credit & Other Refundable Credits website for more information.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


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