Traverse City MI – Considered one of the most significant tax credits in the entire IRS tax code, the Earned Income Tax Credit (EITC) is a refundable tax credit for low to moderate income working families, particularly those with children. A huge number of families are eligible to claim a dependent tax credit every year because of their income and the number of household dependents they have. However, many of these eligible families fail to claim the credit. To help many eligible American families take advantage of the EITC, Efile Tax Advisor, an online Tax Filing Advice and Recommendations platform break down the earned income tax credit chart table and how much can be claimed back in taxes this year.
With the EITC, how much that can be claimed depends on the adjusted gross income and how many dependents exist in a household. Filing as a single taxpayer or jointly if married will affect the adjusted gross income rather than the maximum credit. Single taxpayers must have an adjusted gross income of less than $15,270, whereas married taxpayers filing jointly must have an income of less than $20,950.
The maximum credit that can be claimed for families without dependents is $519 while families with more than 3 dependents can claim as much as more as $6,431. The average payout will normally fall within these two figures. Trying to figure out exactly how much can be claimed could become a little complicated and Efile Tax Advisor recommends using an online EIC calculator. These calculators are mostly free to use and require just some personal basic information about the tax filer. They will then provide a rough estimate of how much can be claimed on your next tax return.
To find out more about the Earned Income Tax Credit, please visit, https://efiletaxadvisor.wordpress.com/2019/02/11/earned-income-credit-table-amounts/
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.