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Are You Eligible For The Earned Income Tax Credit?

De acuerdo con el IRS, approximately 25 million taxpayers received the Earned Income Tax Credit (EITC) in 2021. The average credit amount per taxpayer was around $2,411. For those who qualify, the EITC can help reduce taxes and may even result in a substantial refund. If you’re wondering if you’re eligible for the Earned Income Tax Credit, keep reading to learn more about the credit and how much it could be worth to you.

What is the Earned Income Tax Credit?

The Earned Income Tax Credit (EITC) can give taxpayers with low-to-moderate income a substantial financial boost. That’s because it’s a refundable tax credit.

For the 2022 tax year, the maximum EITC ranges from $560 (no children) to $6,935 (3+ children). The amount you receive is determined by your filing status, income, and the number of qualifying children claimed.

It’s important to note that if you claim the Earned Income Tax Credit, your refund may be delayed. By law, the IRS must wait until mid-February to issue refunds to taxpayers who claim the EITC.

Who is Eligible for the Earned Income Tax Credit?

In general, you must meet the following qualifications to claim the Earned Income Tax Credit on your 2022 tax return:

  • Show proof of earned income ($1 or more)
  • Have $10,300 or less in investment income
  • Ser ciudadano estadounidense o extranjero residente todo el año
  • Tener un número de la Seguridad Social (SSN) válido
  • Must not have to file Formulario 2555 o 2555-EZ

For the EITC, the IRS will not accept Social Security cards that have the words, “Not Valid for Employment,” on them. Individual taxpayer identification numbers (ITIN) or adoption taxpayer identification numbers (ATIN) are also not accepted.

Accepted Filing Statuses

Your filing status must be single, head of household (HOH), widow(er), or married filing jointly. If you are married and filing separately, you may be eligible to claim the EITC if all of the following are true:

  • You are separated but still married;
  • You did not live with your spouse for the last six months of the tax year, or you have a legal separation decree/agreement; and
  • Your qualifying child lived with you for more than half of the year.

¿A quién se considera hijo calificado?

Para ser considerado hijo calificado bajo el Crédito tributario por ingresos devengados, los hijos o parientes deben cumplir con las siguientes pruebas:

Edad

  • Cualquier edad y una discapacidad permanente/total (obtenga más información aquí)
  • 18 años o menos al final del año, y más jóvenes que usted o su cónyuge (si presentan una declaración conjunta)
  • Menor de 24 años y estudiante a tiempo completo (5 meses o más durante el año), y más joven que usted o su cónyuge (si presentan la declaración conjunta)

Los estudiantes que asisten a escuelas primarias, secundarias y postsecundarias son elegibles. Los que asisten a una escuela comercial o técnica también tienen derecho. Los estudiantes matriculados en cursos de formación en el trabajo, así como en escuelas por correspondencia y 100% en línea no son elegibles.

Relación

  • Hijo, hija, hijastro, hijo adoptivo o hijo de acogida
  • Siblings, including stepsiblings and half-siblings
  • Sobrino, sobrina, nieto

Residencia

The qualifying child must live in the same U.S. home as you for at least half of the tax year. A child who was born or died during the tax year, but lived with you for at least six months, is eligible under EITC. In certain cases, a child who temporarily lives away from home may also qualify.

Además, si su hijo presenta una declaración conjunta con otro contribuyente y reclama algún crédito tributario, como el EITC, no puede reclamarlo. Sin embargo, si declaran conjuntamente solo para recibir los impuestos retenidos de un cheque de pago, pueden seguir siendo considerados como hijos que reúnen los requisitos.

Additional Requirements For Taxpayers Without Children

Si solicita el EITC y no tiene hijos, debe cumplir todos los siguientes requisitos adicionales:

  • Su vivienda principal debe encontrarse en EE.UU. durante más de 6 meses al año
  • No ser declarado como dependiente/hijo calificado en la declaración de otro contribuyente
  • You are at least 19 by the end of the tax year

There are some exceptions to the age rule. If you are a qualified former foster youth or a qualified homeless youth, you need to be at least 18. Specified students must be 24 or older.

If your home is located in the 50 states, the District of Columbia, or a military base, it qualifies as a U.S. home. Those located in the Virgin Islands, Guam, Puerto Rico, and other U.S. possessions do not qualify.

Earned Income Tax Credit Income Limits

To claim the Earned Income Tax Credit, you must have earned income (at least $1) and meet certain adjusted gross income (AGI) limits. Earned income typically includes wages, salary, and tips, as well as income from gig work or self-employment. It does not include pensions and annuities, interest, dividends, unemployment benefits, Seguro Social, alimony, or child support.

For the 2022 tax year, the maximum allowed income levels per filing status are as follows:

2022 EITC Maximum Income Levels

Children or Relatives ClaimedSingle, HOH, or WidowedCasado que Presenta una Declaración ConjuntaMaximum EITC
0$16,480$22,610$560
1$43,492$49,622$3,733
2$49,399$55,529$6,164
3+$53,057$59,187$6,935

The income levels will increase slightly for tax returns due in April 2024, as will the credit amount. For the 2023 tax year, the EITC maximum credit will range between $600 and $7,430, depending on your income, filing status, and the number of qualifying children. You may also have up to $11,000 in investment income.

2023 EITC Maximum Income Levels

Children or Relatives ClaimedSingle, HOH, or WidowedCasado que Presenta una Declaración ConjuntaMaximum EITC
0$17, 640$24,210$600
1$46,560$53,120$3,995
2$52,918$59,478$6,604
3+$56,838$63,398$7,430

Take The EITC Eligibility Test!

Si toda esta información es demasiado para procesar, no se estrese. Usted puede averiguar fácilmente si es elegible para tomar el Crédito tributario por ingresos devengados y la cantidad estimada que puede recibir utilizando la herramienta gratuita EITC Assistant proporcionada por el IRS.