Who qualifies for Earned Income Credit 2022?

Can I claim the Earned Income Tax Credit? If you were married filing jointly and earned less than $59,187 ($53,057 for individuals, surviving spouses or heads of household) in 2022, you may qualify for this tax credit, or even for a refund check.

turbotax.intuit.com - What is the Earned Income Tax Credit? Find Out If You Qualify

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OVERVIEW

While millions of households already claim this special break for workers with modest incomes, the IRS says many more are eligible for the credit but fail to take it. The rules were recently liberalized, so more households are eligible. Take a few minutes to make sure you don't miss out on a credit that could bring you a refund check. For information on the third coronavirus relief package, please visit our “American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.

Can I claim the Earned Income Tax Credit?

If you were married filing jointly and earned less than $59,187 ($53,057 for individuals, surviving spouses or heads of household) in 2022, you may qualify for this tax credit, or even for a refund check. It's complicated, but the Earned Income Tax Credit (EITC) is worth exploring if you or someone you know has modest earnings.

The credit reduces any federal income tax you owe, dollar-for-dollar.

If the credit completely eliminates your tax bill, and some credit is still left over, you can actually get a cash refund for the remaining amount. To help you find out if you qualify, TurboTax asks simple questions so you can get the largest possible credit. Tests for qualifying First you have to qualify. Then your income has to be within stated limits. Finally, if you have one or more kids, they have to qualify too for you to receive a larger credit. If you pass all these tests, you could get a credit of as much as $6,935 for 2022 depending on your income and the number of children you have. Once you determine that you qualify for the credit, use the Earned Income Credit table found in the instructions for Form 1040 to look up your income and find out the amount of credit you're entitled to. You typically qualify if: You have income from earnings (for example, from a job, your own business, union strike benefits, certain long-term disability benefits). You did not receive more than $10,300 in investment income such as interest or dividends, or income from rentals, royalties or stock and other asset sales during 2022. You are single or, if married, do not use the Married Filing Separate status (there is an exception for 2021 for married couple filing separately).

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You, your spouse and children, if applicable, all have Social Security numbers.

You and your spouse are not considered as a qualifying child of someone else. You are not excluding any income you earned in a foreign country on your return.

You are a citizen or resident of the United States.

You have dependents, or if you don't, you are at least 24 if you were at least a part-time student for at least 5 months of the year, or at least 18 if you are a former foster child after turning 14 or homeless youth, otherwise at least 19, and you have lived in the United States for more than half of the year. How much can I earn and still qualify? This credit is targeted at households with modest incomes, so if you earn "too much" you may not qualify. Just how much can you earn and still qualify? It depends on how many qualifying children you have (we'll define this in a moment). Those with the lowest income qualify for the biggest credits. Those with incomes above the phase-out threshold qualify for lower credits until they reach the point where the credit is eliminated completely. The rules have been liberalized to result in higher credits for many households, especially those with three or more qualifying children. The following table shows the 2022 income limits for receiving credits and the maximum 2022 credit amounts. If you have: Your earned income (and adjusted gross income) must be less than: Your maximum credit will be: No qualifying children $16,480 ($22,610 if married and filing a joint return) $560 1 qualifying child $43,492 ($49,622 if married and filing a joint return) $3,733 2 or more qualifying children $49,399 ($55,529 if married and filing a joint return) $6,164 3 or more qualifying children $53,057 ($59,187 if married and filing a joint return) $6,935

Special rules for tax years 2020 and 2021

turbotax.intuit.com - What is the Earned Income Tax Credit? Find Out If You Qualify

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