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Earned Income Tax Credit (EITC) : Earned Income Q & A
What is the Earned Income Tax Credit (EITC)?
The Earned Income Tax Credit (or “EITC”) is a federal program that lets employees who work for low wages get a larger tax refund.
The amount of money you can get back through EITC is based on your annual taxable income and the number of children in your household.
New for tax year 2010:
The amount of EITC increased for workers with a third qualifying child and the rules changed for determining who is a qualifying child.
Earned Income and adjusted gross income (AGI) must each be less than:
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$43,352 ($48,362 married filing jointly) with three or more qualifying children
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$40,363 ($45,373 married filing jointly) with two qualifying children
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$35,535 ($40,545 married filing jointly) with one qualifying child
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$13,460 ($18,470 married filing jointly) with no qualifying children
Tax Year 2010 maximum credit:
- $5,666 with three or more qualifying children
- $5,036 with two qualifying children
- $3,050 with one qualifying child
- $457 with no qualifying children
Do I need to hire someone to figure this out and fill out all the forms for me?
No!
A Volunteer Income Tax Assistance (or “VITA”) program exists to do this.
With VITA, certified volunteers prepare returns at no cost for taxpayers of low to moderate income (generally $49,000 and below).
To find a VITA site near you, call the IRS at 1-800-906-9887.
Are there tax credits available that can help me pay my health care premiums?
The Health Coverage Tax Credit program is available through the end of the year for people who:
- Were laid off or lost their job to a foreign company
- Are 55 to 65 years of age and get their pension from the Pension Benefit Guaranty Corporation
How does the Recovery Act impact my taxes?
Find out more about the changes regarding your taxes in 2009 from the Ohio.gov Recovery website.
See also the Forms & Education tabin this section for more information.
The information in this site is not intended as legal advice.
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