Did you know that Earned Income Credit Increased this year?

Did you know that Earned Income Credit increased this year? 

Amount of credit increased. The maximum amount of the credit has increased. The most you can get for 2010 is:

• $3,050 if you have one qualifying child,
• $5,036 if you have two qualifying children,
• $5,666 if you have three or more qualifying children, or
• $457 if you do not have a qualifying child.

Earned income amount increased. The maximum amount of income you can earn and still get the credit has increased for 2010. You may be able to take the credit if:

• You have three or more qualifying children and you earn less than $43,352 ($48,362 if married filing jointly),
• You have two qualifying children and you earn less than $40,363 ($45,373 is married filing jointly),
• You have one qualifying child and you earn less than $35,535 ($40,545 if married filing jointly), or
• You do not have a qualifying child and you earn less than $13,460 ($18,470 if married filing jointly).

Investment income amount. The maximum amount of investment income you can have and still get the credit is still $3,100 for 2010.

Advance payment of the credit. If you get the advance payments of the credit from your employer with your pay, the total advance payments you get during 2010 can be as much as $1,830.

Want to see the Earned Income Credit Table so you can figure your EIC Credit?  Click the link go to page 43 to see the schedule.

Do you have any Tax Questions?  Feel Free to ask them here or email me at Tami@highbaughtax.com

Tami  Highbaugh-Abdullah

Highbaugh Tax

317.345.4182