Earned Income and Earned Income Tax Credit (EITC) Tables (2023)

The Earned Income Tax Credit (EITC) is a valuable tax credit for low- to moderate-income working individuals and families in the United States. It reduces the amount of taxes owed or increases a taxpayer's refund.

What is Earned Income Tax Credit (EITC)?

The Earned Income Tax Credit (EITC) is a valuable tax break for low- to moderate-income working individuals and families. It reduces your tax bill or even gives you a refund if you meet specific eligibility requirements.

Key Points To Remember About the 2023 EITC Tables:

A. Eligibility

Your eligibility depends on your earned income, filing status, and the number of qualifying children. Refer to the EITC-Table to find your income range and filing status.

B. Maximum Credit Amounts:

  1. No qualifying children: $600
  2. 1 qualifying child: $3,995
  3. 2 qualifying children: $6,604
  4. 3 or more qualifying children: $7,430

C. Qualifying Children:

  • Must be under 19 years old (or 24 if a full-time student) at the end of the tax year.
  • Must be your biological child, adopted child, stepchild, foster child, or a sibling or descendant you lived with for more than half the year.
  • Must have a valid Social Security number.

D. Claiming the EITC:

  • Use the EITC-Table to estimate your credit amount.
  • File Form 1040 and attach Schedule EIC.
  • Be aware of potential delays in refunds when claiming the EITC. The IRS generally holds refunds until mid-February for taxpayers claiming the EITC.

Claiming the EITC incorrectly can lead to penalties. Ensure you meet all eligibility requirements and file accurately.

For the current year's EITC Tables, click here.

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