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Does anyone know about the EIC. I have three kids well under 18 and when I started my taxes my refund amount from my w2s show but not the EIC.

 
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3 Replies

Does anyone know about the EIC. I have three kids well under 18 and when I started my taxes my refund amount from my w2s show but not the EIC.

When you finish your return look at line 27 of your 1040. 

Does anyone know about the EIC. I have three kids well under 18 and when I started my taxes my refund amount from my w2s show but not the EIC.

For the Earned Income Credit—-the rules are back to the “old” rules—

Those under 25 and over 65 without children are not eligible as they were uniquely in 2021.   And you cannot use your income from any earlier tax year to get the EIC for a 2022 return.  There is no “lookback” for 2022.  EIC for 2022 will be based on the income you earned by working in 2022.

 

https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-e...

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant

 

 

Look at your 2022 Form 1040 to see the child-related credits you received

 

PREVIEW 1040

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

 

Child Tax Credit line 19

Credit for Other Dependents line 19

Earned Income Credit line 27

Additional Child Tax Credit line 28

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Hal_Al
Level 15

Does anyone know about the EIC. I have three kids well under 18 and when I started my taxes my refund amount from my w2s show but not the EIC.

Your kids don't have to be under 18 for the EIC.  They do have to be under 17 for the Child Tax Credit (CTC).  So, it's not clear if you're asking about the EIC or the CTC or both. 

 

How much EIC, you are allowed, is a straight look up*. See the 2022 EIC table at:

https://www.irs.gov/instructions/i1040tt#idm140702909059168

 

The child tax credit  (CTC) is  limited to your tax liability. The CTC is a non-refundable credit and can only reduce your income tax to 0, It can not help you beyond eliminating your tax liability. But, if you have more than $2500 of earned income, some or all of it is usually given back to you thru the "Additional Child tax credit". That is, part of the CTC may be on line 28 of form 1040 (2021 & 2022) instead of line 19. The  ACTC is calculated on form 8812 and  is basically 15% of your earned income over $2500. The ACTC is a maximum of $1500 per child (not $2000).

 

*The earned income credit is first calculated (actually looked up in a table) on your earned income then it is calculated on your total income (AGI). You get the lesser of the two calculated EIC numbers. 

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