If my income is 282.00 why am i only getting 124.00 for earned income credit?

nbj061581 · ‎February 20, 2023

xmasbaby0 · ‎February 20, 2023

Why do you think it should be more?

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

**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.**

Opus 17 · ‎February 20, 2023

Because you don’t have very much earned income. The original theory behind the credit is that it was a offset of your Social Security tax, because everybody, no matter how poor, pays 6% Social Security tax, even if they are in the 0% income tax bracket. The earned income credit is calculated on a sliding scale; if you earn very little, you get very little credit, because you didn’t earn much, and if you earn a lot, you get a very little credit because you don’t need it anymore. The maximum credit is in between.