What is EIC for 2 qualify children?

[VolvoGirl]

Some EIC articles

IRS- Earned Income Tax Credit info

https://www.irs.gov/Credits-&-Deductions/Individuals/Earned-Income-Tax-Credit

Turbo Tax EIC INFO

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/earned-income-cre...

For 2022 The rules went back to the old rules.  2020 and 2021 had special rules, there was no age limit and you didn't need a child.  And there is no lookback provision.

[rjs]

The amount of your EIC depends on your earned income, your Adjusted Gross Income (AGI), and your filing status, not just on the number of qualifying children.

[Hal_Al]

 The basic EIC works on a "bell curve," rising as a worker's wages rise reaching a maximum when annual earnings are between $15,400 and $20,150 (Single with 2 or 3 children 2022) and then declining gradually until it phases out altogether. If your income is on the up slope of the EIC curve more earned income will increase your EIC but if your income is on the down slope, more income (of any kind) will reduce you EIC. The “upslope" on the EIC curve is very steep; basically for every $3 you earn, the government gives you another dollar. See the curve (graph) at:

http://www.taxpolicycenter.org/briefing-book/key-elements/family/eitc.cfm

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. See the 2022 EIC table at:

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