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earned income credit in 2013

will there be earned income credit in 2013?????
  • I'm still a bit confused about EIC. Are they maxing out at 2 dependents? And, I hear some rumor about not being able to claim a child 16 years or older. Sounds like nonsense, I know, but could someone clarify for my peace of mind?
  • You are confusing the Child Tax Credit and the Earned Income Tax Credit.  The Child Tax Credit is a tax credit for taxpayers that have dependents under the age of 17.  The Earned Income Tax Credit (EITC) is explained by bluedeb in the answers below.
  • For the years 2009 through 2012, the Earned Income Credit was temporarily increased for working families with three or more dependents. Prior to that, the EIC maxed out at two dependents. The EIC will revert back to maxing out with two dependents starting in 2013 (returns filed in 2014), unless Congress acts to change that.
Yes, there will be Earned Income Credit when you file your 2012 tax return (filed in 2013):

Preview of 2012 Tax Year from the IRS:
Earned Income and adjusted gross income (AGI) must each be less than:

$45,060 ($50,270 married filing jointly) with three or more qualifying children
$41,952 ($47,162 married filing jointly) with two qualifying children
$36,920 ($42,130 married filing jointly) with one qualifying child
$13,980 ($19,190 married filing jointly) with no qualifying children

Tax Year 2012 maximum credit:

$5,891 with three or more qualifying children
$5,236 with two qualifying children
$3,169 with one qualifying child
$475 with no qualifying children
Investment income must be $3,200 or less for the year.

http://www.irs.gov/individuals/article/0,,id=233839,00.html
  • so i make 6600 a year, i worked a partime job where federal taxes where taken out, now i work a different job and no taxes are taken out ( just started this job ), will i still qualify ? i have one 5 year old child and single
You will qualify if your earned income & AGI for all of 2012 is less than the amount shown above.   Being single with one child if your AGI will be less than $36,920 for 2012 then you would qualify.  Also, if you have any Investment income it  must be $3,200 or less for the year.

More information on EIC
http://www.irs.gov/individuals/article/0,,id=96406,00.html