Q:

When are the annual EIC tax tables released?

A:

Quick Answer

The Internal Revenue Service releases the maximum Earned Income Credit and the guidelines for reducing it in the year prior to the tax year for which they apply. The IRS does not use a tax table to calculate the Earned Income Credit.

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Full Answer

The Earned Income Credit is a tax credit for qualifying taxpayers that varies based on income and family size. As of 2015, eligibility factors include Social Security numbers for each filer and dependent; earned income, such as wages, tips or farm income; and U.S. citizenship or resident alien status. Qualification for the EIC is not dependent on tax payments and can result in a tax refund when no tax was paid.

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