Taxpayers can find an earned income credit table, or EIC, for the current tax year in Publication 596 of the Internal Revenue Service, available at the IRS website. Directions for claiming the EIC and the relevant tables to figure out the proper amount appear in the additional material section of the publication. The section first directs a taxpayer to confirm eligibility for such a credit.Continue Reading
The section first informs taxpayers on the prerequisites they must meet in order to claim the EIC, as shown by the IRS. The conditions to be met involve factors that include the amount of adjusted gross income, qualifying children claimed, filing status, residence in the United States during the tax year and amount of investment income. If these conditions are met, taxpayers can fill in an EIC worksheet that lets them calculate an amount represented in the first, left-hand column of the EIC table for the tax year.
Using the value, taxpayers can read the EIC table chart from left to right, finding the value and matching it with filing status and number of qualifying children claimed to calculate the EIC credit, explains the IRS. After the value in the leftmost column reaches a certain amount, $14,500 as of 2014, certain taxpayers such as those filing as singles and claiming no qualifying children lose their EIC completely.Learn more about Taxes