What is an earned income tax chart?


Quick Answer

An earned income tax chart is a chart provided by the IRS to help those eligible for the Earned Income Tax Credit determine the amount of the credit. A new version of the chart is available each year in Publication 596, explains the IRS.

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Full Answer

The Earned Income Tax Credit is a tax benefit that reduces the amount of tax owed by qualifying low-income to moderate-income households and especially applies to families with children. Those who qualify for the Earned Income Tax Credit can use the earned income tax table or chart by filling out the Earned Income Tax Credit worksheet, then applying the results of that worksheet to the tax chart. Different tax credits are available depending on the size of the qualifying family and the filing status of the married couple, according to the IRS. The IRS is also willing to calculate the credit for a qualifying family.

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