The 2013 Earned Income Credit table allows tax payers to look up the dollar amount of their EIC based on their filing status, number of eligible dependents and the results of an EIC worksheet, according to the IRS. The 2013 EIC worksheets are for filers with earned income under $51,567.Continue Reading
Earned income for purposes of determining the EIC includes wages, salaries, tips, taxable employee pay and income from self-employment, as stated in IRS publication 596. It differs from Adjusted Gross Income, and is adjusted by such things as scholarships, pensions and annuities, and church employee or clergy income.
Taxpayers who fall within certain age and income limits do not need a qualifying dependent to claim the EIC, but filers who do have qualifying dependents must attach a Schedule EIC to their tax return, which gives the IRS information such as social security number, relationship to the filer and the amount of time during the tax year the dependents lived in the home.
Filers may elect to have the IRS figure their EIC by entering "EIC" on their tax return rather than the dollar amount, and leaving blank the lines for total payments, overpayments, refunds or taxes owed.
The EIC not only reduces the amount of tax owed but it can also generate a refund, and the federal EIC, or a portion of it, can also be applied to many state and local taxes.Learn more about Income Tax