Q:

What is the IRS 2013 EIC table?

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Quick Answer

The IRS 2013 EIC table, published annually in Publication 596, displays the appropriate earned income tax credit allowed for eligible tax return filers for the tax year 2013, explains the Internal Revenue Service. Each year's EIC table provides columns that list that year's earned income ranges and the tax credit that corresponds to different filing statuses and the number of qualifying children, from none up to three.

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Full Answer

The EIC table is not a tax table, cautions the IRS. Rather, the table identifies the tax credit for eligible households. The table groups taxpayers with a filing status of single, head of household or qualifying widow or widower together, separate from those who are married and file jointly. Married persons who file separately are not eligible for the earned income credit. The table is separated into income ranges and number of qualifying children. The maximum earned income tax credit amount for 2013 for eligible filers with three or more qualifying children is $6,044, according to the IRS.

The EIC is a refundable credit, which means that even tax filers who do not owe any taxes can get a refund from the government, explains Bankrate. The credit is available to lower-income persons and households who have wage or salary income or self-employment earnings below the relevant limits.

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