Beginning in 2016, the maximum amount that a family can receive as a federal Earned Income Tax Credit, or EITC, by filing IRS Form 1040 is $6,242, as reported by Forbes magazine. This amount will be applicable to married taxpayers who are filing jointly in 2016 and who have three or more children. The amount reflects an increase of $99 compared to the $6,143 maximum amount allowed for families of the same size filing in 2015 for the 2014 tax year.
The EITC is also available for smaller families. The maximum amounts by family size for the 2015 tax year will be $503 for married couples filing jointly with no children, $3,359 if they have one child and $5,548 if they have two children. The amounts are adjusted to correspond with the inflation rates. The EITC was implemented in 1975 and has been expanded on several occasions since its inception.