2024 TAX YEAR
The tax year 2024 maximum Earned Income Tax Credit amount is $7,830 for qualifying taxpayers who have three or more qualifying children, up from $7,430 for tax year 2023.
Maximum Credit Amount
The maximum amount of credit tax year 2024:
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No qualifying children: $632 (must be between ages 25-64)
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1 qualifying child: $4,213
- 2 qualifying children: $6,960
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3 or more qualifying children: $7,830
•Child Tax Credit still applies at $2,000 for each child age 16 and under (with the refundable portion being raised to $1,700 for 2024).
•Dependent Care expenses still applied for age 12 and under. 1 qualifying child max $3,000 and $6,000 max more than 1 qualifying child
•Education Credit no change
•You must have income on your return to receive any type of refund
2023 TAX YEAR
The tax year 2023 maximum Earned Income Tax Credit amount is $7,430 for qualifying taxpayers who have three or more qualifying children, up from $6,935 for tax year 2022.
Maximum Credit Amounts
The maximum amount of credit tax year 2023:
-
No qualifying children: $600 (must be between ages 25-64)
-
1 qualifying child: $3,995
- 2 qualifying children: $6,604
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3 or more qualifying children: $7,430
•Child Tax Credit still applies at $2,000 for each child age 16 and under (with the refundable portion being raised to $1,600 for 2023).
•Dependent Care expenses still applied for age 12 and under. 1 qualifying child max $3,000 and $6,000 max more than 1 qualifying child
•The standard deduction for couples Married Filing Jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For Single taxpayers and individuals Married Filing Separately, the standard deduction rises to $13,850 for 2023, up $900, and for Heads of Households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.
•Education Credit no change
•You must have income on your return to receive any type of refund
2022 TAX YEAR
-The”Covid 2019 lookback provision” will no longer be available to use as earn income
-Child Tax Credit will return to the 2020 laws of $2,000 per child and $1,400 of that being refundable.
-Child Tax Credit max age will no longer be 17. This will return to the 2020 law with the max age was 16 for kids 16 on December 31, 2022
-Earned Income Credit for single taxpayers without kids will return to 2020 law rules of 25 years of age and over and no longer 19 years of age and over
-No stimulus credits are available to be claimed for the 2022 tax year
-Dependent Care Credit or Daycare Credit will no longer be 50% refundable. The 2020 tax laws apply with 20%-30% being refundable and $3000 for 1 child or $6000 for 2 children
-Multiple people can file Head of Household