tashamack2825 tashamack2825

21-10-2017
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Diane is a single taxpayer who qualifies for the earned income credit. diane has two qualifying children who are 3 and 5 years old. during 2016, diane's wages are $17,700 and she receives dividend income of $700. earned income credit phase-out ranges number of qualifying children other than joint filers joint filers phaseout begins phaseout ends phaseout begins phaseout ends none $8,270 $14,880 $13,820 $20,430 1 $18,190 $39,296 $23,740 $44,846 2 $18,190 $44,648 $23,740 $50,198 3 or more $18,190 $47,955 $23,740 $53,505

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meerkat18 meerkat18

31-10-2017

Diane's earned income is $17,700 and AGI (adjusted gross income) is $18,400. The IRS takes into consideration whichever of the two would produce the lower earned income credit. $17,700 would give her an EITC(with two depandent children) of $5,572 and $18,400 would give her an EITC(with two depandent children) of $5,533. Therefore, her EITC is $5,533.

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