125 North Fulton St. Ithaca, NY 14850
Phone: (607) 273-4611
Toll Free: (877) 273-AFCU      Contact

Earned Income Tax Credit (EITC)

What is EITC (Earned Income Tax Credit)? 

EITC is a tax credit for people who worked in 2015 and had modest earnings.

EITC can reduce or eliminate your income taxes and could earn you a tax refund. Even if you made very little money, it may be worth your while to file. Many wage earners get up to 25% of their annual income at tax time.

Earned Income and adjusted gross income (AGI) must each be less than:

  • $47,955 ($53,505 married filing jointly) with three or more qualifying children 
  • $44,648 ($50,198 married filing jointly) with two qualifying children 
  • $39,296 ($44,846 married filing jointly) with one qualifying child 
  • $14,880 ($20,430 married filing jointly) with no qualifying children 

Tax Year 2016 maximum credit:

  • $6,269 with three or more qualifying children 
  • $5,572 with two qualifying children 
  • $3,373 with one qualifying child 
  • $506 with no qualifying children 

Investment income must be $3,400 or less for the year.

In accordance with federal law and Internal Revenue Service policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age, or disability. To file a complaint of discrimination, write to Operations Director-Civil Rights Division, Internal Revenue Service-Room 2413, 1111 Constitution Avenue-NW, Washington DC 20224 or email them at edi.civil.rights.division@irs.gov.  

 

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