Earned Income Tax Credit Basics & Tables (for 2022 & 2023)

This article has been updated for the 2022 and 2023 tax years. The Earned Income Tax Credit (EITC) is one of the most significant tax credits available in the entire IRS tax code. It is also simultaneously one of the most complicated and popular tax credits as well. So I thought I should provide a basic overview of what the Earned Income Credit is, including qualifications, qualified children rules, maximum credit amount, income limits, income tables, calculators, and more.

What is the Earned Income Tax Credit, or EITC?

Let’s start with a basic description of the Earned Income Tax Credit, which is also commonly referred to as the EITC, Earned Income Credit, or EIC. The EITC is a significant tax credit for lower and lower-middle income taxpayers that rewards earned income, particularly for those with children. It was first enacted under the Ford administration in 1975 and was built with the dual purpose of incentivizing the earning of income and reducing poverty. Its popularity…

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This article was written by G.E. Miller and originally published on 20somethingfinance.com