Yeah I tried reading up on it online but I don’t really understand what it’s saying. Am I allowed to only to EITC if I don’t have more than 11k AGI with no kids. Or do I only get EITC if I made more than 11k with no kids. Def confused and don’t want to lose out on money.
Comments
For 2024, the income cap for the EITC for a single filer and no kids is $18,591 AGI
Of that limit, no more than 11,600 can be investment income (gains, interest, dividends, etc)
In other words, if you had $15000 adjusted gross income for 2024, but $12,000 of that was from capital gains, you would be ineligibile to claim any of the credit
It’s effectively a rebate for having kids, that adjusts based on your income. The more you earn, the more you’ll receive back, up until you reach $21,560 per year where it starts to go down.
The largest credit will be between $16,510 and $21,560 a year with three children. If you earn over $56,838 you won’t be eligible for any credit.
This page provides a graph with a more accurate breakdown.