What is it?

The first thing you must do is determine whether or not you qualify. Your income for married filing jointly must be $41,646.00 or less. If you are filing single then your income must be $38,646.00 or less. You, your spouse, and any qualifying children must have valid social security numbers and must not be claimed on anyone else’s return.

If you meet all of the guidelines then it could result in a credit of up to $4,800.00. So this credit is definitely worth exploring to see if you qualify. As your income amount increases your credit amount will begin to phase out.

What about my benefits?

If you currently receive any type of public assistance such as Medicaid, food stamps, or live in low-income housing, this credit will not affect your benefits in any way.

How do I estimate the amount of my credit?

If you find that you meet all the necessary guidelines then you will need to use the table provided on the instructions for Forms 1040A or 1040EZ. This table will help you estimate the amount you will receive from the earned income credit.

Visit TurboTax Online to estimate the amount of your earned income credit.TurboTax online offers free tools and calculators to help you file your return.