What was the earned income credit for 2011?
$5,751
For families with three or more children, the maximum credit was $5,751 in tax year 2011, $5,891 in tax year 2012, and will be $6,044 in tax year 2013. Beginning in tax year 2008, the phase-out level for married couples filing a joint tax return was $3,000 higher than the level for other filers.
How do I get proof of EIC?
Michele — Here are the records that can be submitted to your paid preparer to document the residency of qualifying children for the earned income credit:
- School records or statement.
- Landlord or property management statement.
- Health provider statement.
- Medical records.
- Child care provided records.
What is an EIC form?
More In Forms and Instructions After you have figured your earned income credit (EIC), use Schedule EIC (Form 1040 or 1040-SR) to give the IRS information about your qualifying child(ren).
Why was the earned income credit created?
The Earned Income Tax Credit was established in 1975 to offset the adverse effects of Social Security and Medicare payroll taxes on working poor families and to strengthen work incentives by increasing the renumeration from low-paid work.
Is child tax credit different from EITC?
Is the child tax credit and EIC the same thing? The child tax credit is a credit for having dependent children younger than age 17. The Earned Income Credit (EIC) is a credit for certain lower-income taxpayers, with or without children. If you’re eligible, you can claim both credits.
What do I need to prove a dependent?
The dependent’s birth certificate, and if needed, the birth and marriage certificates of any individuals, including yourself, that prove the dependent is related to you. For an adopted dependent, send an adoption decree or proof the child was lawfully placed with you or someone related to you for legal adoption.
Is EIC the same as EITC?
Important: As part of the third stimulus bill or American Rescue Plan Act (ARPA), the EITC is now more beneficial than ever for low to moderate income taxpayers. The Earned Income Tax Credit – EIC or EITC – is a refundable tax credit for taxpayers who earn low or moderate incomes. …
What line on tax form is earned income?
Your AGI is your earned income minus certain adjustments for income that you don’t have to pay taxes on, such as IRA contributions. Your AGI appears on line 11 of the 2020 Form 1040.