Easily calculate your tax rate to make smart financial decisions Get started. Estimate your self-employment tax and eliminate any surprises Get started. Know what dependents credits and deductions you can claim Get started. Know what tax documents you'll need upfront Get started. Learn what education credits and deductions you qualify for and claim them on your tax return Get started.
The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Skip To Main Content. Have earned income wages, salaries, self-employment income, etc.
These include: Have lived with you for more than half the year Be under age 19 at the end of the tax year—or 24 if a full-time student—and not have filed a joint return Be your son, daughter, brother, sister, stepbrother, stepsister or a foster child legally placed under your custody.
All you need to know is yourself Just answer simple questions about your life, and TurboTax Free Edition will take care of the rest. Looking for more information? The credit amount depends on your income, marital status, and family size. The credit amount rises with earned income until it reaches a maximum amount, then gradually phases out.
Families with more children are eligible for higher credit amounts. Investment income includes taxable interest, tax-exempt interest, and capital gain distributions.
To claim the EITC, you must file a tax return. Going to a paid tax preparer is expensive and reduces the benefits of a tax refund. Luckily, there are free options available. You can also visit MyFreeTaxes. How does the tax system subsidize child care expenses? What are marriage penalties and bonuses? How did the TCJA change taxes of families with children? Taxes and the Poor How does the federal tax system affect low-income households? What is the difference between refundable and nonrefundable credits?
Can poor families benefit from the child tax credit? Why do low-income families use tax preparers? How does the earned income tax credit affect poor families?
What are error rates for refundable credits and what causes them? How do IRS audits affect low-income families? Taxes and Retirement Saving What kinds of tax-favored retirement arrangements are there? How large are the tax expenditures for retirement saving? What are defined benefit retirement plans? What are defined contribution retirement plans? What types of nonemployer-sponsored retirement savings accounts are available? What are Roth individual retirement accounts?
Who uses individual retirement accounts? How does the availability of tax-favored retirement saving affect national saving? What is an automatic k? How might low- and middle-income households be encouraged to save?
Taxes and Charitable Giving What is the tax treatment of charitable contributions? What entities are tax-exempt? Who benefits from the deduction for charitable contributions? How would various proposals affect incentives for charitable giving?
How large are individual income tax incentives for charitable giving? How did the TCJA affect incentives for charitable giving? Taxes and Health Care How much does the federal government spend on health care?
Who has health insurance coverage? Which tax provisions subsidize the cost of health care? How does the tax exclusion for employer-sponsored health insurance work? What are premium tax credits? What tax changes did the Affordable Care Act make? How do health savings accounts work? How do flexible spending accounts for health care expenses work? What are health reimbursement arrangements and how do they work?
How might the tax exclusion for employer-sponsored health insurance ESI be reformed? Taxes and Homeownership What are the tax benefits of homeownership?
Do existing tax incentives increase homeownership? Taxes and Education What tax incentives exist for higher education? What tax incentives exist to help families pay for college? What tax incentives exist to help families save for education expenses? What is the tax treatment of college and university endowments? Tax Complexity Why are taxes so complicated? What are the benefits of simpler taxes?
What policy reforms could simplify the tax code? Wealth Transfer Taxes How do the estate, gift, and generation-skipping transfer taxes work? Who pays the estate tax? How many people pay the estate tax? What is the difference between carryover basis and a step-up in basis?
How could we reform the estate tax? What are the options for taxing wealth transfers? What is an inheritance tax? Payroll Taxes What are the major federal payroll taxes, and how much money do they raise? What is the unemployment insurance trust fund, and how is it financed? What are the Social Security trust funds, and how are they financed? Are the Social Security trust funds real?
What is the Medicare trust fund, and how is it financed? Excise Taxes What are the major federal excise taxes, and how much money do they raise? What is the Highway Trust Fund, and how is it financed? Energy and Environmental Taxes What tax incentives encourage energy production from fossil fuels? What tax incentives encourage alternatives to fossil fuels? What is a carbon tax?
Business Taxes How does the corporate income tax work? What are pass-through businesses? How are pass-through businesses taxed? Is corporate income double-taxed? How does the earned income tax credit work? Income limit for the earned income credit EIC. Who qualifies for the earned income tax credit? Kids and the earned income tax credit. If you don't have kids. Consequences of an EIC-related error. Show More. What is the earned income tax credit EITC? Back to top. Number of children. Maximum earned income tax credit.
Max AGI, married joint filers. His or her birthdate. Looking for the Earned Income Tax Credit?
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