In recent years, the Earned Income Credit has become an increasingly important part of many Americans' financial planning. This federal tax credit is designed to help low-income workers, and can be a powerful tool for those looking to reduce their tax burden. But what exactly is the Earned Income Credit, and how can you maximize its benefits? In this article, we'll take a look at the Earned Income Credit Table 2018 and see how you can use it to your advantage.
The Earned Income Credit (EIC) is a refundable tax credit that reduces the amount of income tax you owe. It is available to low- and moderate-income taxpayers who meet certain eligibility requirements. The EIC is calculated based on your adjusted gross income (AGI), filing status, and number of qualifying children. For 2018, the maximum credit is $6,431 for taxpayers with three or more qualifying children.
The EIC Table 2018 helps you determine your credit amount. It is organized into three columns: Adjusted Gross Income (AGI) Ranges, Filing Status, and Number of Qualifying Children. Each column lists the corresponding credit amounts for the given AGI range and filing status. For example, if your AGI is between $18,000 and $19,999 and you are married filing jointly with two qualifying children, you would receive a credit of $4,004.
By taking a look at the EIC Table 2018, you can get an idea of how much your credit could be. However, there are other factors to consider when calculating the exact amount of your credit. Your actual credit amount may be less than the maximum, depending on your different types of income, filing status, and other information. For example, the credit can be reduced if your AGI is over a certain threshold or if you have investment income of over $3,500.
It's also important to remember that the EIC is a refundable credit. That means that if the amount of your credit exceeds the amount of taxes you owe, you will receive the difference as a refund. This can be especially helpful for those who have very low incomes, since the credit may be larger than their total tax liability.
By using the EIC Table 2018, you can get an idea of the potential benefit you can get from the Earned Income Credit. Although the exact amount of the credit will depend on your individual circumstances, it's a great way to reduce your tax burden and maximize your refund.
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