2018 New Tax Law – Earned Income Tax Credit

The 2018 Tax Law has slightly increased the Earned Income Tax Credit.  What does that mean for you?  It depends on your income, and how many children you have.

Here’s the quick walk through, in chart form:

Filing Status:   No Children 1 Child 2 Children 3 or More
Income $6,800.00 $10,200.00 $14,320.00 $14,320.00
Single or Head of Household Maximum Credit $520.00 $3,468.00 $5,728.00 $6,444.00
Phaseout Begins $8,510.00 $18,700.00 $18,700.00 $18,700.00
Phaseout Ends $15,310.00 $40,402.00 $45,898.00 $49,298.00
 
Married and Filing Together Income $6,800.00 $10,200.00 $14,320.00 $14,320.00
Maximum Credit $520.00 $3,468.00 $5,728.00 $6,444.00
Phaseout Begins $14,200.00 $24,400.00 $24,400.00 $24,400.00
Phaseout Ends $21,000.00 $46,102.00 $51,598.00 $54,998.00

Need a longer walk through?  We can help with that.  Contact a Tax Ninja for a consultation