What is the Criteria for the Earned Income Credit for 2015?
With the tax deadline only a few days away, Illinois tax lawyers at USAttorneys ask you this: Did you qualify for the Earned Income Credit (EIC) for the 2015 year? If you are unsure, perhaps you want to take a look back at your tax return that may have already been filed, and using the information that is about to be provided to you determine whether you were entitled to a credit that you may have not received. If you are one of those individuals who have yet to file or have been given an extension, be sure you ask your tax preparer whether or not you meet the requirements for the EIC.
So what exactly is the Earned Income Credit and how does one qualify for it?
According to H&R Block, the EIC “is a valuable credit for lower-income taxpayers who work.”
The credit itself can be worth up to $6,242, and a few different factors come into play when a tax preparer establishes whether you were eligible to receive this credit for the 2015 year. Tax attorneys in Illinois note those aspects below.
- The status you filed with is a contributing factor to whether you are entitled to the EIC.
- The amount of income you took in for 2015.
- The number of children you have listed on your federal income tax return. Whether you have qualifying children on your return or not will determine the criteria you must meet.
Tax legal representatives in Illinois note that any individual who does in fact have qualifying children must meet the circumstances provided by the IRS. This means they must meet “the relationship, age, residency, and joint return tests.” And in order for any child to qualify, they must have resided with you for more than half of the 2015 year. Your income must also meet the stipulated requirements below.
- One qualifying child- Your income must not exceed $39,131, or $44,651 if you filed your return jointly with your spouse.
- Two children- $44,454, or $49, 974 when filing with your spouse.
- Three or more children- $47,747, or $53,267 when married filing jointly.
Tax lawyers also note that for those who do not in fact have qualifying children, your earned income must be less than $14,820, or $20, 330 if you and your spouse filed together.
The credit can be provided to you even if you do not owe any money to the IRS, which you would receive in the form of a return. And let’s be honest, anyone can benefit from a little tax relief this tax season. Therefore, with the information that has been provided, it is now up to you to determine whether the EIC was successfully applied to your return, or in the event you feel you should have received the credit and your tax preparer failed to acknowledge it, you can always have your return amended.
Tax fraud attorneys in Illinois remind all you taxpayers out there to be cognizant of any credits being applied to your return and ensure your filing status was suitable for you to receive them.
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