Eitc Calculator

How to Use the EITC Calculator

The EITC Calculator is designed to help you estimate your eligibility and potential credit amount for the Earned Income Tax Credit (EITC). Follow the steps below to input your information and receive an estimate.

Step 1: Select the Tax Year

Begin by selecting the appropriate tax year for which you are calculating your EITC. You have options for 2023 and 2024.

Step 2: Choose Your Filing Status

Identify and select your filing status. The available options are:

• Single
• Married Filing Jointly
• Head of Household

Step 3: Indicate the Number of Qualifying Children

Select the number of qualifying children you have. The choices are:

• None (0)
• One (1)
• Two (2)
• Three or More (3)

Step 4: Enter Your Earned Income

Input your total earned income in dollars. This field is required and must be between 0 and 100,000.

Step 5: Enter Your Investment Income

Input your total investment income in dollars. This field is required and must be between 0 and 10,000.

Step 6: Review Your EITC Eligibility and Estimates

After filling in all the required fields, review the calculated results:

• EITC Eligibility: Determined based on your investment income. If your investment income is less than or equal to 10,300, you will be considered “Eligible”; otherwise, “Not Eligible”.
• Estimated EITC Amount: This displays the maximum possible credit amount you might receive, formatted as USD currency, rounded to the nearest dollar.
• Phase-out Range: This indicates the income range where the EITC starts phasing out based on your filing status and the number of qualifying children.

By following these steps, you can effectively use the EITC Calculator to ascertain your eligibility for the Earned Income Tax Credit and estimate the potential credit amount. Make sure all inputs are accurate for the best results.