how much do you have to gross to get the earned income credit?

Question

This information is needed before I file my 2007 taxes.

Answer 1

Current Tax Year 2006:
Earned income and adjusted gross income (AGI - gross inocme minus your allowed deductions) must each be less than:
$36,348 ($38,348 married filing jointly) with two or more qualifying children;
$32,001 ($34,001 married filing jointly) with one qualifying child;
$12,120 ($14,120 married filing jointly) with no qualifying children.
Tax Year 2006 maximum credit:

$4,536 with two or more qualifying children;
$2,747 with one qualifying child;
$412 with no qualifying children.
Investment income must be $2,800 or less for the year.

The maximum Advance Earned Income Tax Credit (AEITC) for TY 2006 the employer is allowed to provide throughout the year with the employee's pay is $1,648.

A “Qualifying Child” - A “qualifying child” may enable a taxpayer to claim several tax benefits, such as head of household filing status, the exemption for a dependent, the child tax credit, the child and dependent care credit, and the earned income tax credit. Prior to 2005, each of these items defined a qualifying child differently.


To claim the EITC on your tax return, you must meet all of the following rules:

Must have a valid Social Security Number
You must have earned income from employment or from self-employment.
Your filing status cannot be married, filing separately.
You must be a U.S. citizen or resident alien all year, or a nonresident alien married to a U.S. citizen or resident alien and filing a joint return.
You cannot be a qualifying child of another person.
If you do not have a qualifying child, you must:
be age 25 but under 65 at the end of the year,
live in the United States for more than half the year, and
not qualify as a dependent of another person
Cannot file Form 2555 or 2555-EZ (related to foreign earn income)

http://www.irs.gov/individuals/article/0,,id=96466,00.html

Answer 2

You just have to HAVE earned income to qualify; the amount of earned income will help compute the amount of your credit. However, there are limits to how much you can make and still qualify (see below).

Earned Income Credit information for 2006:

- If you have no qualifying children, you can make no more than $12,120 ($14,120 if Married Filing Jointly)

- If you have 1 qualifying child, you can make no more than $32,001 ($34,001 if MFJ)

- If you have 2 or more qualifying children, you can make no more than $36,348 ($38,348 if MJF)

- You are disqualified if you have investment income greater than $2,800.

For more info and calculation assistance, check the IRS link listed below.

Answer 3

I'm not going to help you cook your books. Report your earnings and let the chips fall where they may.

Answer 4

Go here:

http://www.irs.gov/individuals/article/0,,id=96406,00.html

Answer 5

There is no minimum.