How much can a family of 5 (two married parents and 3 children) gross and still get the earned imcome tax credit. Looking on the IRS website, it says the amount for have one child, then for having two kids (I think its $36000.00..gross). BUT I cant find what the cut off for a family with 3 kids would be. Does anyone know?? Thanks
2007-11-14 14:08:51 · 6 answers · asked by samantha 4 in Business & Finance ➔ Taxes ➔ United States
The maximum income is the exact same for three children as it is for two children.
In 2007, your earned income must be less than $37,783 (or $39,783 if married filing jointly), and your investment income must be less than $2,901.
2007-11-16 14:22:25 · answer #1 · answered by Plea_of_insanity 5 · 0⤊ 0⤋
The credit is maxed out at 2 qualified children.
2007-11-14 22:24:59 · answer #2 · answered by pumpdatiron 6 · 2⤊ 0⤋
The credit is gone for incomes over about $38K as mentioned. But when you are at the maximum, your credit is zero. The maximum credit is at a much lower income.
2007-11-14 23:31:41 · answer #3 · answered by ninasgramma 7 · 0⤊ 0⤋
You only get paid for two kids. Married Filing Jointly limit is: $39,783.
2007-11-15 06:46:12 · answer #4 · answered by Gary 5 · 0⤊ 0⤋
Actually it's 38,348 - that's for two or more children. You don't get any extra EIC for over 2 kids.
2007-11-14 23:11:35 · answer #5 · answered by Judy 7 · 0⤊ 1⤋
The EIC doesn't increase for the 3rd child.
2007-11-14 22:23:43 · answer #6 · answered by Anonymous · 3⤊ 1⤋