Fiscal Cliff Tax Changes
Earned Income Tax Credit
In 2013 both phaseout limits and credit amounts will revert back to lower levels. The Earned Income Tax Credit is a refundable credit for married couples filing jointly with 2012 earned income under $50,270 and singles who made less than $45,060. The more children you have, the more money you receive. Your income and family size determine the amount of the credit, but the maximum credit is $5,891 this year. The income thresholds for this credit have increased over the past decade, and the maximum credit has increased since the recession.
Need Professional Help?
If you need help with "Fiscal Cliff Tax Changes" or have other tax questions, we can help you find a local licensed tax preparer for a free, no-obligation consultation.