The Earned Income Tax Credit (EITC) is like a reverse income tax for low-wage earners according to an annual table of salaries. If you qualify, you will receive a refund from the federal government each year instead of owing money to the Internal Revenue Service (IRS). The EITC is based on several factors, including your income, filing status, number of dependents and amount of investment income.
Amount of EITC
The amount of your credit will also depend on the factors listed above. Consult the information below to see a model of how the credit varies based on your financial situation.
$3,050 credit to anyone who is single with one dependent and earning less than $35,535 ($40,545 if married filing jointly)
$5,036 credit to anyone who is single with two dependents and earning less than $40,363 ($45,373 if married filing jointly)
$5,666 credit to anyone who is single with three or more dependents and earning less than $43,352 ($48,362 if married filing jointly)
How to track my tax refund 2013?