EIC Limit Changes for Year 2010Earned Income Credit (EIC) Amout has changed for the year 2010. The changes to the credit for 2009 Earned Income credit(EIC) is explain below. [For more information you can refer out Publication 596 published by IRS.]
The maximum amount of the Earned Income Credit has increased. The most you can get for 2010 is:
- $3,050 if you have one qualifying child,
- $5,036 if you have two qualifying children,
- $5,666 if you have three or more qualifying children, or
- $457 if you do not have a qualifying child.
You may be able to take the credit if:
- You have three or more qualifying children and you earn less than $43,352 ($48,362 if married filing jointly),
- You have two qualifying children and you earn less than $40,363 ($45,373 is married filing jointly),
- You have one qualifying child and you earn less then $35,535 ($40,545 if married filing jointly), or
- You do not have a qualifying child and you earn less then $13,460 ($18,470 if married filing jointly).
Advance payment of the credit. If you get the advance payments of the credit from your employer with your pay, the total advance payments you get during 2010 can be as much as $1,830.
[All the information are taken from the http://www.IRS.gov. You can refer the IRS government website for the EIC changes to know more about the EIC Limits and its related Information.]