Yes, there are income limits that affect how much of the Earned Income Tax Credit (EITC) you can receive. The amount of the credit and the income thresholds depend on your filing status and the number of qualifying children you have. Both your adjusted gross income (AGI) and earned income must be below certain thresholds to qualify for the credit.
For the tax year 2024, these are the relevant income limits and maximum credit amounts:
| Number of Qualifying Children | Maximum EITC Amount | Max Income (Single/Head of Household) | Max Income (Married Filing Jointly) |
|---|---|---|---|
| 0 | $632 | $18,591 | $25,511 |
| 1 | $4,213 | $49,084 | $56,004 |
| 2 | $6,960 | $55,768 | $62,688 |
| 3 or more | $7,830 | $59,899 | $66,819 |
Additionally, there is an investment income limit of $11,600 or less to be eligible for the EITC.
In summary, your income level directly affects whether you qualify for the credit and the maximum amount you can receive, with higher income reducing or eliminating eligibility for the credit depending on the number of children and filing status.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/are-there-any-income-limits-that-affect-how-much-of-the-tax-credit-i-can-receive/
