Thursday, January 16, 2014

Earned Income Tax Credit Requirements

You may be entitled to claim an EITC (Earned Income Tax Credit) on your 2013 federal and Maryland income tax returns if both your federal adjusted gross income and your earned income are less than the following:

• $46,227 ($51,567 married filing jointly) with three or more qualifying children
• $43,038 ($48,378 married filing jointly) with two qualifying children
• $37,870 ($43,210 married filing jointly) with one qualifying child
• $14,340 ($19,680 married filing jointly) with no qualifying children

If you meet this income eligibility you should go to go to the Internal Revenue Service Web site at www. Irs.gov  or contact your tax advisor to see if you meet the other federal criteria. Maryland taxpayers who meet all of the federal requirements may be eligible for a Maryland credit up to half of the federal EITC but not greater than the state income tax. Additionally, certain employees also may qualify for a refundable Maryland credit, or a local EITC.
If you need a tax advisor, consider TaxHelpWhenYouNeedIt.com, located in Silver Spring, Maryland.  We can meet with you in a private, confidential setting and spend as much time as needed to get it right as you make your income tax filings. And we're here for you throughout the year if you later have questions or problems.  Our phone number is 301-537-5365

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