Earned Income Credit (EIC) Estimator
Estimate your 2024 Earned Income Credit (EIC/EITC).
Based on filing status, number of qualifying children, and earned income.
For planning purposes.
What Is the Earned Income Credit (EIC)?
The Earned Income Credit (also called EITC) is a refundable federal tax credit for low-to-moderate income workers. If the credit exceeds your tax owed, you receive the difference as a refund.
It rewards working — you must have earned income (wages, tips, self-employment) to claim it. Investment income disqualifies you if it exceeds a threshold.
2024 Maximum Credit Amounts
| Children | Maximum Credit | Income Limit (Single) | Income Limit (MFJ) |
|---|---|---|---|
| 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 |
How the Credit Is Calculated
The EIC has three regions:
- Phase-in: credit rises as earned income increases
- Plateau: maximum credit is maintained
- Phase-out: credit decreases as income rises above the threshold
The exact calculation depends on a lookup table published by the IRS each year. This calculator provides an estimate using simplified linear formulas.
Who Qualifies?
- Must have earned income (wages, salary, tips, self-employment net income)
- AGI must be below the income limit for your filing status
- Cannot file as Married Filing Separately
- Investment income must be under $11,600 (2024)
- Must be a U.S. citizen or resident alien
- Children must meet age, relationship, and residency tests
Refundable Credit
The EIC is fully refundable. If your credit is $4,000 and you owe $1,000 in taxes, you receive a $3,000 refund.