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If you are a low- to middle-income wage earner or self-employed worker, you may be eligible for the Earned Income Credit (EIC). This is a refundable tax credit, so if your credit amount is higher than your tax bill, you can actually get the unused part of the credit as a payment from the government.
The 2007 income limits to receive an EIC vary, based on the number of children who lived with you and your marital status:
- Two or more children: $37,783 ($39,783 for married people filing a joint return)
- One child: $33,241 ($35,241 for married people filing a joint return)
- No children: $12,590 ($14,590 for married people filing a joint return)
The EIC is based on a percentage of your income, but it is phased out as your income rises. To find out the actual amount of your EIC, you must complete the EIC worksheets provided below.
earned income credit worksheets
In order to use the worksheets, you will also need to use the EIC tables:
2007 earned income credit table
The files are in Adobe portable document format (PDF), which requires the use of Adobe Acrobat Reader.
To get a free version of Adobe Acrobat Reader software, go to the Adobe web site.
For more information, see our discussion of how the EIC is computed.
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