The Earned Income Tax Credit (EITC): Changes for 2012 and 2013
The earned income tax credit (EITC), established in the tax code in 1975, provides cash assistance to lower income working parents and individuals through the tax system. The EITC will be higher in 2012 and 2013 than it was in 2011. An increase in the size of the EITC will occur because the maximum amount of earned income used to calculate the credit and the phaseout income level are indexed for inflation. The increases reflect the inflation adjustment. For tax year 2012, the maximum EITC for tax filers without children was $475, and it will increase to $487 in 2013. For families with one child, the maximum credit was $3,169 in tax year 2012, and it will increase to $3,250 in 2013. For families with two children, in tax year 2012 the maximum was $5,236, and it will increase to $5,372 in 2013. This report will be updated when new information becomes available.
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