Form 1040 (Schedule D) Houston Texas 2024-2025

Form 1040 (Schedule D) Houston Texas: What You Should Know

IRS Publication 3106, Earned Income Tax Credit, and in IRS Publication 527, EIC Worksheet are shown below. EIC Worksheet. See IRS Publication 3106, Earned Income Tax Credit, or IRS Publication 527, EIC Worksheet. See Publication 928 for additional information relating to the credit. Filing requirements for the credit are shown below. For information other than the EIC, go to IRS Publication 929, EIC Worksheet, or IRS Publication 527, EIC Worksheet. Earned Income Credit (EIC) You may find the credit more difficult to figure for an individual who has two or fewer qualifying children than for someone with more than two. The table below shows the amount of the credit based on each parent's income and filing status. Table 1. Credit amounts for a couple with just one qualifying child As a couple working for minimum wage, you and your spouse can each claim the credit. To compute the credit you must have: At least one qualifying child (the one who is dependent), You must have been married at any time during the year, You can claim a credit of 25 percent of your earned income for each qualifying child, and You and your spouse must have both worked the same number of hours during the year. However, if you or your spouse had qualified for the credit only on your single filing status, you may claim an amount equal to the credit on your return. EIC Credit for a Married Couple filing jointly and no other qualifying children If you and your spouse have no other qualifying children, the EIC will reduce your combined earned income by the sum of the EIC amount and the amount of child tax credit (COLA) you would have claimed on your single tax return. The amount of the credit you can take on your return is based on the maximum combined amounts, as shown below, of the credit and the COLA you qualify for on your single return for two qualifying children (the one who is dependent) and the same number of qualifying children (the same number) in the other couple. Table 2. Credit amounts for a married couple filing jointly and no other qualifying children (two qualifying children are not included) As a married couple working for minimum wage, you and your spouse can each claim the credit.

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