Tax Examiner Frank Ellis has published an article detailing the EITC tax table in time for the 2016 tax season.
Traverse City, MI -- (SBWIRE) -- 09/25/2015 -- Frank Ellis, a Traverse City Tax Preparation Examiner and published author, has unveiled the details of the latest earned income tax credit (EITC). Updated for the 2016 tax season, the table and the information provided give the most current information on the credit good for families with low and moderate income.
The author lists the general qualifications and then helps taxpayers estimate their exact value.
As revealed in the article, the table is included with the 1040 tax form instructions. It is discussed who cannot file the form and under what circumstances. Other qualifying factors related to income are identified. As a helpful resource, the link to the earned income credit calculator is useful in getting some idea of what one can expect back from the IRS.
Next, a preview of credits for the tax year is provided. These include income thresholds for families with no children or one, two, or three or more. The maximum credit values for those with none, one, two, or three or more children are then listed for the current tax year.
The rules about the child qualifying the family for the credit are explained. Relation by birth, marriage, or adoption is necessary. The author also reveals age requirements and potential exceptions. He also identifies how to avoid two people claiming the same child and the age range of taxpayers eligible to claim a child.
A link to the EIC Tax Table is provided, but it's emphasized that the tables can vary by state and can change from year to year. In regards to qualifications IRS publication 596 is referred to. What's also emphasized is the ease of filing when using TurboTax software and a Tax Refund Calculator to estimate any possible upcoming refund.
Go to http://www.examiner.com/article/eic-tax-table-for-2012-2013 to learn more.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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