Estimate your potential tax credit based on 2023-2024 IRS guidelines.
Single / Head of Household / Widowed
Married Filing Jointly
None (0)
One (1)
Two (2)
Three or More (3+)
Note: If investment income exceeds $11,000, you are ineligible for EIC.
Estimated EIC Amount:
$0
Please enter a valid earned income amount.
Understanding the Earned Income Tax Credit (EITC)
The Earned Income Tax Credit (EIC or EITC) is a significant tax break for low-to-moderate-income working individuals and couples, particularly those with children. Unlike a deduction, which reduces the amount of income you are taxed on, the EITC is a refundable credit. This means if the credit amount exceeds the tax you owe, you can receive the difference as a refund.
How the EIC Calculator Works
Our EIC calculator uses the specific IRS phase-in and phase-out parameters for the 2023-2024 tax cycle. The calculation is based on three primary factors:
Earned Income: This includes wages, salaries, tips, and net earnings from self-employment.
Filing Status: Limits are higher for those who are Married Filing Jointly compared to Single or Head of Household filers.
Qualifying Children: The maximum credit increases significantly for each child, up to three children.
Investment Income Limit
For the tax year 2023, your investment income (such as interest, dividends, or capital gains) must be $11,000 or less. If your investment income exceeds this amount, you do not qualify for the credit regardless of your earned income.
EIC Income Limits and Maximum Credits (2023)
Children
Single/HOH Max Income
Married Max Income
Maximum Credit
0
$17,640
$24,210
$600
1
$46,560
$53,120
$3,995
2
$52,918
$59,478
$6,604
3+
$56,838
$63,398
$7,430
Example Scenarios
Example 1: A single parent with 2 qualifying children earning $25,000. In this case, the parent is in the "plateau" phase and would likely receive the maximum credit of approximately $6,604.
Example 2: A married couple with no children earning $20,000. Because they are close to the income limit for "no children" filers, their credit will be phased out to a much smaller amount, roughly $322.
Who is a Qualifying Child?
To claim a child for the EITC, they must meet four tests:
Relationship: Son, daughter, stepchild, foster child, brother, sister, or a descendant of any of them.
Age: Under age 19 at the end of the year and younger than you, or a full-time student under age 24, or any age if permanently and totally disabled.
Residency: Lived with you in the United States for more than half of the year.
Joint Return: The child cannot file a joint return for the year (unless only to claim a refund).
function calculateEIC() {
var income = parseFloat(document.getElementById('eic_income').value);
var investment = parseFloat(document.getElementById('eic_investment').value);
var children = parseInt(document.getElementById('eic_children').value);
var status = document.getElementById('eic_filing_status').value;
var errorMsg = document.getElementById('eic_error_msg');
var resultBox = document.getElementById('eic_result_box');
var resultValue = document.getElementById('eic_final_value');
var statusMsg = document.getElementById('eic_status_msg');
var notes = document.getElementById('eic_notes');
// Reset displays
errorMsg.style.display = 'none';
resultBox.style.display = 'none';
if (isNaN(income) || income 11000) {
resultBox.style.display = 'block';
resultValue.innerHTML = "$0";
statusMsg.innerHTML = "Ineligible";
notes.innerHTML = "Your investment income exceeds the $11,000 limit for the Earned Income Credit.";
return;
}
var credit = 0;
// 2023 IRS Parameters (approximate for estimation)
var params = {
0: { max: 600, phaseIn: 0.0765, plateau: 7840, phaseOutStart: 9800, phaseOutEndSingle: 17640, phaseOutEndMarried: 24210, phaseOutRate: 0.0765 },
1: { max: 3995, phaseIn: 0.34, plateau: 11750, phaseOutStart: 21560, phaseOutEndSingle: 46560, phaseOutEndMarried: 53120, phaseOutRate: 0.1598 },
2: { max: 6604, phaseIn: 0.40, plateau: 16510, phaseOutStart: 21560, phaseOutEndSingle: 52918, phaseOutEndMarried: 59478, phaseOutRate: 0.2106 },
3: { max: 7430, phaseIn: 0.45, plateau: 16510, phaseOutStart: 21560, phaseOutEndSingle: 56838, phaseOutEndMarried: 63398, phaseOutRate: 0.2106 }
};
var p = params[children];
var phaseOutStart = (status === 'married') ? p.phaseOutStart + 6650 : p.phaseOutStart;
var phaseOutEnd = (status === 'married') ? p.phaseOutEndMarried : p.phaseOutEndSingle;
// Calculation Logic
if (income >= phaseOutEnd) {
credit = 0;
} else if (income p.plateau && income phaseOutStart) {
// Phase-out
credit = p.max – ((income – phaseOutStart) * p.phaseOutRate);
}
if (credit 0) {
notes.innerHTML = "Your income level exceeds the eligibility threshold for this number of qualifying children.";
} else if (credit > 0) {
notes.innerHTML = "Based on your income of $" + income.toLocaleString() + " and filing status, you may qualify for this credit amount. Please consult a tax professional or IRS Form 1040 instructions for official filing.";
} else {
notes.innerHTML = "No income entered or income is $0.";
}
}