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Tax Tips for Low-Income Filers

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • November 4, 2024 7:08 PM
OVERVIEW

If you're a low-income filer, you might be entitled to various tax credits and deductions for which other taxpayers don't qualify.

 

Key Takeaways

  • The U.S. Tax Code offers important tax breaks specifically for low-income filers, including credits and deductions for having children or making retirement contributions.
  • You can get a Retirement Savings Contribution Credit if you're a low-income taxpayer contributing to retirement plans, with the credit ranging from 10% to 50% of the first $2,000 you contribute.
  • The Earned Income Credit (EIC) is a refundable credit for low- and middle-income taxpayers, allowing you to receive a refund even if the credit exceeds your tax owed.
  • If you're elderly or disabled, you might qualify for a credit, but eligibility depends on income limits and other criteria.

Tax breaks

The U.S. Tax Code is structured to provide assistance to lower-income taxpayers. As a low-income filer, you might be entitled to various credits and deductions for which other taxpayers don't qualify. Certain situations in particular, such as having children or making retirement plan contributions, are considered when credits are included in the tax code. However, these incentives typically phase out when taxpayers reach a higher income level.

Retirement savings contribution credit

A little-known provision allows certain lower-income taxpayers to receive credits for making retirement plan contributions. The amount of the credit ranges from 10 percent to 50 percent of the first $2,000 that you put into a retirement plan, such as an individual retirement account (IRA). As of 2024, a Single filer could get the maximum 50 percent credit if your adjusted gross income was $23,000 or less. For 2023, this amount is $21,750.

The amount of the credit steps down at various income levels depending on your filing status. For a Single filer, an AGI exceeding $38,250 in 2024 or $36,500 in 2023, would make you ineligible to claim the credit. If you're married and filing jointly, the limit rises to $76,500 in 2024 or $73,000 in 2023.

TurboTax Tip:

You may be able to deduct your IRA contributions even if you're covered by a retirement plan at work.

Earned Income Credit

The Earned Income Credit (EIC) is available exclusively for lower- and middle-income taxpayers. Unlike some other credits, the EIC is refundable, meaning you still receive it even if it's more than your tax.

For example, if you owe $200 in taxes but qualify for a $1,000 EIC, you'll actually receive $800 as a tax refund. It is easiest to obtain the credit with one or more qualifying children, although it's possible to get the credit as an individual.

For 2024:

You have to have an AGI below the following levels to qualify for the EIC with:

  • three or more qualifying children, $59,899, or $66,819 if Married Filing Jointly
  • two qualifying children, $55,768, or $62,688 if Married Filing Jointly
  • one qualifying child, $49,084 or $56,004 if Married Filing Jointly
  • no qualifying children, $18,591 or $25,511 if Married Filing Jointly

The maximum credit you can receive also varies based on the number of qualifying children you have. For 2024, the following maximums are in place:

  • $8,260 with three or more qualifying children
  • $6,960 with two qualifying children
  • $4,213 with one qualifying child
  • $632 with no qualifying children

For 2023:

You have to have an AGI below the following levels to qualify for the EIC with:

  • three or more qualifying children, $56,838, or $63,698 if Married Filing Jointly
  • two qualifying children, $52,918, or $59,478 if Married Filing Jointly
  • one qualifying child, $46,560 or $53,120 if Married Filing Jointly
  • no qualifying children, $17,640 or $24,210 if Married Filing Jointly

The maximum credit you can receive also varies based on the number of qualifying children you have. For 2023, the following maximums are in place:

  • $7,430 with three or more qualifying children
  • $6,604 with two qualifying children
  • $3,995 with one qualifying child
  • $600 with no qualifying children

Credit for the elderly and disabled

As a low-income taxpayer, you may qualify for the credit for the elderly and disabled. In addition to qualifying based on income, you must meet one of two additional criteria—you must either be age 65 or older at the end of the year, or you must have retired on total and permanent disability and have taxable disability income.

If your AGI is equal to or exceeds the following limits, you cannot qualify for this credit:

  • $17,500, if file as Single, Head of Household, or Qualifying Surviving Spouse with qualifying child
  • $20,000, if file as Married Filing Jointly and only one spouse otherwise qualifies
  • $25,000, if file as Married Filing Jointly with both spouses qualifying
  • $12,500, if file as Married Filing Separately and lived apart from your spouse for the entire year

You also cannot take this credit if your nontaxable social security or nontaxable pension, annuity or disability income exceeds certain limits. Those limits are $5,000 for the first two filing categories above, $7,500 for the third category, and $3,750 for the final group.

IRA contributions

The IRS will allow you to take an IRA deduction as a low-income taxpayer, even if both you and your spouse are covered by retirement plans at work. There are limits that can restrict the deductibility of your contribution in certain cases, but those limits are well above the level of a low-income taxpayer.

For example, in 2024 if you were a Single filer covered by a retirement plan at work, you could still deduct your full IRA contribution with a modified adjusted gross income as high as $77,000. The Single-filer deduction phases out as your income increases to $87,000. As a couple filing jointly, the limit would jump to $123,000, with the deduction phasing out as your joint income reaches $143,000 when the spouse making the contribution is covered by a workplace retirement plan.

For 2023, these same phase-out ranges are between $73,000 and $83,000 for Single filers and between $116,000 and $136,000 for couples filing a joint return when the spouse making the contribution is covered by a workplace retirement plan.

The only time a low income might cause problems with your IRA deduction is if you are married, filing separately, and at any time during the year you lived with your spouse. In that instance, you can't take a full deduction on an IRA contribution, regardless of your coverage at work. You could take a partial deduction with an MAGI of up to $10,000 only. Beyond that, you couldn't take any deduction at all.

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~37% of filers qualify. Simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and student loan interest).

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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