true
  • Meet Claudell, one of our tax experts.
    TurboTax Live Assisted Basic
    File 100% FREE with expert help: Get live help from tax experts, plus a final review before you file — all free.
    Simple tax returns only.
    See if you qualify. Must file by 3/31.
Top
  1. TurboTax /
  2. Tax Calculators & Tips /
  3. Tax Tips Guides & Videos /
  4. Tax Deductions and Credits /
  5. Video: Filing Schedule EIC Earned Income Credit

Video: Filing Schedule EIC Earned Income Credit

Updated for Tax Year 2022 • December 1, 2022 09:05 AM


OVERVIEW

Does some of the income you report on your tax return come from employment, or work you perform as a sole proprietor or independent contractor? If your answer is yes, you satisfy one of the requirements for taking the earned income credit.


TABLE OF CONTENTS

For information on the third coronavirus relief package, please visit our “American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.


 

 

Video transcript:

Hi, I'm Arye from TurboTax. Wondering if you should file for the earned income tax credit? Ask yourself a few questions.

  • One: Does your income meet the IRS threshold for your filing status? You'll need to make sure both your adjusted gross income and your earned income are more than zero, but less than the limits set by the IRS in order to qualify*. There are different thresholds depending on your filing status and how many children you have. You can find out what those limits are on the IRS website, IRS.gov. Search their website for “earned income credit limits.”
  • Two: Do you have investment income to report on your tax return? Investment income is any income received from things like stock dividends, bank interest and more. Check the IRS website for limits on investment income as well, in order to claim the Earned Income Credit.
  • Three: If you're married, did you file a joint tax return? You will be ineligible if you file separately.
  • Four: Are you between 25 and 65 years old?
  • Five: It can be easier to qualify for the earned income credit if you can claim a child as a dependent, as your income thresholds increase for each child you claim.

You'll need to fill out a Schedule EIC if you have children and claim the earned income credit. You won't need to calculate your earned income credit on the schedule, just provide information about children like their relationship to you, their birthdays and other things you probably know of off the top of your head.

When you use TurboTax you don't need to know anything about tax forms. We'll ask you simple questions and put your answers in all the right forms for you.

For more information about this and other tax topics, visit TurboTax.com.

*The Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020 as a stimulus measure to provide relief to those affected by the pandemic. For tax year 2020, The CAA allows taxpayers to use their 2019 earned income if it was higher than their 2020 earned income in calculating the Additional Child Tax Credit (ACTC) as well as the Earned Income Tax Credit (EITC).

female entreprenuer sitting on work bench

Let an expert do your taxes for you, start to finish with TurboTax Live Full Service. Or you can get your taxes done right, with experts by your side with TurboTax Live Assisted. File your own taxes with confidence using TurboTax. Just answer simple questions, and we’ll guide you through filing your taxes with confidence. Whichever way you choose, get your maximum refund guaranteed.

File 100% FREE with expert help

Get live help from tax experts plus a final review with Live Assisted Basic.

For simple tax returns only.
See if you qualify.
Limited time offer. Must file by 3/31.

$89$0*
State included

Get your max refund

Answer simple questions about your life and TurboTax Free Edition will take care of the rest.

For simple tax returns only
See if you qualify

Looking for more information?