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Do I Qualify for Earned Income Credit While on Unemployment?

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 2:14 AM
OVERVIEW

Receiving unemployment benefits doesn't mean you're automatically ineligible for the Earned Income Credit, but there are other requirements you'll also need to satisfy to claim the EIC.

 

 

Key Takeaways

  • Receiving unemployment benefits does not automatically make you ineligible to receive the credit. You may be eligible to claim the Earned Income Credit if you earned income from a job or self-employment for at least part of the tax year.
  • You can only receive the Earned Income Credit if your adjusted gross income (AGI) is below the applicable maximum for the tax year. The applicable maximum AGI varies, depending on your filing status and the number of qualifying children.
  • The unemployment compensation you receive counts toward your AGI. You may be ineligible for the Earned Income Credit if your earned income and unemployment benefits exceed the maximum AGI when added together.
  • You are ineligible for the Earned Income Credit if you or your spouse (if filing jointly) was a nonresident alien at any time during the tax year. If you’re a US citizen or resident and you live abroad, you typically cannot receive the tax credit.

Earned Income Credit

As the name implies, to be eligible for the Earned Income Credit you must “earn” income such as through employment. However, receiving unemployment benefits doesn’t mean you’re automatically ineligible for the credit. There are other requirements you’ll also need to satisfy to claim the EIC. If you do, the credit can reduce your taxes, or even create a refund.

Unemployment compensation

The IRS defines “earned income” as the compensation you receive from employment and self-employment. Specifically excluded from this definition is any unemployment compensation you receive from your state.

However, as long as you worked or were otherwise self-employed during the same year you started receiving unemployment checks, you may still be eligible to claim the Earned Income Credit.

AGI limitations

The Earned Income Credit is only available if your adjusted gross income, or AGI, is less than the applicable maximum for the tax year. The applicable maximum AGI depends on your filing status and the number of qualifying children.

  • The applicable maximum AGI increases for up to three qualifying children
  • It's also higher for married taxpayers than for single ones

Your adjusted gross income, which you can find on the first page of your tax return, is equal to: Your total income subject to the income tax, minus the deductions the IRS refers to as “adjustments to income.”

In order to be eligible for the Earned Income Credit:

  • you need to have “Earned Income” (which we discussed above)
  • your Adjusted Gross Income (AGI) must be below the applicable limit

It's possible for your earned income to be below the threshold but for your total income, and therefore your AGI, to be above the threshold because of the addition of unemployment compensation. This could make you ineligible for the Earned Income Credit.

To find the AGI thresholds for your specific situation, see: IRS Publication 596.  If you use TurboTax to prepare your taxes, we’ll ask simple questions, do all the calculations and tell you whether or not you’re eligible for the credit.

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 Credit (EIC). For 2021, you can use whichever year's income, 2019 or 2021, that provides the highest credit.

TurboTax Tip:

If your investment income exceeds $11,600 for the year (tax year 2024), you will not be eligible for the Earned Income Credit. Investment income includes interest from a bank account, dividends, and capital gains from the sale of investments such as stocks or bonds.

Citizen or resident

You will not be eligible for the Earned Income Credit if you or your spouse (if filing jointly) was a nonresident alien at any time during the tax year.

If you don’t have United States citizenship, you must either have a green card that allows you to reside in the country, or satisfy the IRS substantial presence test.

  • The test requires you to be physically present in the U.S. for a certain number of days.
  • You also have to have a valid Social Security card that does not include the phrase “not valid for employment.”
  • If you’re a U.S. citizen or resident who lives abroad, you ineligible for the tax credit.

Maximum investment income

Eligibility for the Earned Income Credit requires that your investment income for the 2024 tax year not exceed $11,600. Your investment income doesn't include the money you earn in your profession, and it does not include unemployment compensation.

Investment income does, however, include:

  • capital gains you got from investments such as stocks and bonds
  • interest from a bank account
  • dividends

When you use TurboTax to prepare your taxes, we’ll ask straightforward, easy-to-answer questions about your income and life, and do all the work to determine whether you qualify for the EIC or other deductions and credits.

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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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TurboTax Desktop Individual Returns:

  • 100% Accurate Calculations Guarantee - Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back - Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state software license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Audit Support Guarantee - Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2024 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax Desktop for the current 2024 tax year and, for individual, non-business returns, for the past two tax years (2022, 2023). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TurboTax Desktop Business Returns:

  • 100% Accurate Calculations Guarantee - Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement  for details.

  • Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

  • Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.

  • TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.

  • Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.

  • TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.

  • Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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