A tax credit usually means more money in your pocket by reducing the amount of tax you owe. The EIC in most cases gives you a tax refund.

What’s New

The Earned income amount has increased.

The maximum amount of income you can earn and still get the credit has also increased.

You may be able to take the credit if.

Earned Income and adjusted gross income (AGI) must each be less than:

* $43,279 (48,279 married filing jointly) with three or more qualifying children
* $40,295 ($45,295 married filing jointly) with two qualifying children
* $35,463 ($40,463 married filing jointly) with one qualifying child
* $13,440 ($18,440 married filing jointly) with no qualifying children

Tax Year 2009 maximum credit:

* $5,657 with three or more qualifying children
* $5,028 with two qualifying children
* $3,043 with one qualifying child
* $457 with no qualifying children

Investment income must be $3,100 or less for the year.

The following document (Publication 596) contains the Earned Income Credit Table or EIC Table which is also referred to by Earned Income Credit Chart or EIC Chart.

Download 2009 Publication 596 – 2009 Earned Income Credit The chart starts on page 46.