“The credit is reasonably complex,” said Steven Hamilton, assistant professor of economics at The George Washington University. “It has a lot of eligibility requirements.” For tax year 2023, you may qualify with wages from employment below $56,838 — $63,398 if married filing jointly — and investment income under $11,000, according to the IRS. The income limits decrease, depending on the number of qualifying children.
These thresholds use adjusted gross income, which is your total income after subtracting pretax 401(k) contributions minus “adjustments,” such as certain pretax individual retirement account contributions and student loan interest.
Source: Here’s how to qualify for the earned income tax credit this season