WebFeb 3, 2024 · You can elect to use your 2024 earned income to figure your 2024 earned income credit (EIC) if your 2024 earned income is more than your 2024 earned income. To make this election, enter "PYEI" and the amount of your 2024 earned income on the dotted line next to Form 1040 or 1040-SR, line 27. @VolvoGirl. @rpharbis WebJan 20, 2024 · Note: The amounts for 2024 still apply if you use your 2024 earned income. Claiming the Earned Income Credit is easy with 1040.com. Simply input your earned income from 2024 when prompted, and we’ll calculate your return both ways to figure which gives you the most EIC—and for one flat $25 rate!
How to calculate earned income for the ‘Lookback’ rule
WebHow to use the Earned Income Tax Credit Calculator. This tool uses the latest information provided by the IRS including changes due to tax reform and is current and valid for 2024 taxes. Gather your tax documents including W-2s, 1099s, and other income and expense statements to complete the information. Click on each question in the drop down ... WebMar 12, 2024 · Election to use prior-year earned income. You can elect to use your 2024 earned income to figure your 2024 earned income credit (EIC) if your 2024 earned income is more than your 2024 earned income. To make this election, enter the amount of your 2024 earned income on Form 1040 or 1040-SR, line 27c. If you test TurboTax … diversion investigator reddit
I
WebThe credit amount depends on your income, marital status, and family size. In 2024, the credit is worth up to $6,935. The credit amount rises with earned income until it reaches a maximum amount, then gradually phases out. Families with more children are eligible for higher credit amounts. The Earned Income Tax Credit in Tax Year 2024 WebJan 27, 2024 · If your 2024 or 2024 income ( W-2 income wages and/or net earnings from self-employment, etc.) was less than $56,844, you might qualify for the Earned Income Tax Credit. Remember, on your 2024 Return, you can use the 2024 or 2024 income to determine your EITC. The EITC can be as much as $6,660 for a family with qualifying … WebJan 14, 2024 · You may elect to use your 2024 earned income to figure your 2024 Earned Income Tax Credit (EITC) if your 2024 earned income is more than your 2024 earned income. ... If you worked in 2024 and had income of less than $56,844, or if you worked during 2024 and made a similar amount, you may want to check your eligibility for the … diversion investigator job series