What was the Earned Income Credit for 2011?

What was the Earned Income Credit for 2011?

For families with three or more children, the maximum credit was $5,751 in tax year 2011, $5,891 in tax year 2012, and will be $6,044 in tax year 2013. Beginning in tax year 2008, the phase-out level for married couples filing a joint tax return was $3,000 higher than the level for other filers.

What was the child tax credit in 2011?

The federal Child Tax Credit can provide a family up to $1,000 in tax assistance for each qualifying child under age 17. 2. Who is eligible for the Child Tax Credit? Have adjusted gross income (AGI) during 2011 below specified limits, depending on filing status and number of qualifying children (see Question 3).

Does Indiana have EIC?

Indiana uses the Earned Income Tax Credit (EITC) just like the federal version of the EITC. It helps low-income taxpayers by lowering their tax liability by a set amount each year. Since it’s a credit, if there is money leftover after offsetting the tax liability, this amount is given back to the taxpayer as a refund.

How much is Indiana EIC?

$47,900 if you have more than one qualifying child, • $42,100 if you have one qualifying child, or • $15,900 if you do not have a qualifying child. You must have with you your completed federal tax return, Form 1040/1040-SR, including any federal schedules you completed.

What is the difference between EIC and child tax credit?

The child tax credit is a credit for having dependent children younger than age 17. The Earned Income Credit (EIC) is a credit for certain lower-income taxpayers, with or without children. If you’re eligible, you can claim both credits.

Who qualifies for Indiana EIC?

To be eligible: You must have worked and earned income during the year. Your investment income (such as interest) must not be more than $2,650. Your filing status CANNOT be “Married filing Separately.”

Where is EIC 1040?

line 64a
Second, you can choose to have the IRS figure your credit amount for you if you do not wish to calculate the credit yourself. You can do this by entering “EIC” on line 64a of Form 1040.

How much is the unified tax credit for the elderly in Indiana?

A $1,000 exemption for you and/or your spouse if you are age 65 or over; A $1,000 exemption for you and/or your spouse if you are blind; and. A $500 additional exemption for each individual age 65 or older if their federal adjusted gross income is less than $40,000.

What is the economy like in Indiana?

The economy of the state of Indiana is reflected in its gross state product in 2017 of US$359 billion and per capita income of $44,165. A high percentage of Indiana’s income is from manufacturing.

What is the Indiana earned income credit (EITC)?

It’s a refund intended for low-income working families and individuals. If your tax credit is more than the taxes you owe, you’ll receive the difference in cash. To qualify for Indiana’s EITC, you must be eligible for and claim the federal earned income credit on your federal tax returns.

What is the Indiana Enterprise Zone tax credit?

This credit is based on qualified investments made within Indiana. It is the lesser of 10 percent of qualifying wages, or $1,500 per qualified employee, up to the amount of tax liability on income derived from the enterprise zone. Who is Eligible? Several credits for businesses in designated enterprise zones.

Does Indiana have a research expense credit for S corporations?

Indiana has a research expense credit that is similar to the federal credit for research and experimental expenses paid in carrying on your trade or business in Indiana. S corporations and partnerships may pass through the credit to their shareholders and partners. Enclose your schedule IN K-1 to support your claim.