Major Tax Changes for Year 2011

Maximum Earned Income Credit for Eligible Taxpayers

The earned income credit is a refundable credit. The credit is completely phased out for those with a filing status of single, surviving spouse, or head of household at $13,660 (no qualifying children), $36,052 (one qualifying child), $40,964 (two qualifiying children), $43,998 (three or more qualifiying children). Add $5,080 to each phase out amount for taxpayers with a filing status of married filing jointly. The maximum earned income credit calculation is based on the taxpayer's adjusted gross income.

For 2011, the maximum investment income you can have and still take the credit was $3,150. It was $3,100 in 2010.

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