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Major Tax Changes for Year 2009Maximum 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 unmarried at $13,440 (no qualifying children), $35,463 (one qualifying child), $40,295 (two qualifiying children), $43,279 (three or more qualifiying children). Add $5,000 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 2009, the maximum investment income you can have and still take the credit increased to $3,100. It was $2,950 in 2008. Contact us first -- Get the answers you need, when you need them! |