Earned Income Tax Credit 2024 - Step-by-Step Tutorial for 2 Qualifying Children

The Earned Income Credit (EIC) is a tax credit available to U.S. taxpayers with earned income under certain thresholds. The credit is increased for those who have qualifying children as well.
In this example, we look at a taxpayer with two qualifying children and how she calculates the EIC amount. Schedule EIC is required to be filed with your Form 1040 whenever you claim a qualifying child to increase your EIC amount.
For videos on how to calculate the child tax credit:
CTC for 2024: • Child Tax Credit 2024 ...
Support Test for CTC: • Child Tax Credit - Wha...
CTC impact on welfare & unemployment benefits: • Child Tax Credit - Imp...
IRS CP79A Notice for CTC: • Child Tax Credit Denie...
IRS Form 8862 for Disallowed Credits: • IRS Form 8862 - Disall...
For a full playlist of earned income credit (EIC) videos:
• Playlist
For a larger database of tutorials, please visit our website and search for your question:
knottlearning.com/
DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#EarnedIncomeCredit #EITC #EIC

[@23rdpsalm_._]

You're so awesome! I'm going to share your channel in a Facebook tax group. I think it will help a lot of folks.

[@JasonDKnott]

Awesome thank you!

[@kickingitwithmisha]

Can you do an example with 4 kids let’s say 50k income head of household.

[@lgalina997]

It would be nice if one of your videos covered the claiming of Schedule K-1 (Form 1065) Part III, BOX13 Other Deduction CODE U Investment Interest Expense including necessary supporting forms. It's involved and imo does not result in tax savings significant enough to warrant most individual tax payers bothering to claim the associated income deduction. Is IRS likely to care if payer ignores claiming such expense? In my case, this subject occurs for me due to being a partner in an offshore hedge fund. Thanks for listening. I'm sure you are busy. Best. L.

[@ghiea.1466]

Can a 19 yo fulltime student but have agi of 10k plus qualifies for eic? Or should he also considered as qualifying dependent of his parents?

[@user-he3or2xd2l]

Someone I know filled and got over 200k in Tax refund. How is that possible