Earned Income Credit and Child Tax Credit Amounts
| Earned Income Credit | ||
| Tax Year 2007 | ||
| No. of Children | Maximum Credit | Earned Income/AGI* Each Less Than |
| 0 | $428 | $12,590 |
| 1 | $2,853 | $33,241 |
| 2 or more | $4,716 | $37,783 |
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Taxpayers with investment income of more than $2,900 are not eligible for the credit. * Increase these amounts by $2,000 for joint return filers. |
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| Earned Income Credit | ||
| Tax Year 2008 | ||
| No. of Children | Maximum Credit | Earned Income/AGI* Each Less Than |
| 0 | $438 | $12,880 |
| 1 | $2,917 | $33,995 |
| 2 or more | $4,824 | $38,646 |
|
Taxpayers with investment income of more than $2,900 are not eligible for the credit. * Increase these amounts by $2,000 for joint return filers. |
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| Child Tax Credit | ||
| 2007 | 2008 | |
| Maximum credit per child | $1,000 | No change |
| Credit begins to phase out when modified AGI exceeds |
$110,000 (MFJ) $75,000 (SGL,HH,QW) $55,000 (MFS) |
No change |
| Additional child tax credit is based on earned income in excess of |
$11,750 | $12,050 |