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Ask A CPA - 2016 Tax Law Changes

2016-2017 Earned Income Credit

The tax year 2017 maximum Earned Income Credit amount is $6,318 for taxpayers filing jointly who have 3 or more qualifying children, up from a total of $6,269 for tax year 2016. The maximum Earned Income Credit amount is $6,242 for taxpayers filing jointly who have 3 or more qualifying children, up from a total of $6143 for tax year 2014. The revenue procedure has a table providing maximum credit amounts for other categories, income thresholds and phase outs.

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