So if a taxpayer's agi was $21,000, and all of it is earned income, then how much eic would they recieve as head of household with one qualifying child?
The Earned Income Tax Credit (EIC) is calculated based on a percentage of earned income. For a taxpayer with one qualifying child, the credit rate is 34%. However, the credit reaches its maximum amount at a certain income level and then begins to phase out. For the tax year 2021, the maximum EIC for a taxpayer with one qualifying child is $3,618. This maximum credit is reached with an income of $10,540 for a single, head of household, or qualifying widow(er) filer. However, if the taxpayer's adjusted gross income (AGI) is $21,000, they are in the phase-out range. The phase-out begins at $19,520 for these filers. The credit decreases gradually from the maximum amount until it reaches zero. To calculate the exact amount of EIC, you would need to use the IRS EIC tables or a tax software. But based on the information provided, the taxpayer would receive less than the maximum EIC of $3,618 due to the phase-out.
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