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Olivia's Mommy <3 | What is the difference between an Earned Income Tax Credit and a Child Tax Credit? |
And could I apply for both??
I'm a bit confused here.
(I'm claiming single head of household with one dependant and I make under $30,000/year.)
Any help is appreciated! |
 |
 
hrblock.laura
|
You should be eligible for both. The Child Tax Credit is a credit off your tax liability. It is worth $1000. If you have no tax liability or very little you could possibly get the remainder as an Additional Child Tax Credit.
The Earned Income Credit is a credit based on your earned income.
You could qualify for this if you have no children and you are at least 25 years of age but less than 65. You would have to earn less than $12,880 ($15,880 MFJ).
If you have children you could qualify for up to two children. The credit is worth up to $4824 depending on the number of children, your filing status, and your earned income or adjusted gross income. In your case based on $30,000 a year the EIC would be approx. $634 with one child.
There are other qualifications for the EIC. See page 46 of the Pub 17 linked below for more.
Lastly, you should qualify for both by the information you have provided.
Laura H – H&R Block – Senior Tax Advisor 5
**This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. |
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AJ
|
An Earned Income Credit doesn't need a kid, but you get more if you do have a kid.
The Child Tax Credit requires a kid. Yes you can apply for both and make sure to do the worksheet to see if you can ALSO do the Additional Child Tax Credit too.
And don't forget the Child and Dependent Care Expenses stuff too. |
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Jesse C
 |
Yes you can apply for both. Child tax credit is a standard deduction for any children you have.
Earned Income Credit is an additional tax break for those with children making under a certain amount of money. Be sure to fill out the worksheet to see if you qualify! |
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MamaMia19_09
|
Earned income credit it a credit you get for working, yet you don't make a whole lot of money. It has to be under a certain amount. Child Tax credit is the credit you get for having eligible children..meaning you are allowed to claim them as dependents. |
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Ryan M
 |
You should be eligible for both. They are quasi related, but are really two different tax breaks. The EIC is more based on income earned up to approximately $34,000 and the Child Tax Credit is dependent on the number of kids that you will claim and has a much higher phase out amount. |
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Judy1
|
Yes it's possible to get both. They are two separate credits, each with their own rules to be eligible, and from your info it's likely you'd be eligible for both. |
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distorted_perfection
|
they are two different things and depending on your income you may qualify for both.
both links provided will help you determine if you qualify for either but basically, the child tax credit can reduce the federal tax you owe by up to $1,000 for each qualifying child under the age of 17
and the earned income credit is only for people who work and earn under a certain amount. |
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Mitchel C
|
you pay too much tax based on your income.
you have children so you can claim tax back to help with the kids - wage is at a criteria to claim it back.
respectively |
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chatsplas
|
$2900 and $1000, respectively |
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auroras
|
Sounds like the same thing to me. Not sure though. |
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