Credit Limits for Tax-Year 2012, ALABAMA'S # 1TAX SERVICE

The EITC varies based on income and family size. The table showing credit amounts can be found in the Instruction booklets for Forms 1040, 1040A and 1040EZ and in Publication 596, Earned Income Credit. This includes the expanded benefit for families with three or more children.
Those who qualify for EITC for tax year 2012, can get a credit from:

• $2 to $475 with no qualifying children
• $9 to $3,169 with one qualifying child
• $10 to $5,236 with two qualifying children
• $11 to $5,891 with three or more qualifying children

As the list shows, not everyone qualifies for the maximum credit. Last year, the average credit was $2,200.
The EITC provides a financial boost for millions of hard-working Americans. However, even though most federal tax refunds are issued in less than 21 days, many factors can affect how long it may take for taxpayers to get their refunds. It is also possible that a tax return could require additional review and therefore take longer to process. Taxpayers can track the status of their refund with the “Where’s My Refund?” tool available on IRS.gov after the IRS starts processing tax returns on Jan. 30.

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