What is the maximum income for a single filer to qualify for EITC in 2023?

For the tax year 2023, the maximum income that a single filer can earn to qualify for the Earned Income Tax Credit (EITC) is indeed $16,480. The EITC is a significant tax benefit designed to support low to moderate-income workers, particularly those with qualifying children, although single filers without children can also qualify at lower income thresholds.

This income limit is established as part of federal guidelines that adjust annually to account for inflation and changes in cost of living. The specific threshold of $16,480 reflects the income level where taxpayers can start to benefit from this credit, which is aimed at encouraging work and alleviating poverty. The EITC is intended not just to provide financial support but also to incentivize employment among lower-income individuals, making the established limits crucial for eligibility.

Understanding the nuances of EITC eligibility—including income thresholds for various filing statuses—helps in ensuring that filers maximize their allowable credits when filing their taxes.