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EIC Calculation

dftaxservices
Level 1

Starting to input client's W2, but EIC is not calculating correct credit amount. Is it because form is not e-file ready until the 24th? I confirmed with the EIC table and other tax programs. 

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6 Comments 6
BobKamman
Level 15

An example, with amounts for earned income and AGI?  Maybe it's still using the 2020 formula?

PATAX
Level 15

I think it is still a little too early. I would wait a little bit longer to see if there is an update.

garman22
Level 13
Level 13

I agree with @BobKamman

what are your particulars and dollar amounts?

dftaxservices
Level 1

Earned income about $39,000 with 1 dependent, HOH. According to EIC table, credit should be about $2,000 and its giving $430

0 Cheers
TaxGuyBill
Level 15

@dftaxservices wrote:

Earned income about $39,000 with 1 dependent, HOH. According to EIC table, credit should be about $2,000 and its giving $430


 

What is AGI?

garman22
Level 13
Level 13

@dftaxservices wrote:

Earned income about $39,000 with 1 dependent, HOH. According to EIC table, credit should be about $2,000 and its giving $430


AGI is important, but I'll give you AGI at $39k. Can you show me where EITC should be "about" $2k? Show me the table where the dollar amount should be close to your value. 

I'll agree with closer to the $430 mark. 

You are not looking at 2 dependents, are you?

 

 

EDIT: I ran your numbers and I show in tables $501 and program shows same value.