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Taxes 101
Tax Credits And Deductions

Earned Income Credit (EIC)

The EIC income level limits for 2015 are:

Three or more qualifying children: - less than $47,747 for single taxpayers, and $53,267 if married filing jointly.

Two qualifying children – less than $44,454 for single taxpayers, and $49,974 if married filing jointly.

One qualifying child: less than $39,131 for single taxpayers, and $44,651 if married filing jointly.

No children: less than $14,820 for single taxpayers, and $20,330 if married filing jointly.The maximum investment income for 2015 is $3,400.

Earned Income Credit (EIC) And Military Combat Pay

Liberty Tax Service reminds you that if you serve in a combat zone, you may elect to include combat pay in the earned income amount used to figure your earned income credit. For 2015, the maximum credit amount for three or more qualifying children is $6,242, for two qualifying children it is $5,548, and for one qualifying child, it is $3,359. For a taxpayer who does not have a qualifying child, the maximum earned income credit is $503.