EITC amount only $505 - way lower than expected. What's going on with my earned income credit?
Finally got my transcript for 2023 and I'm so confused. I made $18,240 last year and have 2 kids but the EITC is showing as only $505? Everything I've read says I should be getting way more than this with my income level and qualifying dependents. Has anyone else dealt with this? What could be wrong?
13 comments
Join the conversation
Natalie Wang
Tax professional here - this definitely seems off. For 2023, with 2 qualifying children and earned income of $18,240, you should be eligible for a much higher EITC amount (around $6,164). There might be an issue with how your qualifying children were reported or another limitation affecting your credit. Check if both children have valid SSNs and lived with you for more than half the year. Also verify Schedule EIC was properly completed.
0 coins
Michael Adams
•Yes both kids have SSNs and lived with me all year. Could it be because their dad also claimed them? We have 50/50 custody
0 coins
Natalie Wang
•Ah, that could definitely be the issue. Who claimed them last year? With 50/50 custody, only one parent can claim EITC for the kids each year.
0 coins
Noah Torres
Hey, I know exactly how frustrating this is! Have you tried using taxr.ai? It's this amazing tool that analyzes your transcript and tells you exactly why your EITC is lower than expected. It costs like a dollar but totally worth it - saved me hours of headache trying to figure out my weird EITC situation. https://taxr.ai
0 coins
Samantha Hall
•Is this legit? Sounds too good to be true tbh 🤔
0 coins
Noah Torres
•100% legit! It actually explains everything in plain english and shows you exactly what's causing issues. Way better than trying to decode IRS codes yourself lol
0 coins
Ryan Young
i had the exact same issue last year turns out i checked the wrong box somewhere on the form smh
0 coins
Sophia Clark
The IRS is such a joke fr fr 🤡 they really be playing games with peoples money
0 coins
Katherine Harris
•facts 💯 took me 8 months to get my refund last year
0 coins
Madison Allen
did you file head of household? That could affect it
0 coins
Michael Adams
•yeah i did file HOH
0 coins
Joshua Wood
Might wanna check if you got any notices from IRS. Sometimes they adjust EITC if they need more proof about the kids or something
0 coins
Michael Adams
•havent gotten any notices yet but ill keep an eye out
0 coins