Relief US 89 Calculator for AY 2016-17
Introduction & Importance
The relief US 89 calculator for AY 2016-17 is an essential tool for taxpayers to determine their eligibility for the Earned Income Tax Credit (EITC). This credit can significantly reduce the amount of tax owed or even provide a refund.
How to Use This Calculator
- Enter your annual income.
- Select your filing status.
- Click ‘Calculate’.
Formula & Methodology
The calculation is based on IRS Publication 596, using the following formula:
EITC = (Earned Income × + 0.3125 × Investment Income) – (Earned Income × + 0.05 × Investment Income) × (1 + 2 × Number of Qualifying Children)
Real-World Examples
Data & Statistics
| Filing Status | Number of Qualifying Children | Maximum EITC |
|---|
| Filing Status | Phaseout Begins | Phaseout Ends |
|---|
Expert Tips
- Keep records of all income and expenses.
- File your taxes electronically for faster processing.
- Consider using the services of a tax professional.
Interactive FAQ
What is the maximum EITC for AY 2016-17?
For AY 2016-17, the maximum EITC is $6,269 for families with three or more qualifying children.
IRS Publication 596 – EITC Income Limits