Sep 26 2008

Income Limits for new filing season

Posted by Carolyn Spohrer at 10:21 AM VITA

Here are the income limits and guidelines for tax year 2008. Of note is the income limit for MFJ filers with two or more children of $41,646. In the past many marketing and outreach plans capped at those earning less than $40,000.

Note the "Workers making less than" section. Your outreach plans should target them lower income workers who are not used to filing.

  • Families with one child who earn less than $33,995 in 2008 (or less than $36,995 for married workers) are eligible for a credit of up to $2,917.
  • Families with two or more children who earn less than $38,646 in 2008 (or less than $41,646 for married workers) are eligible for a credit of up to $4,824.
  • Workers without a qualifying child who earn less than $12,880 in 2008 (or less than $15,880 for married workers) are eligible for a credit of up to $438.

Workers making less than……

  • Single: $8,950
  • MFJ: $17,900
  • HofH: $11,500

are not required to file a return, but should be encouraged to file since they may qualify for EITC or other tax credits.