2016 EARNED INCOME CREDIT INCOME LIMITS, MAXIMUM CREDIT AMOUNTS AND TAX LAW UPDATES

2016 EARNED INCOME AND AGI LIMITS

Earned income and adjusted gross income (AGI) must each be less than:

If filing…	Qualifying Children Claimed
	Zero	One	Two	Three or more
Single, Head of Household or Widowed	$14,880	$39,296	$44,648	$47,955
Married Filing Jointly	$20,430	$44,846	$50,198	$53,505

INVESTMENT INCOME LIMIT

Investment income must be $3,400 or less for the year.

MAXIMUM CREDIT AMOUNTS

The maximum amount of credit for Tax Year 2016 is:

• $6,269 with three or more qualifying children
• $5,572 with two qualifying children
• $3,373 with one qualifying child
• $506 with no qualifying children

For more information on whether a child qualifies you for EITC, see:

• Qualifying Child Rules, or
• Publication 596, Rules If You Have a Qualifying Child.

EXAMPLES OF INCOME THAT ARE NOT EARNED INCOME:

• Pay received for work while an inmate in a penal institution
• Interest and dividends
• Retirement income
• Social security
• Unemployment benefits
• Alimony
• Child support.

2016 Child Tax Credit is once again 1,000 per child. Details below.

More IRS Tax Breaks found on IRSTaxBreak.com

WHAT IS 2016 EARNED INCOME CREDIT?

Earned income includes all the taxable income and wages you get from working or from certain disability payments.

THERE ARE TWO WAYS TO GET EARNED INCOME:

You work for someone who pays you or You own or run a business or farm

2016 IRS Refund Cycle Chart for 2015 Tax Year

2016 IRS Refund Cycle Chart for 2015 Tax Year. Tax Refund E-File Direct Deposit Information

This is the schedule for 2016 IRS Refund Cycle Chart. Direct Deposit and Check date’s below. 2016 IRS Refund Cycle Chart. Please see *disclaimer. 2016 tax refund schedule islisted below for information purposes. Find out when you’re state income tax refund will be in. 2016 IRS Refund Cycle Chart

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The IRS officially announced the first day to file taxes 2016 is January 19th, 2016. We have updated our 2016 E-File Cycle Chart below to reflect this update, read more here.Get the “Where’s my refund?” app on Android & Apple IPhone and IPad App. Our 2016 IRS Refund Cycle Chart Below.

 

IRS accepted on or after	IRS accepted on or before	Tax Refund Direct Deposit	Tax Refund Check Sent
2016-01-19*Official	2016-01-29	2016-02-05	2016-02-06
2016-01-29	2016-02-05	2016-02-12	2016-02-13
2016-02-05	2016-02-12	2016-02-19	2016-02-20
2016-02-12	2016-02-19	2016-02-26	2016-02-27
2016-02-19	2016-02-26	2016-03-04	2016-03-05
2016-02-26	2016-03-04	2016-03-11	2016-03-12
2016-03-04	2016-03-11	2016-03-18	2016-03-19
2016-03-11	2016-03-18	2016-03-25	2016-03-26
2016-03-18	2016-03-25	2016-04-01	2016-04-02
2016-03-25	2016-04-01	2016-04-08	2016-04-09
2016-04-01	2016-04-08	2016-04-15	2016-04-16
2016-04-08	2016-04-15	2016-04-22	2016-04-23
2016-04-15	2016-04-22	2016-04-29	2016-04-30
2016-04-22	2016-04-29	2016-05-06	2016-05-07
2016-04-29	2016-05-06	2016-05-13	2016-05-14
2016-05-06	2016-05-13	2016-05-20	2016-05-21
2016-05-13	2016-05-20	2016-05-27	2016-05-28
2016-05-20	2016-05-27	2016-06-03	2016-06-04
2016-05-27	2016-06-03	2016-06-10	2016-06-11
2016-06-03	2016-06-10	2016-06-17	2016-06-18
2016-06-10	2016-06-17	2016-06-24	2016-06-25
2016-06-17	2016-06-24	2016-07-01	2016-07-02
2016-06-24	2016-07-01	2016-07-08	2016-07-09
2016-07-01	2016-07-08	2016-07-15	2016-07-16
2016-07-08	2016-07-15	2016-07-22	2016-07-23
2016-07-15	2016-07-22	2016-07-29	2016-07-30
2016-07-22	2016-07-29	2016-08-05	2016-08-06
2016-07-29	2016-08-05	2016-08-12	2016-08-13
2016-08-05	2016-08-12	2016-08-19	2016-08-20
2016-08-12	2016-08-19	2016-08-26	2016-08-27
2016-08-19	2016-08-26	2016-09-02	2016-09-03
2016-08-26	2016-09-02	2016-09-09	2016-09-10
2016-09-02	2016-09-09	2016-09-16	2016-09-17
2016-09-09	2016-09-16	2016-09-23	2016-09-24
2016-09-16	2016-09-23	2016-09-30	2016-10-01
2016-09-23	2016-09-30	2016-10-07	2016-10-08
2016-09-30	2016-10-07	2016-10-14	2016-10-15
2016-10-07	2016-10-14	2016-10-21	2016-10-22
2016-10-14	2016-10-21	2016-10-28	2016-10-29
2016-10-21	2016-10-28	2016-11-04	2016-11-05
2016-10-28	2016-11-04	2016-11-11	2016-11-12
2016-11-04	2016-11-11	2016-11-18	2016-11-19
2016-11-11	2016-11-18	2016-11-25	2016-11-26
2016-11-18	2016-11-25	2016-12-02	2016-12-03
2016-11-25	2016-12-02	2016-12-09	2016-12-10
2016-12-02	2016-12-09	2016-12-16	2016-12-17
2016-12-09	2016-12-16	2016-12-23	2016-12-24
2016-12-16	2016-12-23	2016-12-30	2016-12-31
2016-12-23	2016-12-30	2017-01-06	2017-01-07
2016-12-30	2017-01-06	2017-01-13	2017-01-14

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*These are only estimates, the I.R.S. has refused to give exact dates to new audit process.  There are no guarantees with the I.R.S this year, but one thing is for sure: The earlier you file, the earlier you will receive a return. Check the status of your 2016 Tax Refund on the I.R.S.’s Where’s My Refund tool. 2016 IRS income Tax Refund Schedule. IRS Income Tax 2016 news. IRS Tax Season 2016 details. 2016 Income Tax Return Status

 

2016 Tax Refund Calculator

https://www.refundschedule.com/tax-refund-calculator/

Affordable Care Act (ACA) Tax Provisions

Individuals & Families		Employers
The law requires you and your dependents to have health care coverage, an exemption, or make a payment with your return.  If you purchased coverage from the Health Insurance Marketplace, you may be eligible for the premium tax credit.		The Affordable Care Act includes requirements for employers regarding heath care coverage. The size and structure of your workforce determines your responsibility. However, if you have no employees, the following information doesn’t apply to you.

The Affordable Care Act: What’s Trending

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When it comes to the health care law – also known as the Affordable Care Act or ACA – and how it may affect your taxes, there are many questions you might have.  This page offers news on trending topics and answers to questions we are hearing.

Health Care Tax Tip Weekly Recap

For Your Information…

2015 Filing Season Preliminary ACA Results Updated

On Jan. 8, 2016, IRS Commissioner John Koskinen updated members of Congress on preliminary results from the 2015 filing season related to Affordable Care Act provisions as of October, 2015.2015 Filing Season Data – October 2015

IRS Extends Due Dates for New 2015 Information Reporting Requirements

On Dec. 28, the IRS extended the due dates for new health care information reporting forms in 2016.   Insurers, self-insuring employers, other coverage providers, and applicable large employers now have additional time to provide health coverage information for 2015 to individual taxpayers and the IRS.  Providers and certain employers must now furnish individuals with either Form 1095-B or 1095-C by March 31, 2016.  The due dates for issuers filing these forms and the associated Form 1094 with the IRS are May 31, 2016 for paper filers and June 30, 2016 for electronic filers.

Individual taxpayers will generally not be affected by this extension and should file their tax returns as they normally would.

However, due to these extensions, some individual taxpayers may not receive a Form 1095-B or Form 1095-C by the time they are ready to file their 2015 tax return. While the information on these forms may assist in preparing a return, they are not required. Like last year, taxpayers can prepare and file their returns using other information about their health insurance.  Individuals do not have to wait for their Form 1095-B or 1095-C in order to file.

These extensions apply automatically to all health coverage information return issuers and are longer than the 30-day extensions that would otherwise be obtained by submitting Form 8809, Application for Extension of Time To File Information Returns. Therefore, the IRS will not process any previously requested extensions of these deadlines for 2016.  The longer automatic extensions do not require a formal request using Form 8809 or other documentation.  The IRS does not anticipate additional extensions.

The IRS has not extended the due dates for Health Insurance Marketplaces to issue Form 1095-A. Individuals who enrolled for coverage through the Marketplace should receive Form 1095-A by February 1, 2016 and should wait to file their returns until the receive their Form 1095-A.

Questions and Answers for New Information Reporting Forms

The IRS has posted a set of questions and answers that introduce the new Forms 1095-B and 1095-C.  The questions and answers explain who should expect to receive the forms, how they can be used, and how to file with or without the forms.

Four Reasons You Might Choose to Amend Your 2014 Tax Return

When filing 2014 income tax returns earlier this year, you might have paid more than you were required to pay. Some taxpayers miscalculated their individual shared responsibility payment and simply paid too much. Others were actually not required to pay anything at all, because they were exempt from the Affordable Care Act’s requirement to have coverage. If you did not claim an exemption from the coverage requirement you were eligible for, or you overpaid the individual shared responsibility payment when you filed your 2014 tax return, you can fix it by filing an amended return.  See this health care tax tip for more information.

Marketplace Open Enrollment and Annual Redetermination Letters

The Marketplace is sending Marketplace Open Enrollment and Annual Redetermination letters to individuals who might not have filed a tax return. For more information about these letters see IRS Health Care Tax Tip 2015-79 – Answers to Five of Your Questions about the Premium Tax Credit.

Health Care Tax Tip Reminds Employers about  2015 Transition Relief

The Affordable Care Act employer shared responsibility provisions were first effective on January 1, 2015, but transition relief from certain 2015 requirements is available for some employers. Employers may qualify for this relief if they meet certain conditions.  IRS Health Care Tax Tip – :Understanding the Different Types of 2015 Transition Relief under the Employer Shared Responsibility Provisions offers a reminder and additional details about this relief.

Open enrollment for coverage through the Health Insurance Marketplace

The open enrollment period to purchase health insurance coverage for 2016 through the Health Insurance Marketplace runs from Nov.1, 2015, through Jan. 31, 2015. Enroll by Dec. 15, 2015 to have coverage effective Jan. 1, 2016.

There are a few things you should consider during the Health Insurance Marketplace Open Enrollment Period – for more information see our Health Care Tax Tip – Three Tax Considerations during Marketplace Open Enrollment.

 

People are asking…

The IRS hears many questions about the health care law. Here are commonly-asked questions that we are hearing from taxpayers and seeing on social media.

Q. Does everyone need to have health insurance coverage?

A. The Affordable Care Act requires you and each member of your family to have basic health coverage (called minimum essential coverage), qualify for an exemption from the requirement to have coverage, or make an individual shared responsibility payment when you file your federal income tax return. If you are not required to file a tax return and don’t want to file a return, you do not need to file a return solely to report your coverage or to claim an exemption.
Q. What is included in household income?

A. For purposes of the Premium Tax Credit, household income is the modified adjusted gross income of you and your spouse if filing a joint return, plus the modified AGI of each individual in your tax family whom you claim as a dependent and who is required to file a tax return because their income meets the income tax return filing threshold. Household income does not include the modified AGI of those individuals you claim as dependents and who are filing a return only to claim a refund of withheld income tax or estimated tax. For this and other detailed premium tax creditquestions and answers visit IRS.gov/aca.
Q. The IRS is asking to see my 1095-A. What should I do?

A. You should follow the instructions on the correspondence that you received from the IRS.  You may be asked for a copy of Form 1095-A in order to verify information that has been entered on your tax return.  Visit our Health Insurance Marketplace Statements webpage for more information about Form 1095-A and how to obtain a copy,
Q. If I got advance payments of the PTC, do I have to file even if I never had a filing requirement before?

A. Yes. If you received the benefit of advance payments of the premium tax credit, you must file a tax return to reconcile the amount of advance credit payments made on your behalf with the amount of your actual premium tax credit.  You must file a return and submit a Form 8962 for this purpose even if you are otherwise not required to file a return.
Q. Marketplace says I did not file, but I did file before the extended due date.  What should I do?

A. In advance of the open enrollment period that runs through January 31, 2016, the Marketplace sent Marketplace Open Enrollment and Annual Redetermination letters to individuals who might not have filed a tax return. Follow the instructions in the letter you received.

• Log in to your Marketplace account to update your 2016 Marketplace application.
• Check the box telling the Marketplace you reconciled your premium tax credits by filing a 2014 tax return and Form 8962.
• Update your Marketplace application by December 15, 2015.
• If you don’t update your Marketplace application, any help with costs you currently get will stop on December 31, 2015 and you’ll be responsible for the full upfront costs of your Marketplace plan and covered services.
• For more help visit HealthCare.gov or call your Marketplace.

Q. What are my options to receive help with filing a return and reconciling?

A. Filing electronically is the easiest way to file a complete and accurate tax return as the software guides you through the filing process. Electronic filing options include free Volunteer Assistance,IRS Free File, commercial software, and professional assistance. For information about filing a return and reconciling advance credit payments, visit IRS.gov/aca.
For more questions and answers about the health care law, see the Affordable Care Act Tax Provisions Questions and Answers page.

 

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