Form W-5 Earned Income Credit Advance Payment Certificate

Form W-5 Earned Income Credit Advance Payment Certificate is used by those who are eligible to get part of their Earned Income Credit (EIC) in advance along with their pay. How much of the Earned Income Credit you get in advance depends upon your wages and filing status. Use the links below the Form W-5 image to get a printable form or the instructions for Form W-5.

Form W-5

Form W-5 Earned Income Credit Advance Payment Certificate

Remember that the Earned Income Credit amounts change each tax year. At the time of writing this post  the maximum amount of EIC increased from 2009 to 2010. Here are the 2010 EIC amounts:

  • $3,050 if you have one qualifying child
  • $5,036 if you have two qualifying children
  • $5,666 if you have three or more qualifying children
  • $457 if you do not have a qualifying child

To qualify for the Earned Income Credit, you will have to calculate your income using the worksheets provided on Form W-5.  the maximum amount of income you can earn and still get the EIC increased from 2009 to 2010. You may be able to take the EIC if the following are true:

  • You have three or more qualifying children and you earn less than $43,352 ($48,362 if married filing jointly)
  • You have two qualifying children and you earn less than $40,363 ($45,373 if married filing jointly)
  • You have one qualifying child and you earn less then $35,535 ($40,545 if married filing jointly)
  • You do not have a qualifying child and you earn less then $13,460 ($18,470 if married filing jointly)

A few other points to keep in mind in regards to EIC. The maximum amount of investment income you can have is still $3,100 for 2010. And if you get advance EIC payments from your employer using Form W-5, your employer can only pay up to $1,830 in advance payments.

Form W-5 Earned Income Credit Advance Payment Certificate

More printable income tax forms can be found on our site.

Filed Under: income tax