2008 IRS Earned Income Credit Changes

here are some explanations of changes to the credit for 2008.

Amount of credit increased, and the maximum amount of the credit has increased.
The most you can get is:
$2,917 if you have one qualifying child,
$4,824 if you have more than one qualifying child, or
$438 if you do not have a qualifying child.

Earned income amount increased. The maximum amount of income you can earn and still get the credit has increased for 2008. You may be able to take the credit if:

The maximum amount of AGI you can have and still get the credit also has increased. You may be able to take the credit if your AGI is less than the amount in the above list that applies to you.

Investment income amount increased. The maximum amount of investment income you can have and still get the credit has increased to $2,950 for 2008.

Advance payment of the credit. If you get advance payments of the credit from your employer with your pay, the total advance payments you get during 2008 can be as much as $1,750.

Nontaxable combat pay election. You can elect to include your nontaxable combat pay in earned income when you figure your earned income credit for 2008. This election was due to expire at the end of 2007 but has been extended to years after 2007.