The Earned Income Tax Credit, EITC or EIC, is a benefit that reduces the amount of tax you owe and may give you a refund.The maximum amount of credit for Tax Year 2020 is: $6,660 with three or more qualifying children. $5,920 with two qualifying children. $3,584 with one qualifying child. For the 2019 tax year, the earned income credit ranges from $529 to $6,557. For 2020, it’s $538 to $6,660.