You May Benefit From Filing Form 1040A or 1040 in 2011(p4)

Due to the following tax law changes for 2011, you may benefit from filing Form 1040A or 1040, even if you normally file Form 1040EZ. See the instructions for Form 1040A or 1040, as applicable.

You may be able to take the EIC if:

• Three or more children lived with you and you earned less than $43,998 ($49,078 if married filing jointly),
• Two children lived with you and you earned less than $40,964 ($46,044 if married filing jointly), or
• One child lived with you and you earned less than $36,052 ($41,132 if married filing jointly).

The maximum adjusted gross income (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. The maximum investment income you can have and still get the credit is $3,150.

To claim the first-time homebuyer credit for 2011 on Form 1040, you (or your spouse if married) must have been a member of the uniformed services or Foreign Service or an employee of the intelligence community on qualified official extended duty outside the United States for at least 90 days during the period beginning after December 31, 2008, and ending before May 1, 2010. See Form 5405.