A significant number of eligible taxpayers fail to claim the Earned Income Tax Credit (EITC), a valuable benefit worth thousands of dollars. The IRS emphasizes the importance of understanding and claiming this credit, which can provide substantial financial relief to low- to moderate-income workers and families.
Nearly 1 in 5 eligible taxpayers miss the earned income tax credit, or EITC , which averaged $2,743 in 2023, according to the IRS . For 2024, the EITC is worth up to $7,830 for families with three or more children, up from $7,430 in 2023. The IRS expects more than 140 million individual returns — and many filers could miss a credit worth thousands of dollars. 'Every year, millions of households receive the EITC ,' former IRS Commissioner Danny Werfel told reporters in early January.
'But nearly one in five eligible taxpayers don't claim this valuable credit because they don't know about it or don't realize they qualify.' For 2024, the EITC is worth up to $7,830 for families with three or more children, up from $7,430 in 2023, according to the IRS. Eligible workers, between the ages of 25 and 64, without kids can claim up to $632 for 2024. Refunds should arrive by March 3 if you chose direct deposit and there are no issues with your tax return. The deadline to file your 2023 tax return is April 15, 2024. 'The EITC can be confusing,' said Syracuse University law professor Robert Nassau, director of the school's low-income tax clinic. For tax year 2024, you may be eligible with 'earned income' or wages from working of $59,899 or less for single filers and $66,819 for married couples filing jointly, according to the IRS. These income limits decrease based on the number of qualifying children. You must be a U.S. citizen or resident alien all year. Some eligible taxpayers missing the EITC could be lower earners without a filing requirement, Nassau said. But the EITC is 'refundable,' meaning you can still claim a refund even without tax liability
EARNED INCOME TAX CREDIT EITC TAX REFUND IRS TAX CREDITS LOW-INCOME TAXPAYERS
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