Nearly 1 in 5 eligible taxpayers miss the Earned Income Tax Credit (EITC), which averaged $2,743 in 2023. For 2024, the EITC is worth up to $7,830 for families with three or more children. Many filers could miss out on this valuable credit due to unfamiliarity or a misunderstanding of eligibility requirements.
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.
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.by Feb. 22. Refunds should arrive by March 3 if you chose direct deposit and there are no issues with your tax return.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 yearSome eligible taxpayers missing the EITC could be lower earners without a filing requirement, Nassau said.
TAX CREDIT EITC IRS REFUND ELIGIBILITY
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