Nationwide last year, over 26 million eligible taxpayers received nearly $59 billion total from the Earned Income Tax Credit. Yet one out of five eligible taxpayers could still be missing the credit. This filing season, the IRS once again encourages all eligible taxpayers to claim this benefit. And we encourage you to remind your employees.
Those who made $48,362 or less from wages, self-employment or farm income, should check to see if they qualify for the Earned Income Tax Credit (EITC). It is easy to do with the EITC Assistant.
Once taxpayers know that they do qualify for the EITC, they must file a tax return and claim the credit to get it. The IRS has several free options for EITC eligible taxpayers to get help to file a federal tax return and claim the credit.
While there are many factors that affect eligibility for the credit and the amount of EITC that qualified taxpayers may take home, it can be a valuable tool to lower their taxes or to claim a refund. A couple with three or more children could get up to $5,666.
If you qualify, you must file and claim the credit. www.irs.gov/eitc