Earned Income Tax Credit to Boost Your Finances – Check Your Eligibility!

EITC Eligibility for Low to Moderate Income Workers

A significant number of low to moderate-income workers might meet the criteria for the Earned Income Tax Credit (EITC), the most substantial refundable tax credit provided by the federal government. Adjustments in marital, parental, or financial circumstances may have rendered nearly a third of eligible individuals eligible for the EITC for the first time in the current year. However, a considerable portion of these individuals may not recognize their eligibility. Workers who earned $63,398 or less in 2023 could qualify for this beneficial tax credit.

Certain groups of workers are at risk of overlooking the EITC, including those living in non-traditional households, experiencing changes in earnings or family status, lacking children, having limited English skills, being veterans, residing in rural areas, being Native Americans, or earning below the filing requirement. Eligible taxpayers are encouraged to check their eligibility and the amount they qualify for at IRS.gov/eitc. The EITC can significantly reduce tax owed or even result in a refund, making it a crucial resource for eligible workers.

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Earned Income Tax Credit to Boost Your Finances – Check Your Eligibility!(PHOTO: getty images)

Filing Taxes to Access the Earned Income Tax Credit

To receive the EITC, eligible workers must submit a tax return and specifically request the credit. Even if their income was below the threshold for mandatory filing, qualifying taxpayers should still submit a tax return to claim the credit. Free assistance with tax preparation is accessible online and through volunteer groups, guaranteeing that eligible individuals can access the EITC and obtain the financial assistance they are entitled to.

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