EITC, or Earned Income Tax Credit, is provided to low- to moderate-income individuals and families in the United States. This will add extra cash to your pockets. This EITC Refund Claim is a tax break that helps reduce the annual taxes that one owes to the government. Claiming EITC is very easy. Just file your state and/ or federal tax returns. Be sure to check both state and federal eligibility criteria.
The IRS (Internal Revenue Service) gives this amount of taxes depending on the taxpayer’s yearly income, family members, and on the basis of their filing status. The person also receives these refunds on the basis of their marital status and the number of children.
It helps the US taxpayers by reducing a certain amount of the tax owed. This refund is based on the tax credit.
When Will IRS Release EITC Refunds 2023-2024?
The taxpayer will receive their EITC refund in January 2024. Generally, the refunds will be made soon after the taxpayer files for their refunds. Taxpayers who have filed for their returns, and if it includes EITC or surplus child tax credit, their refund will be credited in Feb. The individual can receive the EITC refund from 632 USD to 7830 USD.
The IRS permitted the issuers that the tax refunds would be made before 28 Feb 2024. The taxpayers need to file their tax refunds before April 15, 2024. Individuals who have filed for an extension were provided the deadline of 15 Oct 2024.
The last taxation file accepted date is Nov 2024 via an e-file.
Eligibility Of EITC Refunds
In order to be eligible, the taxpayer’s overall net income must be under the income tax limit. The income depends on the income level, credited amount, and taxpayer investment income for single or marital households. For the years 2023-24, the IRS has set the EITC eligibility for 2023-24.
How To Claim EITC?
The taxpayer can claim the EITC by filing their income tax returns to the Internal Revenue Service (IRS). The taxpayer automatically receives their EITC according to their credentials. To file the taxation returns and receive the EITC, you are required to submit these documents that include:-
- Social Security Card, SSN.
- Date of Birth certificate.
- Form W-2 and 1099.
- Your bank details.
- Child care information.
These are some of the required documents that taxpayers are required to submit along with their income tax return. The IRS approves your returns, and the individual will receive the refund amount the IRS approved for.