IRS calls on taxpayers to ‘get a closer look’ at overlooked tax deduction

Yes, it has finally arrived: Tax season 2025 is now in progress, causing moaning and gray hair nationwide.

And as people get started with their archives, Internal Revenue Service (IRS) urges taxpayers to take a closer look at an often overlooked and potentially useful tax credit.

According to a press release Published to the IRS -WebstedThe income tax credit (EITC) is one who seeks to help “American workers and families with a financial boost.”

EITC is “one of the federal government’s largest refundable tax credits for low -income families,” the release explains. EITC credit ranges from $ 2 to $ 7,830, depending on a number of factors.

IRS estimates that about 23 million eligible workers and families received about $ 57 billion in the EITC nationwide when they archived for 2023.

The current income limit for persons eligible for ETICE is up to $ 59,899; For married couples who archive jointly, it’s $ 66,819. Investment income must also be $ 11,600 or less.

Taxpayers must also have a valid social security number, As per the IRS. You must also be a US citizen or resident alien all year and may not have filed a form 255 for reporting foreign income.

The amount of this credit can also change if you have children, relatives, are disabled or meet other criteria, IRS explains. Please do not it — if you claim this credit- will be your refund being delayed, required by the law to wait until mid-February to issue payment to those who claim EITC.

You can also – as the luck would have – can, eligibility resistant, demand tax credits for previous years, Up to 2021.

There is even An EITC assistant tHe IRS offers to see if you qualify for the tax credit or not.