Requirements to get up to $7,000 for the Earned Income Tax Credit Refund
Millions of Americans are eligible to claim tax credits that could reduce their tax burden and even increase their tax refund. Here’s one such credit.
Tax season in the United States is well underway, running from January 23 to April 18. The Internal Revenue Service (IRS) is receiving and processing tax returns from individual and business taxpayers, corresponding to fiscal year 2022. Millions have already begun receiving tax refunds.
In the event that taxpayers cannot make the return in due time and form, you can request an extension from the IRS, which will grant you extra time to complete the process until October 16; however, any outstanding taxes must be paid by the deadline (April 18).
Every year, many Americans leave money on the table failing to claim tax credits that could reduce how much they owe to Uncle Sam, or even be fatten up their tax refund by thousands of dollars. Once such overlooked credit is the Earned Income Tax Credit (EITC), which is aimed at low-income workers and their families possibly worth almost $7,000.
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Requirements to receive up to $7,000 for the Earned Income Tax Credit
EITC recipients can receive up to $6,935, almost $7,000. However, the exact amount will depend on the situation of each family or individual applying, such as the number of children one has or annual income.
Below are the requirements to receive the Earned Income Tax Credit in the United States:
- Have worked and earned income less than $59,187
- Have investment income less than $10,300 in tax year 2022
- Have a valid Social Security number by the due date of your 2021 return
- Be a US citizen or resident alien for the entire year
- Cannot file a Form 2555 (Foreign Earned Income)
EITC refunds will begin to be issued until the end of February. The exact date will depend on the moment the taxpayer made their declaration.