Who will receive up to $7,430 from the IRS as of February 27?
The IRS has begun issuing Earned Income Tax Credit (EITC) refunds. Find out if you are among those who will receive up to $7,430 in reimbursement.
The Internal Revenue Service (IRS) has been receiving fiscal year 2023 tax returns from millions of taxpayers, and will continue to do so until the April 15 deadline.
Qualified taxpayers can apply for various tax credits and assistance offered by the IRS, both refundable and non-refundable, including the Earned Income Tax Credit (EITC) which offers rebates up to $7,430.
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Who is eligible for the EITC?
The EITC is aimed at low- to moderate-income workers. To receive the Earned Income Tax Credit refund, taxpayers must meet the following eligibility requirements, according to the official IRS website:
- Have worked and earned income less than $63,398
- Have investment income less than $11,000 in tax year 2023
- Have a valid Social Security number by the due date of your 2023 return
- Be a US citizen or resident foreigner for the entire year
- Did not file Form 2555 (foreign earned income)
Who will receive up to $7,430 from the IRS starting February 27?
If you are eligible for the EITC, you can claim the refundable credit through your tax return. The aid ranges from $600 to $7,430, depending on the number of children you have. If you do not have qualifying children, the maximum you will receive will be $600.
The number will increase, depending on the children, until it reaches a maximum of $7,430 dollars. Here are the amounts beneficiaries will receive.
- If you have a qualifying child: $3,995
- If you have two qualifying children: $6,604
- If you have three or more qualifying children: $7,430
Tax refunds typically take 21 business days from when the IRS receives and processes your return. However, this period only applies to electronic returns with direct deposit. Those who filed the return via mail and require payment via paper check will have to wait between six and 12 weeks.
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EITC recipients have to wait even longer. This is because income tax returns with credit-related refunds take longer to process. Therefore, the IRS has a separate table of distribution dates for EITC beneficiaries.
That said, the first round of EITC refunds will take place from February 27 to March 3 for those whose refund was approved on January 29. Those who expect payment via postal mail will receive their check between March 5 and 9.