United States: what is the Earned Income Tax Credit and who benefits

After the COVID-19 pandemic, many people have gone in search of a new job opportunity with the aim of improving their family economy in the United States. In that sense, the Internal Revenue Service (IRS) unveiled some tax benefits that millions of employees could have with the Earned Income Tax Credit (EITC).

Last January 23 started in USA tax season for 2023 and taxpayers have begun to find out about payment dates and the days on which taxes will be refunded.

For his part, he IRS specified that the millions of workers who have low and moderate economic income can find out about the Earned Income Tax Credit (EITC) and thus take advantage of all the benefits.

In this sense, he invoked the taxpayers who won $59,187 or lower figures, during the past year, to be able to access this campaign of benefits through the EITC.

WHAT IS THE EARNED INCOME TAX CREDIT?

Earned Income Tax Credit (EITC) has caught the attention of millions of employees in the United States.

As indicated by the IRS itself, the EITC helps low to moderate income workers and families qualify for a tax credit. If the taxpayer qualifies, they can use the credit to reduce the taxes they owe or increase their refund.

For his part, Doug O’Donnell, IRS commissioner, gave more details on the subject, according to El Diario. In this sense, he argued that the EITC is a very important tax credit that helps millions of working people each year.

“In particular, people who experienced a major life change in the last year, in their job, marital status, a new child or other factors, may qualify for the first time. The IRS urges people to carefully review this important credit; we don’t want people to miss out”, he expressed according to the aforementioned media.

WHO QUALIFIES?

According to the IRS page, people who qualify are those who have a low or moderate income. In this sense, it specifies that the amount of your credit may vary if you have children, dependents or are disabled.

WHAT INCOME SHOULD I HAVE HAD?

According to El Diario, the benefits of EITC They are for those workers whose income in 2022 was:

• $53,057 ($59,187 married filing jointly).
• $49,399 ($55,529 if married filing jointly).
• $43,492 ($49,622 if married filing jointly).
• $16,480 ($22,610 if married filing jointly).

HOW CAN I CLAIM THE EITC?

Workers who are qualified as eligible have the possibility to claim the EITC. To do this, they need to file a tax return.

After that, you must follow the trace of the refund through the platforms. Where is my refund? or the IRS2Go Mobile App.