United States: what documents are required to access the Earned Income Tax Credit

The Earned Income Tax Credit (EITC), also known as the Earned Income Tax Credit, it is a great opportunity for employees in the United States to benefit in the field of taxes. In other words, with this campaign the taxpayer could use the credit to reduce his debt or increase his refund. However, many have wondered what are the documents that are needed? Here we tell you.

He January 23 the tax payment campaign began in the USA and before that the Internal Revenue Service (IRS) He presented some mechanisms that benefit the millions of taxpayers.

One of these campaigns is the Earned Income Tax Credit intended for people whose income, during the 2022were from $59,187 or smaller numbers.

But if you are one of the people who qualify for this credit, you should know what documents are needed for this important process.

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 a sense, he said that the EITC is a very important tax credit that helps millions of workers 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.

HOW MUCH WILL PEOPLE RECEIVE?

As reported by Univision, workers who qualify for the Earned Income Tax Credit and who had income up to $59,187, in 2022, they could receive more than $6,900.

WHAT ARE THE DOCUMENTS TO ACCESS THE EITC?

If a worker wishes to join the Earned Income Tax Credit You will need to take into account some very important documents. The IRS notes that these are:

Personal information

• A copy of the previous year’s tax return so you can look up your adjusted gross income (AGI).
• Valid Social Security numbers for you, your spouse, and any dependents, if applicable.

receipts and income

• Social Security benefits.
• Unemployment compensation.
• All receipts related to your small business, if applicable.
• Receipts for income received from rentals, real estate, royalties, partnerships, etc.

Other income

• W-2 forms showing your annual wages from all your employers.
• Form 1099-INT showing interest paid to you throughout the year.
• Form 1099-G showing any state and local tax refunds, credits, or offsets.
• Form 1099-DIV and Form 1099-R showing dividends and distributions.

UP TO HOW MUCH CAN I RECEIVE WITH THE EITC?

Every taxpayer should take into account that their income and the number of children they have will determine the amount of the credit that will be given to them. In this sense, if we refer to 2022, we will say that the following figures were delivered according to Blog Turbotax.

• With three qualifying children or more: $6,935.
• With two qualifying children: $6,164.
• With a qualifying child: $3,733.
• No qualifying children: $560.

About, univision maintained that in 2021 people who did not have qualifying minors received $1,502 and in 2022 the amount decreased. Likewise, it revealed what taxpayers could receive this year if they qualify for this credit and if they file jointly:

• If you do not have children: gross income up to $16,480, up to $22,610 will be received
• If you have 1 child: gross income up to $43,492, up to $49,622 will be received
• If you have 2 children: gross income up to $49,399, up to $55,529 will be received
• If you have 3 or more children: gross income will be received up to $53,057

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.