Good Lifestyle

THE 2024 Tax season has just started, and that already causes headaches. In social media, countless declarations discover that they owe the Internal Revenue Service (IRS) for the first time. But if you have found yourself in the same boat, you will want to be sure that you enjoy each tax relief for which you are eligible. In this spirit, the IRS has just revealed that there is a major reimbursement credit which is often overlooked by taxpayers.

In relation: The IRS announces major changes in income tax declarations - are you assigned? AE0FCC31AE342FD3A1346EBB1F342FCB

In a January 26 Press release , the agency has announced the annual launch of its awareness day of the earned income tax credit (EITC). For 18 years, the IRS joined forces with community organizations, elected officials, governments of states and premises, schools, employers and others for this awareness campaign designed to "help millions of low -income workers "claim the EITC.

About 23 million workers and families received around $ 57 billion in EITC reimbursements for the 2022 tax season, with an average amount of $ 2,451 of credit granted to each declarant, according to the latest data from the Agency . At the same time, the IRS warned that around 20% of eligible taxpayers do not claim this major reimbursement credit.

"The IRS and our partners across the country urge people to look into this often overlooked tax credit which can help millions of taxpayers", IRS commissioner Danny Werfel said in a press release.

He continued: "The EITC awareness day and throughout the deposit season, the IRS and our partners work hard to reach eligible taxpayers and provide useful information and resources to help people Determine their eligibility and properly claim this precious credit. Even people who do not "deposit normally could always be eligible for the income tax credit, which can be thousands of dollars."

The IRS also believes that a third of those who qualify for the EITC in 2024 have in fact become eligible for the first time this year, according to the press release. But to claim this credit, you must meet certain requirements And Produce a tax return, even if you are not normally forced to file.

In relation: The IRS warns that the complaint of these credits can provide you with audit and a fine .

You can be eligible For EITC, if you pass all the following requirements: have worked and gained income from less than $ 63,398; have placement income below $ 11,000 in the 2023 taxation year; Have a valid social security number on the due date of your return in 2023 (including extensions); have been an American or foreign citizen resident all year round; And have not filed the 2555 form for income earned abroad.

But IRS also has special qualification rules for soldiers and members of the clergy, as well as for taxpayers and their loved ones with disabilities. For taxpayers with eligible children, you could receive a maximum reimbursement of $ 7,340 during the EITC complaint on your income declaration in 2023. This is a significant increase compared to the maximum of 6,935 $ in 2022, according to IRS.

If you have three or more children with an adjusted gross income (AG) of up to $ 56,838 as a single deposit (or $ 63,698 for joints), you are eligible to receive From $ 11 to $ 7,420 for your EITC. Taxpayers with two children and an act of up to $ 52,918 as a single deposit (or $ 59,478 for spouses) can receive $ 10 to $ 6604, while those with a child and an act being up to 46,560 $ as spinning (or $ 53,120 (or $ 53120 for range freezes) can get a fork from $ 9 to $ 3,995 back.

Eligible workers without children are also eligible for up to $ 600 in EITC if they earn less than $ 17,640 as a single depositor or $ 24,210 as a joint deposit.

However, you should know that the pretension of the EITC can delay your tax refund. The IRS said that most EITC declarants will not receive their refund before February 27, and it is only If they "have chosen a direct deposit and there are no other problems with their income declaration". Otherwise, it could take even more time.

But you can check the line online Where is my refund? Tool for your personalized refund date. The agency said the website should be updated with precisely projected deposit dates for most of the EITC's first reimbursement declarations by February 17.

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