March 26, 2024 – The Internal Revenue Service is reminding taxpayers that low to moderate income workers could be eligible for the earned income tax credit. The IRS also reminds taxpayers that they can speed up potential tax refunds by filing electronically.
Almost a third of those who qualify for the EITC became eligible for the first time this year due to changes in their marital, parental or financial status and may not realize they’re eligible. People who earned $63,398 or less in 2023 may be eligible for this tax credit.
Other workers at risk for overlooking the EITC include those:
- Living in non-traditional homes, such as a grandparent raising a grandchild.
- Whose earnings declined or whose marital or parental status changed.
- Without children.
- With limited English skills.
- Who are veterans.
- Living in rural areas.
- Who are Native Americans.
- With earnings below the filing requirement.
Illinois taxpayers can check their eligibility and how much they qualify for at IRS.gov/eitc.
The IRS is also encouraging taxpayers to file electronically to speed up the return process. Other ways to accelerate potential tax refunds is by making sure you have all tax-related paperwork ahead of preparation, making sure filing status is correct, reporting all taxable income, and keeping copy of their tax return.
To get the EITC, qualified workers must file a tax return and claim the credit. Eligible taxpayers should file a tax return to claim the credit even if their earnings were below the income requirement to file.
Free tax preparation help is available online and through volunteer organizations:
- IRS Free File at IRS.gov/freefile
- Free in-person tax prep help
- A trusted tax professional
By: Ahsaan Spence
