Workers may get a larger tax refund this year because of the Earned Income Tax Credit (EITC). But to get it, you must file a tax return and claim it.
Today, January 31, 2020, marks the 14th anniversary of Awareness Day, a nationwide effort to increase awareness about EITC and free tax preparation sites. This year, IRS is promoting EITC and providing information on other refundable tax credits that you may be eligible for. This includes the Child Tax Credit (CTC), the Additional Child Tax Credit (ACTC), the Credit for Other Dependents (ODC), and the American Opportunity Tax Credit (AOTC).
In 2019, 25 million workers received more than $63 billion in EITC refunds.
If you worked last year and had income of less than $55,952 check out your eligibility for EITC. EITC can mean up to a $6,557 refund when you file a return if you have qualifying children. Workers without a qualifying child could be eligible for a smaller credit up to $529. According to the Internal Revenue Service, the average amount credited for 2019 was $2,476. Even if you don’t owe any tax, you may be eligible to claim the EITC. This is money you can use for groceries, rent, utilities, and other bills. Don’t miss out!
If you have questions, you can call MVLS’s Tax Hotline at 443-451-4091 between 10am-5pm Monday-Friday and between 10am-3pm on Saturdays.