The Internal Revenue Service and partners around the nation recently launched an outreach campaign designed to help millions of low-to-moderate income working Americans that are eligible to claim the Earned Income Tax Credit (EITC).
Last year, more than 454,000 working individuals and families in Indiana received almost $1.1 billion in EITC, an average of $2,514. Nationwide last year, approximately 23 million workers and families received about $57 billion in EITC. The average amount of EITC received nationwide in 2022 was about $2,541.
To qualify, eligible workers must meet certain requirements and file a tax return, even if they are not required to file due to earned income levels. The IRS estimates that a third of those who qualify for EITC became eligible for the first time this year due to changes in their marital, parental or financial status.
The IRS began accepting 2023 returns on Jan. 29 but it cannot issue a refund that includes the EITC or Additional Child Tax Credit (ACTC) before the end of February. The IRS also reminds taxpayers that the quickest way to get a tax refund is by filing an accurate tax return electronically and choosing direct deposit for their refund.
Taxpayers can ensure they’re getting all the credits and deductions for which they qualify, including the EITC, by using a trusted tax professional, visiting a VITA/TCE site or by using IRS Free File on IRS.gov.