January 29th is Earned Income Tax Credit Awareness Day

For the last 40 years, the Earned Income Tax Credit or EITC provided millions of workers with a little extra in their federal income tax return. If you qualify and claim the credit, it could be as much as $6,660 from the IRS!

According to the IRS, 1 in 5 taxpayers misses out on claiming the EITC credit. If you or someone you know earned less than $56,844 from wages, running a business, a farm, or from Form 1099 MISC, check out the EITC Assistant to learn more about eligibility. All you will need to do is answer a few questions about yourself and other family members to see if you and others are eligible. You will also receive an estimate on the amount of your credit.

EITC eligibility depends on several factors, such as income and family size. If you don’t have a qualifying child and earned under $15,820 ($21,710 married filing jointly), find out if you qualify for a smaller credit worth as much as $538.

Don’t guess about EITC eligibility. Use the EITC Assistant to find out if you qualify for this credit, as well as any other tax credits that might be available.

Lastly, it’s easy to find free tax help to prepare and file your 2020 federal income tax return. Use the VITA locator tool on IRS.GOV to find a volunteer site near you, or you can prepare and e-file your own taxes with brand-name software using IRS’s Free File tool.

Source: IRS