The Earned Income Tax Credit (EITC) is a financial boost for workers earning $56,844 or less a year. The IRS estimates that each year one in five eligible Americans misses out on money the government owes. Here are the top things the IRS wants you to know about this valuable credit, which makes the lives of working people a little easier.
If you qualify, the credit could be worth up to $6,660 on the federal tax return. Additional refund amounts are available from the New York State and NYC taxing agencies. The amount of your EITC is based on your earned income and whether or not there are qualifying children in your household. The average credit was around $2,476 last year.