She Strengthens

Unlock the Secret to a Bigger Tax Refund

Are you leaving money on the table when it comes to your taxes? You might be surprised to learn that millions of Americans are eligible for a lucrative tax benefit, but aren’t taking advantage of it. The Earned Income Tax Credit (EITC) is a tax break designed to help low to moderate-income taxpayers, and the IRS estimates that many people qualify but don’t claim it.

What is the EITC?

The EITC is a credit based on your taxable income, and it’s designed to support low to middle-income workers and their families. Initially created to help workers afford Social Security taxes, the EITC has evolved into a program that provides a fair, earned refund to those who need it most.

Who Qualifies for the EITC?

To qualify for the EITC, you must meet certain requirements. You must have earned at least $1 in income, your taxable investment income cannot exceed $3,600, and you cannot file separately if married. Additionally, you won’t qualify if you plan to file Form 2555 or Form 2555-EZ, which address foreign income.

Surprising Factors to Consider

One surprising factor to note is that if you don’t have dependents, you must be between 25 and 65 to qualify. The amount you’re eligible to receive varies, but for 2019, the credit ranges from $529 to $6,557.

How Much Can You Receive?

In 2019, EITC-qualifying taxpayers received an average credit of $2,504. As a general example, if you’re single with no dependents and earn $15,820 or less, you could receive $538 in return.

Find Out if You Qualify

To see if you qualify, try the EITC Assistant in English or Spanish. The assistant will ask questions about your residency, investment income, earned income, and qualifying children. Among other requirements, your child must live in the same household as you for more than half the year, have a direct relationship to you, and possess a valid Social Security number.

Don’t Miss Out on This Tax Benefit

If you believe you may qualify for the EITC, take 10 minutes to find out more. And if you didn’t claim the EITC in the past three years’ worth of tax returns (2016-2018), but you qualified, you can still claim it by April 15th. You can retroactively file those taxes and get the credit.

Make It Worth Your Time

Though dealing with taxes can be a hassle, claiming the EITC could be worth your time and effort. So why not take a few minutes to explore this opportunity and potentially boost your tax refund?