The Internal Revenue Service estimates that nationwide only four out of five eligible workers claim and get their EITC or 20% miss out.
Who wouldn't want an extra $300 or even $3,000 in tax refund cash? But oddly enough, millions of Americans miss out on this deal each year.
But Bell tells everyone she knows about why they should file a tax return to qualify for the Earned Income Tax Credit. Bell was part of the annual media awareness program held in Detroit to get word out about the EITC. Taxes 2020: Getting divorced? What you need to knowMany times, people aren’t even aware that the earned income tax credit exists. The IRS notes that one-third of the EITC population changes each year.
The IRS notes:"You cannot use any income received for work performed while an inmate to claim EITC. This includes amounts for work performed while incarcerated, in a work release program, or while in a halfway house." The maximum credit is $529 for those with no qualifying children but goes up to $3,526 for those with one child.
The IRS web site at irs.gov also has a EITC Assistant to help you figure out whether you qualify for the Earned Income Tax Credit.Is the Earned Income Tax Credit too complicated for me to file? You typically can get help. See IRS"Free File" for free software that covers those with the Earned Income Tax Credit.
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