(508) 561-7141 | tanisha@elveyfinancialservices.com

Earned Income Tax Credit Eligibility

The Earned Income Tax Credit (EITC) is the federal government’s largest refundable tax credit for low to moderate income workers. Almost a third of those who qualify for the EITC became eligible for the first time this year due to changes in their marital, parental or financial status and may not realize they’re eligible.

If you earned $63,398 or less in 2023, you may be eligible for this valuable tax credit.

Workers at risk for overlooking the EITC include those:

  • Living in non-traditional homes, such as a grandparent raising a grandchild.
  • Whose earnings declined or whose marital or parental status changed.
  • Without children.
  • With limited English skills.
  • Who are veterans.
  • Living in rural areas.
  • Who are Native Americans.
  • With earnings below the filing requirement.

The EITC is a tax credit for people who work and have low to moderate income. A tax credit usually reduces tax owed and may also result in a refund.

For tax year 2023, the EITC is as much as:

  • $7,430 for a family with three or more children.
  • $600 for those who don’t have a qualifying child.

How to claim the EITC

To get the EITC, you must file a tax return and claim the credit. If you are eligible for the credit, you should file a tax return to claim the credit even if your earnings were below the income requirement to file.

This article carries no official authority, and its contents should not be acted upon without professional advice. For more information about this topic, please contact our office.