Tax Tip 2023-18: The EITC is a major tax benefit for millions of low- and moderate-income workers
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Issue Number: Tax Tip 2023-18
The EITC is a major tax benefit for millions of low- and moderate-income workers
The EITC helps workers who earned $59,187 or less when they file their tax return. Unfortunately, many people risk missing out on the credit because they don’t know they’re eligible — especially people who had a major life change and may qualify for the first time this year.
Other workers at risk for overlooking the EITC include those:
Taxpayers can check their eligibility and how much they qualify for at IRS.gov/EITC.
The EITC is a tax credit for certain people who work and have low to moderate income. A tax credit usually reduces tax owed and may also result in a refund.
How to claim the EITC
Free tax preparation help is available online and through volunteer organizations:
Most EITC refunds deposited by late February
The Where’s My Refund? tool should show refund status by Feb. 18 for most early EITC filers. Most EITC -related refunds should be available in bank accounts or on debit cards by Feb. 28 if the taxpayer chose direct deposit and there are no other issues with their tax return.
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