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For: Luis Diaz Updated 06 Feb 2022, 05: 41 pm EST
The Earned Income Tax Credit (EITC) is intended to help low- and moderate-income workers and families obtain a tax exemption. According to the Internal Revenue Service (IRS), qualified taxpayers can use the credit to reduce the taxes they owe , and possibly increase your refund.
This benefit was generally only granted to people who have children, dependents, or who have a disability, but this year adults who do not have children or dependents will also be taken into account.
Under current rules, low-income workers without children could receive a credit worth up to $1,500 Dollars. The new criteria were made possible because President Joe Biden expanded the credit, raised income limits and extended the ages of eligible workers.
Taxpayers without children who earned up to $21,430 self-employment dollars can claim the credit when they file their returns. Under current criteria, taxpayers can use income from 2019 to qualify for the credit, for who lost their job in 2020.
According to a report by CBS, it is estimated that between 17 Y 20 millions of workers will benefit from the expanded credit, including older and younger workers who would not normally receive this benefit, and those who will receive more money than expected. habitual.
In addition to the increase in the income limit, the age limits were removed. Due to the foregoing, any worker of 19 years or most who meet the income requirements may qualify for the credit, youth of 18 years without a family.
Those who meet the current requirements have the right to present their tax returns for free, either through the IRS Free File program or other platforms endorsed by the federal agency.
For those who file a paper return or through Free File fillable forms, the EITC appears on Form 1040 ; no additional paperwork is needed. It is important that taxpayers who have children take into account that they must also submit the EIC Schedule.
Those who have any questions about how to submit the documentation, The IRS announced that it will open Taxpayer Assistance Centers (TAC) throughout the country, on specific dates on Saturdays, in the context of this tax filing season.
The federal agency said that there will be 35 Taxpayer Assistance Centers, which will initiate service on Saturday February the first, to continue on Saturday March, Saturday April 9 and finally Saturday 14 of May.
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