A worker who earned $52,427 or less last year may qualify for the EITC for the first time in 2015, increasing the need for expanded awareness of the credit. Eligibility is dependent upon a worker’s financial situation, as well as their marital and parental status. According to the IRS nearly 28 million eligible low-income working individuals received $66 billion in 2014 by claiming the credit, with refunds averaging $2,400.
Nationally the EITC is one of the largest anti-poverty programs helping over 6 million people out of poverty annually, more than 3.3 million of them children. The purpose of the credit is to offset taxes, supplement low wages, and serve as an incentive to work. Eligible workers can pay fewer taxes, and some may even get a check from the IRS.
Spreading the word about the EITC is crucial, as many people who qualify don’t even know the credit is available. The IRS is engaged in a campaign to capture the attention of people who are eligible, and to motivate them to find out if they qualify for the EITC. You can help spread the word! For more information about EITC and to explore opportunities to spread the word, visit this website.