The IRS estimates about one in five EITC eligible taxpayers don't claim this refundable tax credit. Even if you are not required to file taxes, you may still be eligible for the Earned Income Tax Credit. For 2023, taxpayers with qualifying children may receive a maximum EITC of $7,430.
Who is eligible to claim the EITC?
Workers must meet certain requirements and file a tax return, even if they are not required to file due to earned income levels. The IRS estimates that a third of those who qualify for EITC became eligible for the first time this year due to changes in their marital, parental or financial status.
The IRS encourages workers to use the EITC Assistant to check for eligibility or visit Child-related tax benefits comparison for basic eligibility rules.
Eligible workers must have valid Social Security numbers for themselves, their spouse if filing a joint return, and for each qualifying child claimed for the EITC. There are special rules for those in the military or those out of the country.
Those with qualifying children can receive a maximum of $7,430 when claiming the EITC, up from $6,935 in 2022.
Eligible workers between the ages of 25 and 64 with no dependents can also receive up to $600 by claiming the EITC. Married but separated spouses who do not file a joint return may qualify to claim EITC if they meet certain requirements.
EITC is for workers whose income does not exceed the following limits in 2023:
$56,838 ($63,398 married filing jointly) with three or more qualifying children who have valid Social Security numbers (SSNs).
$52,918 ($59,478 married filing jointly) with two qualifying children who have valid SSNs.
$46,560 ($53,120 married filing jointly) with one qualifying child who has a valid SSN.
$17,640 ($24,210 married filing jointly) with no qualifying children with valid SSNs.
Investment income must be $11,000 or less.
Filing options to choose from when claiming the EITC
To get the EITC, workers must file a tax return and claim the credit. The IRS also reminds taxpayers that the quickest way to get a tax refund is by filing an accurate tax return electronically and choosing direct deposit for their refund.
For more information on earned income tax credit, please visit the official IRS website at: http://www.irs.gov/eitc
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