IRS Highlights Important Changes Regarding the Earned Income Tax Credit

The IRS has informed taxpayers that more individuals without children now qualify for the Earned Income Tax Credit (EITC). Families can use pre-pandemic income levels to qualify if it results in a larger credit. The IRS has highlighted important changes as it marked the 16th annual EITC Awareness Day. EITC is regarded as one of the government’s largest antipoverty programs. The IRS has urged taxpayers nationwide to check if they qualify for the credit. The agency has also urged individuals who do not normally file a tax return to determine if they qualify for EITC and other stimulus payments. IRS Commissioner Chuck Rettig stated that individuals who are potentially eligible for EITC should review the guidelines. The IRS began accepting tax returns on January 24, 2022. Taxpayers can ensure they get all the credits and deductions they qualify for by filing electronically, using a trusted tax professional or using an IRS Free File partner’s name-brand software. Taxpayers whose adjusted gross income (AGI) is $73,000 or less qualify for Free File partner offers. The IRS has reminded taxpayers that the quickest way to get a tax refund is to file an accurate tax return electronically and choose direct deposit.