HomePersonal FinanceLow-income Americans Get a Bigger Tax Refund Thanks to ETIC

Low-income Americans Get a Bigger Tax Refund Thanks to ETIC

Despite the fact that a fourth stimulus check is very doubtful in the United States, millions of low-income Americans are eligible for an additional tax rebate during this year’s tax season.

It’s all because to the federal Earned Income Tax Credit, according to The East County Gazette. This year, the EITC is being boosted for individuals who do not have children, which is aimed at middle and lower-income Americans.

This Tax Season, the EITC was increased.
This year’s tax season saw an increase in the Earned Income Tax Credit (EITC In order to get started, citizens of the United States who do not have children and have a modest income or wage may be eligible for a tax credit of up to $1,500 this year. In the year 2020, this would have been three times as much as they might have received.

Under the American Recovery and Resilience Act, President Joe Biden authorized an additional $1.9 trillion towards the pandemic’s assistance.

That’s right; this tax credit can be claimed by any American citizen over the age of 19 who is not enrolled in full-time school and has a source of income.

Read More: In California, a police helicopter crashes into water, killing a police officer.

As a result of the recent epidemic, the amount of the Earned Income Tax Credit was enhanced. In addition, the age and income requirements for qualifying have been revised.

This year, the EITC’s maximum threshold was raised under the American Rescue Plan. Incomes of less than $16,000 a year for those without children were formerly required for qualifying.

However, the amount due this tax season is $21,430. Last but not least, there was once a restriction on the age at which this tax benefit may be taken advantage of. Workers between the ages of 25 and 64 may no longer claim the EITC. The tax credit, on the other hand, is accessible to all qualifying workers who are older than 18.

Read More

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Latest Article