Almost half of those who qualify for this tax credit aren’t even aware it exists!
The Earned Income Tax Credit is designed to act as a cash infusion to low-income families. In fact, some experts have called it “one of the largest and most studied antipoverty programs in the United States.”
“It’s an unfortunate statistic,” Mark Steber, Jackson Hewitt’s chief tax officer, said of the survey results polling 1,000 people earlier this month. Any untouched Earned Income Tax Credits might mean taxpayers are also leaving other credits unused too, such as the Child Tax Credit, Steber said. That credit is worth up to $2,000 per qualifying child.
The average EITC payment remained near $2,500 between 2016 and 2019, but fewer eligible workers have been claiming the credit in that time, IRS statistics said. In 2016, the federal government paid 27 million workers $67 billion for the credit. As of December, the government paid $63 billion to 25 million eligible workers.
This year, a single person needs to get paid at least $12,220 before they have to file a federal return. They could forgo filing and miss out on a refund from a $529 EITC credit, if they are childless.
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