Summary
Millions of Americans qualify for an Earned Income Tax Credit (EITC) but are not claiming it. The IRS is making efforts to increase awareness and help eligible families claim this benefit.
Key Facts
- The Earned Income Tax Credit (EITC) helps low- and moderate-income workers by providing them with a tax credit.
- In 2024, around 23.5 million workers and families received about $68.5 billion through the EITC.
- The average amount received per family was roughly $2,916.
- One in five eligible taxpayers do not claim the EITC.
- People often miss out on this credit because of complicated rules and lack of awareness.
- The IRS holds an annual EITC Awareness Day to inform eligible taxpayers about the credit.
- To claim the EITC quickly, taxpayers are advised to file electronically and use direct deposit.
- Most refunds for those who file early should be available by March 2, 2026.
