The tax season 2025 is under progress. On their return, taxpayers may claim a number of tax credits from the Internal Revenue Service (IRS), including the Earned Income Tax Credit (EITC), with a maximum value in the 2024 fiscal year of $7,830 In FY 2025 that sum will rise to $8,546.
The EITC assists low to moderate income workers. Should a taxpayer qualify, the IRS claims they can use the credit to lower their tax due or boost their tax refund.
Depending on eligibility conditions, low- and moderate-income workers can claim on their tax return between $632 and $7,820 this year. The number of children the taxpayer has as well as their yearly income determine the tax support levels.
You must have qualifying earned income and satisfy specific adjusted gross income (AGI) requirements and credit limitations for current, past, and future tax years in order to claim the EITC.
For singles, you must have worked and earned income of less than $59,899; for married taxpayers filing jointly, you must have earned $66,819. Every taxpayer’s precise income for tax year 2024 is shown here.
In tax year 2024, have investment income less than $11,600.
By the time your 2024 return comes due, have a current Social Security number.
Spend the entire year either a U.S. citizen or resident alien.
Not form 2555, foreign earned income.
See specific guidelines if you are divorcing your partner and not submitting a joint tax return.
A taxpayer can only claim maximum credit of:
Should you not have any qualified children: $632 ($649 in FY2025)
If you have one qualified child: $4,213 ($4,328 in FY2025)
If you have two qualified children: $6,960 ($7,152 in FY2025)
If you have three or more qualified children: $7,830 ($8,486 in FY2025).
Considered a refundable tax credit is the EITC. Those who qualify for this might so lower their tax load by the relevant credit amount. Extra money is repaid if the credit amount exceeds the taxes paid to the government.
Most EITC-related refunds are expected by the IRS to become accessible by February 27. The IRS lets up to 21 days after you file your return to pay the refund via direct deposit to those who filed online, or between six and twelve weeks if the return was filed by mail.
The Where’s my refund tool or the IRS2Go App let taxpayers find out the status of their return.
Visit the Internal Revenue Service website for further information. To find your eligibility, the IRS also has a virtual assistance available.