Earned income tax credit, explained

The earned income tax credit (EITC) is the government’s largest refundable federal income tax credit for low- and moderate-income workers.

In 2021, almost 25million families received over $60billion in EITC credits, with an average payment of $2,411.

For the 2022 tax year, the EITC is worth as much as $6,935 for a family with three or more children.

Workers without children can claim a maximum of $560 for 2022, down from $1,502 in the 2021 tax year.

 256 total views,  1 views today