The Internal Revenue Service is partnering with community-based organizations across the country to promote the annual Earned Income Tax Credit Awareness Day, January 30, 2015, an effort to alert millions of low and moderate-income workers who may be missing out on a significant tax credit that can be worth up to $6,000.
Millions of workers who earned $52,427 or less last year may qualify for the EITC for the first time in 2015, making awareness of the credit critical, the IRS noted. Approximately a third of the people eligible for the EITC fluctuate each year based on changes to their marital, parental and financial status. All across the United States, local officials and community organizations are holding events highlighting this key benefit.
“About four out of five eligible workers and families get the credit they earned. That leaves millions missing EITC every year,” said IRS Commissioner John Koskinen in a statement. “It’s an important credit and one of the government’s best tools to fight poverty.”
Last year, nearly 28 million eligible workers and families received $66 billion total in EITC, with an average EITC amount of $2,400. The IRS is encouraging taxpayers to use the EITC Assistant on IRS.gov/eitc, an interactive tool to find out if they are eligible for the credit.