Each year, United States citizen taxpayers can apply for different credits from the IRS. One of these credits is the EITC (Earned Income Tax Credit) and it can reach almost $7,500 per year at present.
The maximum right now is $7,430, but that does not mean that all Americans who apply for it can get that high a figure. In order to qualify for the EITC (Earned Income Tax Credit), several requirements must be met.
The idea of this benefit is to help Americans with lower monthly incomes. This means that some 23 million families would get almost $57 billion in 2023. Therefore, the EITC (Earned Income Tax Credit) is undoubtedly something really useful for United States citizens.
How to apply for the EITC (Earned Income Tax Credit)?
All Americans who meet the requirements can apply for the EITC (Earned Income Tax Credit). Although the maximum check is 7,430 dollars, most of the amounts of this financial help do not reach such a high figure.
Normally, this amount exceeds $600, so if we have this minimum, it is a good figure to be able to have some very beneficial extra money. To be able to have this EITC (Earned Income Tax Credit) it is necessary to fulfill the following requirements:
- Have worked in the previous year and have a maximum income of $63,398.
- Not have investment income of more than $11,000 in the tax year 2023.
- You must have a Social Security number in good standing by the due date of your 2023 return (this includes any extensions).
- Be a citizen of the United States or a resident alien for the entire year
- Have no foreign earned income, i.e., do not file Form 2555.
By doing this we could have access to one of these EITC (Earned Income Tax Credit). However, each category of citizens has a different maximum check. For example, with no qualifying children, the maximum payment is $600.
On the other hand, with one qualifying child, the credit can be as high as $3,995. Similarly, with two children under these conditions we could reach $6,605. Finally, with three children we would reach a figure of $7,430 in this EITC (Earned Income Tax Credit).