IRS’ largest refundable tax credit in 2024 (over $7,000), check eligibility and claim it

Eligible Earned Income Tax Credit (EITC) recipients may receive up to $7,830 from the Internal Revenue Service. The IRS has established this as the upper limit for the 2024 tax year.

You will therefore earn the maximum EITC in 2025 if you are eligible for it for Tax Year 2024. You must fulfill all requirements and have three or more eligible children in order to be eligible for such a large tax credit.

The IRS may give you a payment for up to $6,960 if you only have two eligible children. An EITC of up to $4,213 is available to families with only one kid. You might get up to $632 even if you don’t have a qualifying child.

Who qualifies for the IRS Earned Income Tax Credit?

The Internal Revenue Service states that individuals with low-to-moderate incomes are eligible for the Earned Income Tax Credit. The number of dependents, people with disabilities, or children living in the same home affects how much your EITC is.

Examine the EITC restrictions for clergy and military members before they impact any other government benefits you may be receiving. If not, just confirm the fundamental guidelines the IRS set down for the EITC:

• First, you must have earned income
• Secondly, you must have investment income under the limit
• Thirdly, you must have a valid SSN (Social Security Number) by the due date of your tax return (extensions are included)
• Only for United States citizens or resident aliens for the full year
• You cannot have filed Form 2555 (Foreign Earned Income) to claim the EITC

How can taxpayers find out if they qualify for IRS EITC?

The IRS strongly recommends you to confirm your eligibility before claiming the EITC. Due to regulatory constraints, your tax refund will take longer if you claim the EITC. Consequently, the Agency is unable to submit EITC returns prior to the middle of February.

The best method for figuring out eligibility is to use the Earned Income Tax Credit Assistant. In addition to determining your eligibility, it will also provide information on your filing status, anticipated credit amount, and whether you have any eligible children.

Make sure you have the following items on hand in order to use the IRS EITC assistance at https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant:

• All the Income statements you have such as W-2s, or 1099s
• Any documents to prove the expenses or adjustments to your income
• Documents showing money paid to you or taxes withheld

Also see: On a single payment day, all SNAP users in these states will get all of their new Food Stamps, up to $292–1,756.

Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates, feel free to reach out to us via email. We appreciate your trust and support!