You’ve probably heard lots of conversation around the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC). The IRS has informed taxpayers, that qualify for the EITC or ACTC, of their refunds being held until February 15, 2017. Qualifying taxpayers may receive their refunds by February 27, at the earliest, depending on when they filed.
If you are unfamiliar with EITC, it is a tax credit for persons who meet specific requirements related to income and the number of children in the household. According to the IRS, EITC was implemented to reduce the tax burden for working Americans with low to moderate incomes. The IRS reports that more than 27 million eligible workers and families received more than $67 billion in EITC last year. The average EITC amount was roughly $2,455.
Although the EITC has been around for a few years, many people are unaware that they qualify. Some of the non-traditional qualifiers include:
- grandparents raising grandkids,
- persons without children,
- persons who speak limited English,
- Native Americans, and
- persons living in rural areas.
You can determine your eligibility for EITC by visiting the IRS Earned Income Tax Credit or the EITC Assistant page. Furthermore, you can learn more about the ACTC by visiting the What You Need to Know about CTC and ACTC.
The EITC or ACTC can be a benefit to you and your family. With the refund release date approaching, don’t hesitate to file today. TaxSlayer offers all the tools and forms you need to make the filing process easy. Not to mention, TaxSlayer provides free live phone and email support with each package.