IRS Announces EITC Refund Schedule for Tax Year 2023
Those eligible for the Earned Income Tax Credit (EITC) refund for the tax year 2023 can expect to receive their refunds by February 27, 2024, the Internal Revenue Service (IRS) recently announced.
The EITC is a tax credit for low- to moderate-income working individuals and families. The amount of the credit varies based on the number of qualifying children and the taxpayer’s AGI. For the tax year 2023, the maximum amount of the EITC refund is $7,430 for those with three or more children, and investment income must not exceed $11,000.
Taxpayers who filed early and chose direct deposit as their payment method can expect to receive their refunds by February 27, while those who filed later or received a paper check may experience a delay in receiving their refunds.
To check the status of their EITC refund, taxpayers can use the “Where’s My Refund” tool on the IRS website or the “IRS2Go” mobile application. If there is a delay in receiving the refund, the IRS encourages the taxpayer to contact their officials for assistance.
It is important to note that taxpayers who file during the peak period between mid-March 2024 and April 15, 2024, may need to receive their EITC refund. The IRS advises taxpayers to file as early as possible to avoid delays.
The EITC is a valuable tax credit that can relieve low- to moderate-income working individuals and families. Taxpayers eligible for the credit are encouraged to file their taxes early and opt for direct deposit to ensure a timely refund.
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