IRS Begins Sending Tax Refund Returns for 2024 – What You Need to Know
The Internal Revenue Service (IRS) has announced that it will begin sending tax refund returns for the 2024 tax season starting today, February 27th. Eligible taxpayers can claim up to $7,430 through the Earned Income Tax Credit (EITC) and other tax benefits and credits.
The EITC is designed to help families and employees with low to moderate incomes, and it can be used to lower their tax liability and increase their refunds. It is the country’s most prominent “cash-based safety net” program, proven through research to have helped more than 5.6 million households escape poverty.
Despite the benefits of the EITC, the IRS estimates that nearly one in every five eligible taxpayers does not claim this valuable credit. To qualify for the EITC refund, workers must complete specific requirements and file a tax return, even if their income is below the required filing threshold.
The income levels and credit amounts for the year 2024 are as follows:
Dependents | Adjusted Gross Income (AGI) | Maximum Credit
No children | Up to $17,640 (single) / $24,210 (joint) | $600
One child | Up to $46,560 (single) / $53,120 (joint) | $3,995
Two children | Up to $52,918 (single) / $59,478 (joint) | $6,604
Three or more children | Up to $56,838 (single) / $63,398 (joint) | $7,430
Other tax credits available for eligible taxpayers include the Child Tax Credit, Child and Dependent Care Credit, and Education Credits. The Child Tax Credit is a nonrefundable credit that allows taxpayers to claim up to $2,000 per qualifying child. In contrast, the Child and Dependent Care Credit helps cover the cost of child or dependent care expenses. Additionally, Education Credits can reduce your tax liability on your tax return and help with the expense of higher education.
In the tax year 2022, around 23 million workers and families received approximately $57 billion in EITC, with an average amount received at about $2,541. The IRS encourages eligible taxpayers to take advantage of the EITC and other tax credits, as they can significantly reduce tax liability and increase refunds.
So, if you are eligible for the EITC and other tax credits, remember to file your tax return and claim your benefits!
