$7,430 Stimulus Checks Arrive for Americans – Don’t Miss Out!

Government Aids Low-Income Families with Earned Income Tax Credit

IRS Encourages Taxpayers to Claim Their Benefits

According to Elvis Duran And The Morning Show, while stimulus checks may not be on the horizon millions of financially challenged Americans are receiving much needed assistance through the Earned Income Tax Credit (EITC). This week the government began issuing checks of up to $7,430 as part of the EITC program and aimed at providing support to individuals and families with low to moderate incomes. These tax refunds distributed by the IRS are available even to those who do not owe taxes based on income levels and the number of dependents.

Many eligible individuals may be unaware of the EITC with the IRS estimating that one in five eligible taxpayers fails to claim it. The credit amount varies depending on income and family size with maximum amounts ranging from $600 for individuals without children to $7,430 for families with three or more children. To qualify, individuals must be U.S. citizens with valid Social Security numbers and earning below specified income and meet other criteria outlined by the IRS.

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$7,430 Stimulus Checks Arrive for Americans – Don’t Miss Out! (PHOTO: getty images)

Ensuring Eligibility and Expediting Financial Assistance

To receive the EITC, eligible individuals must file a tax return using Form 1040 or 1040 SR along with a Schedule EIC form if they have qualifying children. Certain eligibility requirements such as income limitations and citizenship status must be met. While the process may delay receiving the full tax refund until February, those who filed for the EITC last year can expect their payments imminently providing much needed financial relief to those facing economic challenges.

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