EITC Refund Date 2024 – Eligibility & How to file Earned Income Tax Credit?

The IRS anticipates that by February 27, assuming the majority of the EITC refunds will be accessible in their bank accounts via direct deposit or on debit cards. Your filing status and the number of children you have will determine the EITC for the year 2023, which ranges from $600 to $7,430.

EITC Refund Date 2024

When the IRS receives a return, many circumstances might influence when a refund is issued. The IRS warns taxpayers not to depend on getting a return by a specific date, especially when making large purchases or paying payments, even though it processes the majority of refunds in less than 21 days. 

Certain returns might take longer to review and might need more time. The IRS is prohibited from issuing Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before mid-February by the federal Protecting Americans from Tax Hikes (PATH) Act. 

If taxpayers select direct deposit and there are no additional problems with their tax return, the IRS anticipates that the majority of EITC/ACTC-linked refunds will be accessible in bank accounts or on debit cards by February 27.

It has been stated by the IRS that on January 29, 2024, it will begin to receive and process income tax returns. In 2024, April 15 is the deadline for filing taxes. 

What is EITC Refund 2024?

The amount of taxes that the IRS provides is determined by the taxpayer’s filing status, family members, and annual income. The time it takes to get your tax refund will also depend on when you filed for credit. 

Browse this page for further important details on the EITC Refunds, including what they are, when they will arrive, and more. The Earned Income Tax Credit, or ETIC, is available to taxpayers. 

EITC Refund Date 2024

The ETIC functions as a refundable tax that benefits US taxpayers by lowering their total tax liability by a predetermined amount. Based on their tax credit exceeding their responsibility for a given fiscal year, they get refunded.

Who is Eligible for EITC Refund 2024?

You can verify your eligibility for the 2024 EITC Refund by using the points listed below.

Individual Eligibility

  • In 2023, your investment income has to be $11,000 or less. By 2024, that sum will have increased to $11,600.
  • Pensions and unemployment benefits do not qualify; you must have at least $1 in earned income.
  • If you are a member of the clergy or the armed forces, have separated or divorced from your spouse, or get disability benefits, the limits may apply to you differently.
  • You have to be at least 25 years old but not older than 65 to be eligible for the EITC if you don’t have any qualifying children. Only one spouse must fulfill the age requirement if you’re claiming jointly and you don’t have children. 
  • You must not be a resident alien or citizen, file Form 2555 for Foreign Earned Income, and have a working Social Security number.

Qualifying Child for EITC Refund 2024 Eligibility

  • The child may be any of their offspring, whether they are biological, adopted, stepchildren, foster children, grandchildren, siblings, half-siblings, or stepsiblings.
  • More than half of the child’s year must have been spent in the United States with you or your spouse.
  • At year’s end, the child must be under 19, younger than the parent or spouse, or 24 if enrolled full-time in school. Children who are permanently impaired are not limited in age.

How to File EITC Refund 2024?

The EITC can be claimed by the taxpayer when they submit their income tax return to the Internal Revenue Service. The taxpayer’s EITC is automatically awarded following their eligibility. You must submit the following information in order to file your tax return and get the EITC:

  • You must file a Form 1040, a federal income tax return, to be eligible for the Earned Income Tax Credit (EITC).
  • If you claim a child on your taxes, you need to include the Schedule EIC. The name(s), Social Security number, birth year, and relationship(s) of any eligible child(ren) must be entered. 
  • You must also provide information about the child(ren)’s age, length of stay with you, and status as disabled in the Schedule EIC.
  • Most tax preparation software companies will help you apply for the earned income tax credit by asking you a series of questions and determining your eligibility. 
  • After that, the tax preparer will add your Schedule EIC and finish the requirements on your 1040.
  • Your bank account number and routing number are among the details provided.
  • For each person named in your return, include their Social Security card, SSN, or other federal government identity proof.

These are a few of the required documents that taxpayers must include with their income tax return. Within three weeks of the IRS approving your return, the individual will receive their earned income tax credit.

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