Milan2099 | E+ | Getty Images
This tax season, the IRS expects more than 140 million individual returns — and many filers could miss a credit worth thousands of dollars.
The earned income tax credit, or EITC, is a tax break for low- to moderate-income workers. In 2023, eligible taxpayers received an average credit of $2,743, according to the IRS.
“Every year, millions of households receive the EITC,” former IRS Commissioner Danny Werfel said in early January, but “nearly 1 in 5 eligible taxpayers don’t claim this valuable credit because they don’t know about it or don’t realize they qualify.”
More from Personal Finance:Your tax return could be ‘flagged for audit’ without these formsHere’s what federal employees need to know when evaluating offer to resignThe Fed holds rates steady. What that means for you
For 2024, the EITC is worth up to $7,830 for eligible families with three or more children, up from …