IRS-Approved- How to Apply for a Refund of Up to $7,800 if You Meet These Requirements

The 2025 tax season is quickly approaching, and millions of Americans are preparing to file their tax returns. The Internal Revenue Service (IRS) has announced that starting Monday, January 27, 2025, it will begin processing tax returns and issuing refunds for the 2024 tax year.

One of the significant benefits that taxpayers can claim on their returns is the Earned Income Tax Credit (EITC). For the 2024 tax year, the maximum EITC amount is $7,830, with a slight increase to $8,046 in 2025.

What is the Earned Income Tax Credit (EITC)?

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The Earned Income Tax Credit (EITC) is designed to assist low to moderate-income workers. If you qualify, this tax credit can either increase your refund or reduce the amount of tax you owe. The amount of the credit varies based on your income and the number of children you have.

For 2024, eligible workers can claim between $632 to $7,830 on their tax return. The exact amount depends on your annual income and how many qualifying children you have. Below is a summary of the income requirements and credit amounts:

EITC Income Limits and Maximum Credit Amounts for 2024

2025 EITC Adjustments

In 2025, the EITC will rise slightly:

• $649 for no children (up from $632)
• $4,328 for one child (up from $4,213)
• $7,152 for two children (up from $6,960)
• $8,046 for three or more children (up from $7,830)

Requirements for Claiming the EITC

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To qualify for the Earned Income Tax Credit (EITC), taxpayers must meet several criteria, including:

• Earned Income: You must have earned income from employment, self-employment, or another qualifying source.
• Adjusted Gross Income (AGI): You must meet the specific AGI limits for the current, past, and future tax years.
• Age and Filing Status: If you are filing as an individual or jointly, your earnings should be below certain thresholds: $59,899 for single filers or $66,819 for married couples filing jointly.
• Investment Income: Investment income must be below $11,600 for the 2024 tax year.
• Social Security Number: You and any dependents claimed must have valid Social Security numbers.
• Residency: You must be a U.S. citizen or resident alien for the entire year.
• Form 2555: Failure to submit this form (foreign earned income) could result in disqualification for the credit.

When Can You Expect the EITC Refund?

The IRS has announced that by February 27, 2025, most taxpayers who claim the EITC should expect to see their refunds processed. E-filed returns generally get processed within 21 days, while paper-filed returns may take 6 to 12 weeks.

To help track your refund status, you can use the IRS2Go app or the Where’s My Refund? tool. Here’s a look at other useful features offered by the IRS2Go app:

IRS2Go App Features:

• Refund Status: Check your federal income tax refund status. You’ll see an update approximately four weeks after mailing a paper return or 24 hours after e-filing.
• Payment Options: You can make secure payments directly from your bank account using IRS Direct Pay or a credit/debit card via an authorized processor.
• Free Tax Help: Find local VITA (Volunteer Income Tax Assistance) or TCE (Tax Counseling for the Elderly) locations for in-person assistance if you qualify. You can also file your taxes directly using free software through the app.

Who Qualifies for the $2,500 Stimulus Check in 2025?

As the 2025 tax season approaches, eligible workers will have the opportunity to claim the Earned Income Tax Credit (EITC), which can significantly increase their refund or reduce their tax liability.

For 2024, the maximum credit ranges from $632 to $7,830, depending on your income and family situation, with an increase expected in 2025.

Be sure to meet the necessary requirements, file your return on time, and track your refund with the helpful tools available through the IRS2Go app.

By understanding the criteria and staying informed about the changes to the EITC, you can make the most of the upcoming tax season.

FAQs

How do I claim the EITC?

You can claim the Earned Income Tax Credit (EITC) on your Form 1040 or Form 1040-SR when filing your tax return.

Do I need to file taxes to receive the EITC?

Yes, you must file a tax return to claim the EITC, even if you do not owe taxes.

Can I claim the EITC if I don’t have any children?

Yes, you can claim the EITC if you are eligible, even if you do not have children. The maximum credit for single filers without children is $632 for 2024, which will increase to $649 in 2025.