In the United States, the effects of the pandemic are still being felt, and because of the unusual situation, many things that stopped moving in 2020 are still going on. A common thing that many Americans forgot to do was file their 2020 tax return. Now, the Internal Revenue Service (IRS) is giving people who missed this step the chance to make it right.
According to the IRS, there are certain annual income levels below which people do not have to file taxes. However, it is still a good idea to do so because some tax credits, like the Earned Income Tax Credit (EITC), are refundable and filing is the only way to get the money you are owed.
A lot of people didn’t file their taxes because they lost their jobs at the start of 2020. As a result, they left more than $6,000 in returns that were theirs lying around. Don’t worry, though; you still have time to file and will for a little while longer.
What do I need to do to get my Earned Income Tax Credit (EITC) tax return from the IRS?
Taxpayers must meet certain standards to get their EITC refunds. Some of these are:
Have children who depend on you: Families with three eligible children who depend on you can get up to $6,600. The amount will be less if you have less than three children.
Follow the income boundaries: This program is mostly for families whose yearly income is less than $50,594. People with higher incomes or fewer children, on the other hand, can get smaller amounts.
Still have the return to send: This reward is only for people who did not file their tax return on time. You need to file your tax return by January 14, 2025, if you haven’t already.
No matter how much you earn, the average return is only about $932 per worker, even though the maximum amount you can get is $6,600. It’s hard to meet all the requirements, but that doesn’t mean you shouldn’t try to get at least some of the money if you didn’t file on time. These days, every penny counts.
How do you get this money back from the IRS?
It’s not hard to get this return, and it shouldn’t take long to find out if you are qualified and if filing would help you. The IRS has the forms you need on its website and in local offices, so it should be easy for you to do it on your own. If you feel like you need help with the paperwork, you can talk to a tax expert.
Before January 14, 2025, all you have to do is file a full tax return for 2020. Make sure to include all of your income and correct information about any qualified children.
Remember that you will only be considered if you have all the necessary documents. You can’t file for an extension on this credit again, so please make sure that all the information is correct and full before you file. If you don’t, you will have missed your chance. Tax experts are a great way to make sure that your return is correct.
What should you do if you don’t get it?
Even though you don’t qualify for the biggest refund, you should still file as long as you meet some of the other standards. You might still be able to get a smaller refund. Your income and the number of children who depend on you are both important, but you can still get a refund if you only meet some of the standards. You can be sure you won’t get any money if you don’t file.
