1 week Ago By James Evenden
AMERICANS must claim a $7,830 payment from the IRS before the April 15 deadline – which is just hours away.It is very nearly time for the tax season to end for another year, but there’s still cash Americans can grab before it’s too late. GettyAmericans must claim a $7,830 payment from the IRS before the April 15 deadline – which is just hours away[/caption]Those who qualify for Earned Income Tax Credit (EITC) still have time to claim the bonus.
This year, those eligible could get up to $7,830 in extra credit from EITC, as reported by The US Sun. It’s designed to support low income taxpaying households with children.EITC, as of December 2024, goes out to approximately 23 million workers and families every year.
The program pays out about $64 billion.The IRS reports that over 1.1 million Americans are yet to claim their EITC, but there are two things to keep in mind.
To claim, you have to be aware of your filing status when submitting your tax return, and your adjusted gross income (AGI). The IRS defines AGI as “your total (gross) income from all sources minus certain adjustments listed on Schedule 1 of Form 1040.”WHAT THIS MEANS FOR YOUWhen talking about your particular filing status, strict thresholds make the difference in how much you can get by a considerable amount.
On a tax form, eligible filing statuses include single, married filing jointly, married filing separately, head of household, and qualifying surviving spouse. Your filing status corresponds directly to your AGI.EITC amounts decrease for those with fewer dependents.
Therefore, single filers or those filing as head of the household will only be eligible for smaller EITC amounts. For example, those with no children must have an AGI of no more than $18,591 to qualify for EITC.Those who are married and filing jointly with no children must have an AGI of no more than $25,511.
The maximum AGI for a married joint filer with three or more dependents is $66,819.2025 Tax SeasonTax season started on January 27 and folks must have theirs completed filed on April 15.Those who fail to file by that time may face penalties.
However, taxpayers who need more time may file for an extension – this gives them until October 15.The way to do this is by filling out Form 4868, the Application for Automatic Extension of Time To File U.S.
Individual Income Tax Return. This can be done by mail, online with an IRS e-filing partner, or through a tax professional.While there’s no set schedule, the IRS revealed that taxpayers may receive refunds within 21 days of filing.
Just be sure to avoid making mistakes on any forms as that could tack on extra time.Those filing through mail will likely get their returns within a month or could even face delays as the IRS processes millions.As of January 31, the average refund amount totaled $1,928, per the IRS.
This is compared to the $1,395 for the same period in 2024.The average direct deposit refund for 2025 was even higher, the IRS said, at $2,069.To check the status of your refund, The IRS has an online tool called Where’s My Refund? This works within 24 hours of e-filing and generally within four weeks of filing a paper return.
This qualifies them for the highest EITC amount of $7,830.You have three years to file and claim EITC from prior years, the deadline for all three fall on the same day, just in different years.Americans also have until April 15 to claim EITC from as far back as the 2021 tax year.
For those interested, the EITC for this year is worth up to $6,728.To file, key requirements include a valid Social Security number, U.S.
citizenship or residency for the entire tax year.The tax season can often be stressful for many.Therefore, it is important to note that taxpayers needing more time can file for an extension before the April 15 deadline.
And those wanting to claim EITC can get help from the dedicated IRS assistant.GettyThis year, those eligible could get up to $7,830 in extra credit from EITC[/caption].
