IRS Announces Refunds of up to $7,000; See If You Qualify

• IRS Announces New Refunds.
• Steps to Qualify for the Cash.
• Exact Date to Claim the Check.

The Internal Revenue Service (IRS) has announced that some taxpayers will be able to receive up to $7,000 as part of the Earned Income Tax Credit (EITC) for the fiscal year 2025.

This benefit is aimed at low and moderate-income workers, helping to reduce the amount of taxes owed and, in many cases, increasing their refund.

Eligible taxpayers will need to file their tax return for the year 2024 to access this benefit.

The IRS has set a series of criteria for workers to qualify for the EITC in 2025.

New IRS Check on the Way

Individuals without children must be between 25 and 65 years old at the end of 2024 to be eligible.

For married couples, at least one spouse must meet this age requirement.

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A valid Social Security number is mandatory, and a tax return must be filed, even if one is not required to do so.

Taxpayers who file Form 2555, used to report foreign earned income, are not eligible for this credit.

The value of the credit varies depending on the number of qualifying children and the taxpayer’s income.

For the fiscal year 2024, the income limits and maximum EITC amounts are as follows:

No children: up to $18,591 for singles and $25,511 for married filing jointly.

With 1 child: up to $49,084 for singles and $56,004 for married filing jointly.

With 2 children: up to $55,768 for singles and $62,688 for married filing jointly.

With 3 or more children: up to $60,619 for singles and $66,819 for married filing jointly.

The final amount of the refund will depend on each person’s tax situation and the amount of taxes withheld during the year.

The IRS has already begun processing tax returns for the fiscal year 2025.

When Will the IRS Start Paying These Refunds?

However, refunds that include the EITC often take a bit longer to be approved due to additional security reviews.

If a taxpayer filed their return in the early days of the season and requested direct deposit, the refund could arrive before March 3, 2025, provided there are no errors in the documentation.

The IRS offers the online tool «Where’s My Refund?», which allows taxpayers to check the status of their payment in real-time.

To receive this benefit, it is crucial to file the appropriate tax return and complete the required forms.

The required forms include: Form 1040(SP): personal income tax return.

Form 1040-SR(SP): designed for individuals aged 65 or older; Schedule EIC: required only if the taxpayer has qualifying children.

Those who did not claim the EITC on their original return but believe they were eligible can file an amended return using Form 1040-X.

The IRS recommends taxpayers to carefully review their return to avoid delays in processing the refund.

The Earned Income Tax Credit is considered one of the most important tools for assisting low and moderate-income workers.

This refund can provide significant economic relief for millions of people in the United States.

Especially in a context of inflation and rising living costs.

Tax experts advise taxpayers to ensure they meet the requirements and file their return as soon as possible to receive their refund without issues.

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