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Surprise in U.S. Social Security: Many Could Receive Up to $8,000

Don't Wait Any Longer to Claim This Tax Benefit Offered by the IRS: Take This Money by Meeting These Requirements

29/03/2025 11:32:00h

Miguel Cuartas Ortego

Every year, thousands of workers in the United States leave unclaimed a tax benefit that could provide them with significant economic relief. We are talking about the Earned Income Tax Credit (EITC).

This credit, administered by the Internal Revenue Service (IRS), is designed to support workers with low or moderate incomes. But many are unaware of its existence or do not know they are eligible to receive it.

Important Notice from the SSA About the EITC: How It Works and Who Can Apply

The EITC is a refundable tax credit intended for working individuals and families with modest incomes. Unlike a deduction, which reduces the amount of income subject to taxes, a tax credit decreases the amount of taxes owed. If the amount of the credit is greater than the tax debt, the taxpayer can receive the difference as a refund.

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To be eligible for the EITC, one must have work income that is considered low or moderate. The amount of the credit varies depending on the number of qualifying children the taxpayer has.

One must meet the age and marital status criteria established by the IRS. It is important to review the specific eligibility criteria. Factors such as marital status, relationship with the children, and the time they have lived together can influence the qualification.

Maximum Money to Receive

The maximum amount of the EITC varies depending on the number of qualifying children and the taxpayer's income. These amounts can change annually due to inflation adjustments and other tax considerations. For the 2024 tax year, the maximum amounts are:

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No children: Up to $632.
With one qualifying child: Up to $4,213
With two qualifying children: Up to $6,960
With three or more qualifying children: Up to $7,830

Why Do Many Not Claim the EITC?

Despite the benefits it offers, the EITC is often not claimed for several reasons. Many people do not know this credit exists or that they are eligible to receive it.

The complexity of tax laws can deter some from applying for the credit. Some taxpayers may make errors when completing their returns, resulting in the loss of the credit.

The Social Security Administration and the IRS have issued notices urging taxpayers to verify their eligibility for the EITC and to claim it if they qualify. It is essential to file a tax return, even if no tax is owed, to be able to receive this credit.

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