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IDOR News & Updates - January 28, 2022 |
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Take Advantage of Earned Income Tax Credit
With thousands of Illinoisans missing out on the federal Earned Income Tax Credit (EITC) and state Earned Tax Credit (EIC) each tax season, the Illinois Department of Revenue is reminding qualifying taxpayers to take advantage of these benefits.
The Earned Income Tax Credit can result in refunds of:
Federal
- up to a $6,728 refund when a taxpayer files a return and has qualifying children.
- up to $1,502 for workers with no qualifying children.
State
- up to 18 percent of a taxpayer's federal claim (for tax years on or after Jan 1, 2018).
The Internal Revenue Service (IRS) recommends that all workers who earned around $57,414, or less learn about EITC eligibility and use the EITC Assistant to find out if they qualify.
To be eligible for federal EITC and state EIC taxpayers must:
- meet certain income and residency qualifications.
- file a tax return, even if they do not owe any tax or are not required to file.
Did you know?
- Taxpayers must be eligible for federal EITC to receive state EIC.
- Taxpayers who are eligible for the federal EITC automatically qualify for the Illinois EIC.
- According to the IRS, the average EITC credited for 2021 was $2,411.
- In 2021, more than 74,800 Illinoisans claimed a federal EITC credit without also claiming the state EIC, leaving over $29.8 million unclaimed.
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