Tax Tip 2018-10: Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC
Internal Revenue Service (IRS) sent this bulletin at 01/23/2018 01:41 PM EST
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Issue Number: Tax Tip 2018-10Inside This IssueGrandparents Caring for Grandchildren Should Check Their Eligibility for EITC Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit. The IRS encourages these grandparents to find out, not guess, if they qualify for this credit. This is important because grandparents who care for children are often not aware that they could claim these children for the EITC. The EITC is a refundable tax credit. This means that those who qualify and claim the credit could pay less federal tax, pay no tax, or even get a tax refund. Grandparents who are the primary caretakers of their grandchildren should remember these facts about the credit:
Qualified taxpayers should consider filing electronically. It’s the fastest and most secure way to file a tax return and get a refund. By law, the IRS cannot issue refunds before mid-February for tax returns that claim the EITC or the additional child tax credit. The law requires the IRS to hold the entire refund — even the portion not associated with the EITC or ACTC. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting Feb. 27, 2018, if these taxpayers choose direct deposit and there are no other issues with their tax return. More Information: Publication 596, available on IRS.gov. Share this tip on social media -- #IRSTaxTip: Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC. https://go.usa.gov/xnfqc Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message. |