With thousands of Illinoisans missing out on the Earned Income Tax Credit each tax season, the state of Illinois is reminding qualifying taxpayers to take advantage of this refundable credit.
While more than 900,000 Illinoisans claimed the EIC credit last year, nearly 10,000 taxpayers left almost $1.5 million on the table, officials said.
To be eligible for EITC, taxpayers must meet certain income and residency qualifications and file a tax return, even if they do not owe any tax or are not required to file.
The Internal Revenue Service recommends that all workers who earned around $54,000 or less learn about EITC eligibility and use the EITC Assistant to find out if they qualify. Taxpayers must be eligible for federal EITC to receive state EITC.
“Taxpayers often miss out on EITC because they are newly qualified or choose not to file a tax return because their income falls below IRS thresholds,” said David Harris, IDOR Director designate. “We are encouraging taxpayers to utilize the resources readily available on our website and through the IRS to make sure they do not miss out on this valuable tax credit.”
Federally, eligible families with three or more qualifying children could get a maximum credit of up to $6,431. EITC for people without children could mean up to $519 added to their tax refund. For tax years beginning on or after Jan. 1, 2018, the Illinois EITC is 18 percent of your federal EITC.
For information on EITC eligibility and additional tax season resources, go to tax.illinois.gov.