Tax Rebates & Refunds

Low-income US workers could get tax rebates of up to $5,800

February 20, 2013
Posted in Tax Rebates — Written by Chris

According to a recent update from the Internal Revenue Service (IRS), workers on a low-income in the U.S. could potentially be eligible for a tax refund of up to $5,800.

The IRS, which is the U.S. version of HM Revenue & Customs (HMRC) in the UK, has revealed that millions of workers could be eligible for something known as the Earned Income Tax Credit (EITC). This is a scheme designed to help workers with a low to moderate income, and involve issuing tax credits as a refund if they add up to more than the taxes owed when the worker files a tax return.

Despite the fact that millions of U.S. employees earned up to $50,270 in 2012 and so would be eligible to claim EITC, around one in five apparently never even sign up to the scheme.

The acting commissioner for the IRC, Steven T. Miller, recently said in a statement:

“This year, millions of workers could qualify for EITC for the first time, and the IRS urges them not to overlook this valuable credit,”

In 2012, the average tax refund for people eligible for the EITC was $2,200.

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