Tuesday, March 5, 2024

Connect with us:

Illinoisans reminded to utilize Earned Income Tax Credit

Information provided by the Illinois Department of Revenue

CHICAGO, Ill. (January 29, 2023) — With thousands of Illinoisans failing to take advantage of savings offered by the federal Earned Income Tax Credit (EITC) and state Earned Income Credit (EIC) each tax season, Governor JB Pritzker is reminding qualifying taxpayers to claim these valuable benefits.

To be eligible for tax year 2022 (tax returns filed in 2023), taxpayers must have received “earned income” in 2022, 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 (IRS) recommends that all workers who earned $59,187 or less last year, learn about EITC eligibility and use the EITC Assistant to see if they meet qualifications.

Taxpayers eligible for the federal EITC also automatically qualify for the Illinois EIC, which is a refundable tax credit worth up to 18 percent of their federal claim. Despite that, in 2022, more than 70,000 Illinoisans claimed a federal EITC credit without also claiming the state EIC, leaving over $25.3 million unclaimed.

“My administration’s first focus will always be supporting Illinois’ working families—and that means putting money back into the pockets of those who need it most,” said Governor JB Pritzker. “With tax season well underway, I encourage all eligible Illinoisans to take advantage of our state Earned Income Credit and federal Earned Income Tax Credit.”

For the 2022 tax year, the earned income credit ranges from $560 to $6,935, depending on the number of children claimed on the return. However, taxpayers do not have to have a child to claim the credit. Last year, 25 million eligible workers and families received $63 billion through the federal EITC. Taxpayers receiving earned income in the last three years that did not claim these benefits can still apply by filing amended returns.

To determine an Illinois EIC amount, taxpayers can follow the instructions for Schedule IL-E/EIC. For more information on determining a federal credit, taxpayers can visit the IRS website at www.irs.gov.

The Lansing Journal
The Lansing Journalhttps://thelansingjournal.com
The Lansing Journal publishes news releases from state, county, and local officials who provide information that impacts local community life. The particular contributor of each post is indicated in the byline.