While millions of individuals and families benefitted from expanded tax credits last year, some have yet to file for the money.
The child tax credit and earned income tax credit are aimed at helping low- and moderate-income families. Together, they prompt the IRS to issue more than $100 billion in credits and refunds annually, Koskinen said.
The earned income tax credit supplements wages for low- to moderate income workers. It was also expanded under the American Rescue Plan. In particular, it raised income limits; brought the maximum credit for workers without children to about $1,500, up from $560; and made it so workers ages 19 to 24 and 65 and over could qualify. Consequently, almostRecent data from the U.S.
Much of the reason why people fail to access the credits comes down to administrative barriers, the Bipartisan Policy Center found. That includes lack of access to user-friendly online tools, misperceptions about what it takes to qualify and claiming complexity. Fewer than 20% of calls to the federal tax agency are answered, and some estimates show just 11% of calls were answered last year, he said.
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