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Maximize Your Savings with EITC in 2023

Maximize Your Savings with EITC in 2023

The Earned Income Tax Credit (EITC) is a significant tax relief option for low- to middle-income workers, potentially offering up to $7,430 depending on the filer's income and number of qualifying children. Singles without children can claim up to $600, while those with one, two, or three or more children can claim up to $3,995, $6,604, and $7,430, respectively. To qualify, individuals must meet certain income thresholds and other criteria, such as having a valid Social Security number, not being claimed as a dependent on someone else's return, and living in the US for more than half the year. The EITC is available to both U.S. citizens and resident aliens. Investment income must be below $11,000, and specific rules apply for claiming children. To claim the EITC, taxpayers must file Form 1040 or Form 1040-SR, along with Schedule EIC if claiming for a qualifying child. Tax software such as TurboTax and H&R Block offer options to file for free and claim the EITC for eligible taxpayers.

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