What Is The Max Eic For 2024. The eic reduces the amount of taxes owed and may also give a refund. This means that even if the credit exceeds the taxes owed, the taxpayer can still receive a refund for the.
According to the irs, 20% of eligible taxpayers don’t know about the earned income tax credit, yet it could add thousands of dollars in tax savings back into their pockets. For tax year 2023—meaning the return you file in 2024—you may qualify for the credit if your income is less than about $63,400.