Why Americans repeatedly overlook this tax credit.
And yet, far too many taxpayers aren’t aware of the credit, according to a survey released this week. Some 44% possibly eligible for the credit — by making less than $40,000 a year — were not aware of it, according to a new survey from the tax preparation company Jackson Hewitt. More than half of the same group either said they did not qualify (20%) or didn’t know if they qualified (33%), according to the survey. 01.24.20
The Earned Income Tax Credit is designed to act as a cash infusion to low-income families. In fact, some experts have called it “one of the largest and most studied antipoverty programs in the United States.”