Millions of low-income Americans eligible for tax refund boost this year
CBSN
This tax season, millions of low-income Americans are eligible for a one-time tax break that could save them big bucks. The federal Earned Income Tax Credit, which is aimed at people in the lowest-paid jobs, is being tripled for a group of workers who typically don't benefit much from it: Childless adults.
For the tax year that just ended, low-income workers without kids can receive a credit worth up to $1,500 — nearly triple what the credit was worth in 2020. The American Rescue Plan, the $1.9 trillion pandemic relief bill signed into law last year by President Joe Biden, expanded the credit, raised income limits and expanded the ages of eligible workers for 2021.
"For the first time, the credit is now available to both younger workers and senior citizens," Gwen Garren, director of refundable credits program management at the IRS, said in a blog post.
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