WASHINGTON—To increase awareness among eligible working households about the benefits of the Earned Income Tax Credit (EITC), the Office of the Comptroller of the Currency is working with stakeholders across the United States to promote January 26 as EITC Awareness Day. .
The EITC is a refundable federal income tax credit for low- to moderate-income households. Millions of workers could become eligible for the EITC for the first time due to changes in their marital, parental, or financial circumstances.
“The OCC requires the banks we oversee to educate their customers and community members about the Earned Income Tax Credit to improve their financial health,” said Michael J. Hsu, Acting Comptroller of the Currency. said. “Earning a tax refund helps build wealth and improves financial security. Banks looking out for their customers builds trust between consumers and banks and improves the overall U.S. banking system.” It helps strengthen it.”
Last year, approximately 23 million eligible workers and their families received approximately $57 billion in EITC for fiscal year 2022. The average amount of EITC received nationwide was $2,541. For tax year 2023, adults with annual incomes of less than $63,698 may qualify, and families with eligible children may be eligible for a refund of up to $11,000.
By promoting the EITC to their customers, national banks and federal savings associations may be able to increase taxpayer awareness and increase the number of taxpayers eligible to take advantage of this valuable benefit.
In addition to promoting awareness of the EITC, the OCC encourages banks and federal savings associations to:
Provides and promotes low-cost banking products and services that allow tax refund recipients to have their income tax refunds deposited directly into their accounts. Let your customers know how to use their tax refund to pay off debt and increase their savings. Sponsor the Volunteer Income Tax Assistance Program at IRS branches to support employees who volunteer as tax preparers in low- to moderate-income communities.
