WASHINGTON—To educate more eligible working households about the benefits of the Earned Income Tax Credit (EITC), the Office of the Comptroller of the Currency is promoting EITC Awareness Day on January 27.
The EITC is a refundable federal income tax credit for low- to moderate-income households.
“The Earned Income Tax Credit is a valuable program that can help working Americans save money that makes a difference in their daily lives,” said Acting Comptroller of the Currency Michael J. Hsu. “OCC encourages national banks and federal savings associations to educate community members about the EITC and other tax credits and free tax assistance programs.”
Approximately 25 million taxpayers received more than $60 billion in EITC in 2021, resulting in an average tax credit of $2,411. For the 2022 tax year, adults with incomes of less than $57,414 may qualify, and families with eligible children may be eligible for a refund of up to $6,728. By promoting the EITC to their customers, national banks and federal savings associations can increase the percentage of eligible taxpayers who benefit from these valuable tax breaks. The Internal Revenue Service’s (IRS) EITC Awareness Day page includes helpful assistance resources.
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.
OCC regional officers provide information about the EITC and other initiatives to national banks and federal savings associations across the country. For more information, see the OCC’s fact sheet on Leveraging the Earned Income Tax Credit to Reach New Bank Customers.
