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Tax Credit for Low Income Workers - EITC Explained
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The Earned Income Tax Credit (EITC) can give low-to-moderate income workers a financial boost after a difficult 2020. In 2019, the average credit amount was $2,476. The IRS has issued a “Tax Tip” reminding taxpayers how to claim this credit, which can reduce the amount of tax someone owes or give a refund to someone who doesn’t owe taxes – or isn’t even required to file a return. But first, you have to file a federal tax return – that’s your only chance to claim this credit. We explain which taxpayers qualify based on income and the filing status used on a tax return, how the credit can be increased if you have one or more children who live with you, and additional eligibility criteria, income thresholds, credit maximums, how to file, and where to find help.
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0:00 EITC Explained
0:36 Who is eligible
0:52 Increased credits
1:05 Additional Eligibility Criteria
2:52 Income Thresholds
3:57 New for 2020
4:24 Maximum Credit Amounts
4:38 Credit for prior years
5:24 How to File
5:52 Where to find help
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About HealthWatch Wisconsin:
HealthWatch Wisconsin is a nonprofit subsidiary of ABC for Health, Inc. We work to promote improved access to health care coverage and services. HealthWatch Wisconsin creates content for savvy consumers, families, & health care professionals. We track policy developments in a changing landscape of insurance coverage. As a membership organization, HealthWatch Wisconsin works on important health care public policy issues and acts to focus and amplify statewide efforts and strategies to connect people to the health care and coverage they need and deserve.
On our YouTube channel, you will find content about health insurance and coverage programs like Medicaid and social security programs, Private Health Insurance and Marketplace plans, and Medicare. We explain legislation and laws like the Affordable Care Act and important insurance events like Open Enrollment for the Marketplace. We stay on top of current events, policy and rule changes, like COVID response emergency rules, public charge and immigration rules, and annual updates to the federal poverty level (FPL). We also share some tips and advocacy strategies.
You will also find content on programs specific to Wisconsin such as: BadgerCare Plus eligibility, enrollment, and program rules and disability program rules and features for adults as well as children with special health care needs (CYSHCN).
We also cover topics that intersect with health coverage for vulnerable populations, such as food, energy, and housing assistance programs.
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0:00 EITC Explained
0:36 Who is eligible
0:52 Increased credits
1:05 Additional Eligibility Criteria
2:52 Income Thresholds
3:57 New for 2020
4:24 Maximum Credit Amounts
4:38 Credit for prior years
5:24 How to File
5:52 Where to find help
---
Support HealthWatch Wisconsin with a tax deductible donation:
Visit our official website:
Want to get in touch with us? Send an email:
About HealthWatch Wisconsin:
HealthWatch Wisconsin is a nonprofit subsidiary of ABC for Health, Inc. We work to promote improved access to health care coverage and services. HealthWatch Wisconsin creates content for savvy consumers, families, & health care professionals. We track policy developments in a changing landscape of insurance coverage. As a membership organization, HealthWatch Wisconsin works on important health care public policy issues and acts to focus and amplify statewide efforts and strategies to connect people to the health care and coverage they need and deserve.
On our YouTube channel, you will find content about health insurance and coverage programs like Medicaid and social security programs, Private Health Insurance and Marketplace plans, and Medicare. We explain legislation and laws like the Affordable Care Act and important insurance events like Open Enrollment for the Marketplace. We stay on top of current events, policy and rule changes, like COVID response emergency rules, public charge and immigration rules, and annual updates to the federal poverty level (FPL). We also share some tips and advocacy strategies.
You will also find content on programs specific to Wisconsin such as: BadgerCare Plus eligibility, enrollment, and program rules and disability program rules and features for adults as well as children with special health care needs (CYSHCN).
We also cover topics that intersect with health coverage for vulnerable populations, such as food, energy, and housing assistance programs.
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