These tax credits could boost refunds for low-income families this year investinyou (In partnership with acorns.)
This year, the maximum benefit from the earned income tax credit was also expanded for workers without children, nearly tripling to $1,502, from $543. The American Rescue Plan also increased the income range where such workers can claim the credit to about $21,000 from $16,000 and expanded the age range of those eligible to include adults aged 19 to 24.
Some people may also get a boost on the state level. Due to the pandemic, at least 10 states have thus far decided to use funds from the American Rescue Plan toOf course, families who opted out of the advance child tax credit payments will generally see either a much larger than usual refund for 2021, or have their liability reduced by more than usual, as they'll get the entire enhanced benefit at tax time.
And, there are many individual considerations that go into calculating each families' tax liability and potential refunds. This year, because of the changes, it may be a good idea for families to enlist the help of a professional tax preparer to make sure they are taking advantage of all the credits they are eligible for. ManyWhile some of the changes that will impact refunds are only for 2021, there may be more updates on the horizon.
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