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Jackson Hewitt® Warns Taxpayers that Unemployment Could Affect Eligibility for the Earned Income Tax Credit

JERSEY CITY, N.J., Jan. 21, 2021 /PRNewswire/ --A To increase eligibility awareness of one of the most overlooked tax credits, the Earned Income Tax Credit (EITC), Jackson Hewitt Tax ServiceA® is participating in this year's EITC Awareness Day, on January 29, 2021.
Jackson Hewitt® Warns Taxpayers that Unemployment Could Affect Eligibility for the Earned Income Tax Credit
The EITC is one of the largest tax credits, valued at up to $6,660 for qualifying taxpayers with three or more children. Jackson Hewitt wants taxpayers to know that their EITC eligibility could be affected ifA they were unemployed or had significant employment changes during 2020. The credit is based on earned income, and unemployment benefits are not considered earned income, therefore taxpayers who received unemployment benefits in 2020 could have their eligibility for the EITC impacted. Some taxpayers may not have earned enough income to qualify for much credit, while others may have had a drop in earned income that allows them to now qualify."According to a recent Jackson Hewitt survey, 36 percent of taxpayers reported that they earned less income in 2020, which could impact eligibility for the Earned Income Tax Credit," said Mark Steber, Chief Tax Information Officer at Jackson Hewitt. "Due to high unemployment rates in 2020, we expect to see a shift in those who qualify for the credit and want to make sure people are very aware of their potential eligibility on EITC Awareness Day."
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