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OCC Promotes 2024 Earned Income Tax Credit Awareness Day

January 28, 2024 / Source: OCC

WASHINGTON—To increase the awareness of eligible working families about the benefits of the Earned Income Tax Credit (EITC), the Office of the Comptroller of the Currency joins stakeholders across the country in promoting January 26 as EITC Awareness Day.

The EITC is a refundable federal income tax credit for low- to moderate-income households. Changes in marital, parental, and financial status may qualify millions of workers for EITC for the first time.

“The OCC urges the banks we supervise to educate their customers and community members on the Earned Income Tax Credit to improve financial health,” said Acting Comptroller of the Currency Michael J. Hsu. “Receiving a tax refund can help build wealth and improve financial security. When banks look out for their customers, it helps build trust between consumers and banks and strengthens the U.S. banking system as a whole.”

Last year, approximately 23 million eligible workers and families received about $57 billion in EITC for tax year 2022. The average amount of EITC received nationwide was $2,541. For tax year 2023, adults with annual incomes under $63,698 may be eligible, and families with qualifying children may be able to receive a refund up to $11,000.

By promoting EITCs to their customers, national banks and federal savings associations can help bring awareness to taxpayers and potentially increase the number of eligible taxpayers who take advantage of this valuable benefit.

In addition to promoting EITC awareness, the OCC encourages banks and federal savings associations to:

  • provide and promote low-cost bank products and services that enable tax refund recipients to deposit their income tax refunds directly into their accounts.
  • inform customers about ways to use tax refunds to pay down debt and build savings.
  • sponsor IRS Volunteer Income Tax Assistance programs in branches and support employees who volunteer as tax preparers in low- to moderate-income communities.

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