Individuals and families could be leaving thousands of dollars on the table by not claiming 2021 tax credits — here’s how to get started and see if you have any money to claim
As a result, some individuals and families became newly eligible for the money, including those who do not typically file tax returns due to having little to no income.
In addition, filers may also qualify for two other expanded tax credits: the child and dependent care credit, for up to $4,000 for one qualifying person or $8,000 for two or more qualifying persons; as well as deductions for cash contributions to charity for those who take the standard deduction, up to $300 in donations for individuals and up to $600 for married couples filing jointly.
"The IRS wants to remind potentially eligible people, especially families, that they may qualify for these valuable tax credits," IRS Commissioner Chuck Rettig said in a statement.recent report from the Bipartisan Policy Center said that was largely attributable to administrative barriers such as misperceptions about the necessary qualifications and claiming complexity.
The IRS emphasizes that claiming the 2021 credits will not affect eligibility for federal benefits through programs including Supplemental Security Income, Supplemental Nutrition Assistance Program, Temporary Assistance for Needy Families and the Special Supplemental Nutrition Program for Women, Infants and Children. It also has no effect on the immigration status and benefits, nor the ability to apply for a green card.
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