Earned Income Tax Credit Awareness Day

Earned Income Tax Credit Awareness Day is annually celebrated on January 29 to spread information and educate consumers about annual money-saving opportunities.

Some facts about the EITC

1. The working people thrive. In 2018, the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) lifted more than 10.6 million people in working families above the poverty line, including 5.5 million children. The EITC alone has lifted more than 5.6 million people out of poverty, including about 3 million children.

2. Single mothers benefit. EITC encourages work. During the 1980s and 1990s, the expansion of the EITC accounted for more than half of the increase in single mothers' employment during that period.

3. Children have a better start in life. Higher EITC reimbursements are associated with more prenatal care, less maternal stress, and signs of better newborn health.

4. Children excel at school. Younger students whose families receive higher EITC and CTC rebates score better on school tests, especially in math.

5. More children graduate. Receiving a larger EITC at a young age increases a child's likelihood of graduating from high school.

6. More young people go to college. The larger the EITC the child's family receives, the greater the chance that the child will enter college before 19 or 20.

7. Young people do better in life! Children from families with higher EITC earn more as adults and work longer hours.

8. Families have healthier lives. Children from families receiving higher EITC and CTC reimbursements are more likely to avoid early disability and other illnesses related to child poverty.

9. Workers get a little help — when they need it. The EITC provides a short-term safety net. Nearly half of taxpayers with children claimed the EITC at least once during that 18-year period.

10. The family earns a living every day. Families use the EITC to pay for necessities, repair and maintain cars, and invest in education.

History of Earned Income Tax Credit Awareness Day

To raise awareness of the benefits of the earned income tax credit for working families, the Office of the Comptroller of the Currency is promoting the annual EITC Awareness Day on January 29.

OCC encourages national banks and federal savings associations to work in their communities to educate the public about and promote EITC and free tax assistance programs.

Established in 1975, the Earned Income Tax Credit Program is the federal government's largest program to help working Americans. The EITC is a refundable federal income tax credit available to low- to moderate-income workers to offset the social security tax burden. When the EITC exceeds the amount of tax owed, a refund will be issued to eligible taxpayers who claim and qualify for the credit.

In 2020, approximately 25 million eligible taxpayers received $62 billion in EITC funds. For the 2019 tax year, the average amount received was about $2,461. The tax credit could mean a refund of up to $6,660 when filing a 2020 tax return if the taxpayer has qualifying children. Eligible childless workers may be eligible for a credit up to $538.

One-third of the EITC population changes each year. The Internal Revenue Service (IRS) estimates that four out of five workers claim the EITCs they earn, leaving billions of dollars each year in unclaimed credits.

Ways to raise the EITC for Awareness Day

1. Posting graphics on social networks

We've created several social media toolkits with images that you can share on Facebook and Twitter.

2. Share videos about EITC

We've made a quick video to explain (in simple terms) what the EITC is, why it's important, and its impact on millions of Americans.

3. Post these blogs

Share these blogs on Facebook and Twitter or repost your blog. Let us know if you repost a post.

4. Provide EITC resources to customers and partners

Dissemination of outreach materials about tax credits to families and partner organizations.