U.S. citizens should be aware of the potential financial boost from the IRS's Earned Income Tax Credit (EITC). This credit offers a valuable opportunity to ease financial burdens and simplify tax obligations.

The federal Earned Income Tax Credit is designed for low to moderate-income wage earners and is fully refundable, meaning even those who do not earn enough money to have taxes withheld are eligible. The Internal Revenue Service is reminding tax filers about a key credit worth up to $7,830.

Some taxpayers may be eligible for a refundable credit of up to $8,000. Here are the requirements and how to apply.

The IRS offers a significant tax credit for low to moderate-income workers, potentially providing up to $8,000. This credit, known as the Earned Income Tax Credit (EITC), can substantially reduce your tax bill or even result in a refund.

Nearly 1 in 5 eligible taxpayers miss the earned income tax credit, which was worth an average of $2,743 in 2023, according to the IRS.

The federal earned income tax credit celebrates 50th anniversary. Yet, IRS estimates one in five eligible taxpayers miss out on claiming the credit.

About one in five eligible filers overlook this credit, the IRS said. Certain filers can receive up to $7,830 more back in their refunds when claiming the credit.

Many people don't know they may qualify for the earned income tax credit and get up to $7,830 for some families. Here's how to claim it on taxes.