$7000 Checks Owed To 2 Million Americans: Who’s Eligible?

Two million military families are eligible for either the child tax credit or the earned income tax credit, per a study by The Center on Budget and Policy Priorities.

"One out of four military families qualify for the earned income credit and/or child tax credits," said Jackson Hewitt Tax Service senior general manager Karyn Campbell.

Karyn Campbell added that they could really be eligible for roughly $7,000 under the earned income credit.

Who is qualified to get this payment?

-To qualify, your yearly income must be less than $57,414 according to the IRS.

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-If a married couple filing jointly has a combined annual income of less than $400,000, they are eligible for the maximum credit.

In 2020, 25 million workers received ETIC benefits valued roughly $60 billion. If their annual income is less than $200,000, single filers can receive the maximum CTC of $2,000 per child in 2022.

Some states offer veterans and their family tax incentives. Military pensions for North Carolina veterans who served 20 years or more or were medically dismissed are tax-free.

People in New Mexico are fully excused from paying property taxes if they become disabled as a result of their service.

Veterans who served in a war or for 18 months in a time of peace receive a $1,852 reduction in their home value assessment from Iowa, which lowers their property tax bill.