To make more eligible working families aware of the benefits of the Earned Income Tax Credit (EITC), the Office of the Comptroller of the Currency is promoting EITC Awareness Day on January 27.
The EITC is a refundable federal income tax credit for low- to moderate-income households.
“The Earned Income Tax Credit is a valuable program that can help support working Americans in obtaining tax savings that can make a difference in their daily lives,” said Acting Comptroller of the Currency Michael J. Hsu. “The OCC encourages national banks and federal savings associations to educate members of their communities about the EITC and other tax credits and free tax assistance programs.”
In 2021, about 25 million taxpayers received over $60 billion in EITCs, with an average tax credit amount of $2,411. For tax year 2022, adults with incomes under $57,414 may be eligible, and families with qualifying children may be able to receive a refund up to $6,728. By promoting EITCs to their customers, national banks and federal savings associations can help increase the percentage of eligible taxpayers benefiting from these valuable tax breaks. The Internal Revenue Service’s (IRS) EITC Awareness Day page contains useful outreach resources.
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.
The OCC’s Community Affairs Officers are available nationwide to provide information about EITCs and other initiatives to national banks and federal savings associations. For more information, refer to the OCC’s Fact Sheet on Leveraging Earned Income Tax Credits to Reach New Bank Customers.
- IRS’s EITC Central
- OCC’s Community Affairs Fact Sheet, “Leveraging Earned Income Tax Credits to Reach New Bank Customers“
- OCC’s Community Affairs Officer Contacts