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Tax Credit Fast Facts 2021
Download Tax Credit Fast Facts 2021
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for an overview of tax credits, EITC, and child and dependent care tax credits.
Earned Income Tax Credit
The Earned Income Tax Credit (EITC) is a tax benefit for working people and families. Single and married people are eligible if they worked full or part time at some point during 2020 and earned less than $15,820 (for single persons with no dependents) and up to $56,844 (for married couples with three or more dependents). Some non-custodial parents may also be eligible. The federal, state, and City EITC can be combined to be worth up to $8,991.
NYC Child Care Tax Credit
The NYC Child Care Tax Credit (NYC CCTC) is a tax benefit to help families pay for child care. Parents and guardians who earn $30,000 or less and pay for child care for children age 4 or younger may be eligible. This local tax credit is worth up to $1,733.
NEW in 2021
You can use your 2019 OR 2020 income to see which gets you the largest tax credits (EITC and/or child credits). Share your tax documents from 2019 and 2020 with NYC Free Tax Prep to help.
You must file your federal and New York State tax returns to claim tax credits. If your family earned $68,000 or less or you’re a single filer who earned $48,000 or less in 2020, you may qualify for NYC Free Tax Prep
to file for free and keep your whole refund. For more information, go to nyc.gov/taxprep
Economic Impact Payments (Stimulus Payments) and the Recovery Rebate Credit
You may be eligible for both rounds of stimulus payments or any unpaid amount for the first round payment by claiming the Recovery Rebate Credit on your 2020 federal tax return. The COVID relief legislation passed in December 2020 expanded the eligibility rules. Learn more about Economic Impact Payments
Advance Child Tax Credit
To help families during COVID, the U.S. government made changes to the Child Tax Credit (CTC). Learn more about CTC