The Office of the Comptroller of the Currency (OCC) is joining other agencies in promoting January 31 as Earned Income Tax Credit (EITC) Awareness Day and is encouraging banks and federal savings associations to help increase customer familiarity with the credit and eligibility requirements. The EITC is a refundable federal income tax credit for low- to moderate-income households that can reduce taxes owed and, in some cases, increase a worker’s refund, with families with children potentially receiving up to USD 7,830. The OCC highlighted key eligibility criteria for tax year 2024, including earned income under USD 66,819 (depending on marital or parental status), investment income below USD 11,600, a valid Social Security number by the due date of the 2024 return, and U.S. citizenship or resident-alien status for the full 2024 tax year. Banks and federal savings associations are encouraged to share EITC information through customer communications, promote low-cost products that facilitate direct deposit of refunds, provide guidance on using refunds to pay down debt and build savings, and support Internal Revenue Service Volunteer Income Tax Assistance programs in low- to moderate-income communities.
Office of the Comptroller of the Currency 2025-01-31
Office of the Comptroller of the Currency promotes Earned Income Tax Credit Awareness Day and calls on banks to help eligible households claim the credit
The Office of the Comptroller of the Currency (OCC) promotes Earned Income Tax Credit (EITC) Awareness Day on January 31, urging banks and federal savings associations to enhance customer understanding of the credit and its eligibility. The EITC offers a refundable tax credit for low- to moderate-income households, with potential refunds up to USD 7,830 for families with children. The OCC encourages financial institutions to disseminate EITC information, promote low-cost refund deposit products, and support IRS Volunteer Income Tax Assistance programs.