Tax Tip: Are You Eligible for the Earned Income Tax Credit?

iStock/ThinkstockJob numbers are up but pay has been flat for years, meaning more families are on a fixed income.

For people at a certain income level, some of the financial burden may be lifted with a special tax break, says Yadira Nadal, a spokesperson for the Internal Revenue Service.

"The earned income tax credit, or EITC, is a financial boost for people who work for someone else, or own or run their own business or farm, and earned less than $54,000 in 2015," she explains.

The credit amounts to more than $2,400 per taxpayer. Nadal says the federal government pays out tens of billions of dollars in earned income tax credits every year.

"Nationwide last year, more than 27.5 million eligible individuals and families received almost $66.7 billion in EITC, she notes.

Of course, in order to get the tax credit, you need to file your taxes. The IRS provides all the forms you need online.

"Workers need to file a tax return and complete schedule EITC to claim the credit even if they aren't required to file. So they need to file a tax return to claim the credit," Nadal says.

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