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Take note of life changes

Life changes include buying a home, losing a job, getting a new job, getting married, getting divorced, and having a baby
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Posted at 6:50 AM, Feb 27, 2024
and last updated 2024-02-29 10:14:12-05

INDIANAPOLIS— The Internal Revenue Service has already processed more than 25 million tax returns this season.

In this week’s Tax Tip Tuesday, the IRS explains you need to pay attention to any life changes that might affect your tax return.

Life changes include buying a home, losing a job, getting a new job, getting married, getting divorced, and having a baby.

This year you can claim $2,000 per child with the Child Tax Credit as long as the child is under age 17 at the end of the year.

Taxpayers with no kids may get up to $600 in Earned Income Tax Credit.

“You just need to earn an income, so it could be either by wages, self-employment, ride sharing, stuff like that,” said Stacy Engle, an IRS spokesperson based in Indianapolis.

If you made energy improvements to your home, you may get up to $1,200 in tax credits.

If you bought an electric vehicle, you may be eligible for up to $7,500 in Clean Vehicle tax credits.