Nearly 1 in 5 eligible taxpayers miss the earned income tax credit, which was worth an average of $2,743 in 2023, according to the IRS.

The federal earned income tax credit celebrates 50th anniversary. Yet, IRS estimates one in five eligible taxpayers miss out on claiming the credit.

The EITC is “one of the federal government’s largest refundable tax credits for low- to moderate-income families,’ the release explains. The IRS estimates that about 23 million eligible workers and families received about $57 billion in EITC nationwide when filing for 2023.