Ruling impacts adoption tax credit, the Child Tax Credit, the American Opportunity Tax Credit for undergraduate education costs, and the Earned Income Tax Credit.
An inspector general report reveals systemic failures at the IRS in preventing misuse of tax credits by foreign citizens with nonwork Social Security numbers, costing taxpayers hundreds of millions annually.
An inspector general report reveals systemic failures at the IRS in preventing misuse of tax credits by foreigners with nonwork Social Security numbers, costing taxpayers hundreds of millions annually. PULSE POINTS WHAT HAPPENED: The Internal Revenue Service (IRS ) paid $213 million in Earned Income Tax Credits (EITC) to foreign citizens with nonwork Social Security numbers in 2023 and 2024, according to a report from the agency’s inspector general. These numbers, issued for limited purposes such as accessing services, are not intended for work eligibility or tax credit claims. DETAIL: The report said the IRS lacks sufficient data from the Social Security Administration (SSA) to determine why certain nonwork Social Security numbers…Open
Before you file your taxes, make sure you're taking advantage of deductions and credits that can save you money.
There's one oft-overlooked, fiscally beneficial credit that you may be missing out on.