Have You Earned More Money Than You Think?

by Nicole Milbradt, Sr. Marketing Associate & Events Manager

It may not be April but many people are already starting to think about their taxes. Many local families are eligible for a tax credit that could put more money in their pockets but very few of them are aware of it.

The Earned Income Tax Credit (EITC) is a tax break for people who work but do not earn high incomes. Taxpayers who qualify and claim the credit could pay less federal tax, pay no tax or receive a refund.

People eligible for the EITC must meet the following criteria:

1. Have earned income either by working for someone else or working for a business they own
2. Have a valid Social Security number


3. Cannot file as married filing separately


4. Generally cannot be a nonresident alien


5. Cannot be a qualifying child of another person


6. Cannot be filing Form 2555 or Form 2555-EZ


7. Investment income amount is limited

If you earn less than $48,362 and you have a child, brother, sister, grandchild, niece, nephew, stepchild or adopted child living with you, you may be eligible. If you earn less than $18,470 and you have no children and are at least age 25 and under 65, you may be eligible.
Tax preparers, both paid and volunteer, can help you determine if you are eligible and file your taxes properly to ensure you recieve the credit. Not sure it is worth the bother?
If your earned income and adjusted gross income (AGI) are each less than:

• $43,352 ($48,362 married filing jointly) with three or more qualifying children , your maximum credit could be $5,666.


• $40,363 ($45,373 married filing jointly) with two qualifying children, your maximum credit could be $5,036.


• $35,535 ($40,545 married filing jointly) with one qualifying child, your maximum credit could be $3,050.


• $13,460 ($18,470 married filing jointly) with no qualifying children, your maximum credit could be $457.

Don't miss this opportunity to put more money back in your pocket. Visit www.irs.gov/eitc to find out if you are eligible and how to recieve this credit when you file this year.

Visit one of these sites to have your return prepared by volunteers for free.