Friday is EITC Awareness Day
January 28, 2009
It’s time to start thinking about the upcoming tax season, and Assemblywoman Addie J. Russell (D-Theresa) is reminding North Country residents about the Earned Income Tax Credit. Friday is EITC Awareness Day, which the IRS designated to spread the word about this often-overlooked tax credit available for individuals and families. The Earned Income Tax Credit is a refundable credit that helps eligible taxpayers lower their federal and state taxes or receive refunds. According to the IRS, millions of taxpayers fail to claim their EITC. “Working families earning less than $42,000 a year could be eligible for as much as a $6,500 tax credit.” Russell said. “Unfortunately many families are unaware of this tax credit.” All wage-earning taxpayers with a valid Social Security Number are eligible, with the following adjusted gross income limits:
- $12,880 ($15,880 if married filing jointly) if there is no qualifying child;
- $33,995 ($36,995 if married filing jointly) if there is one qualifying child; or
- $38,646 ($41,646 if married filing jointly) if there is more than one qualifying child.