Get credit — you earned it
04/01/2010
Did you become unemployed or have your work hours reduced in 2009? Do you work but have low income? Are you single? Are you a grandparent raising a grandchild? Do you have no children? Or, could you use a couple thousand dollars?
The federal Earned Income Tax Credit (EITC) is one of the government's largest benefit programs for working families and individuals. Nationally last year, nearly 24 million people received $50 billion in benefits. The average credit was more than $2,000.
In Minnesota, 292,200 individuals or families received about $529 million in EITC in 2009 with an average credit of $1,810. But every year 20 to 25 percent of people who qualify for this credit do not claim it. That's money that's not going back into to your community and local economy!
Eligibility for EITC depends on earned income and family size. Single people and childless workers also are eligible, although for smaller amounts. To qualify for EITC, earned income and adjusted gross income (AGI) for individuals must each be less than: $43,279 ($48,279 married filing jointly) with three or more qualifying children; $40,295 ($45,295 married filing jointly) with two qualifying children; $35,463 ($40,463 married filing jointly) with one qualifying child; $13,440 ($18,440 married filing jointly) with no qualifying children. The maximum credit for tax year 2009 is: $5,657 with three or more qualifying children; $5,028 with two qualifying children; $3,043 with one qualifying child; $457 with no qualifying children. Find out more at www.irs.gov/eitc.
Free tax help is available to EITC-eligible taxpayers; call 1-800-829-1040 to find the nearest location. People who want to prepare their own tax returns electronically can visit Free File on IRS.gov. This free tax preparation software and electronic filing program will walk taxpayers through a question-and-answer format and help them claim the tax credits and deductions for which they are eligible.