The Internal Revenue Service is partnering with Northland Free Tax Assistance help tax payers who are eligible, receive their Earned Income Tax Credit (EITC), a significant tax credit that can be as much as $6,000, with the average amount reaching $2,400. We realize that about 4 of five eligible workers and families receive the credit they earned leaving millions missing EITC every year. IRS Commissioner John Koskinen states that “It’s an important credit and one of the government’s best tools to fight poverty.”
The amount of EITC varies depending on income, family size and filing status. Those who work for someone else or those who run a business or farm and who earned $52,427 or less during 2014 could receive larger refunds if they qualify for the EITC. This could mean up to $496 in EITC for people without children, and a maximum credit of up to $6,143 for those with three or more qualifying children.
The EITC is refundable. This means those eligible may get a refund from the IRS even if they owe no tax or had no taxes withheld from their paycheck.
The volunteers at Northland Free Tax Assistance will help you those eligible for the EITC file electronically. This year we want to remind our clients who bought coverage through the Health Insurance Marketplace to bring a copy of their Form 1095-A, Health Insurance Marketplace Statement.
Also, just a reminder that taxpayers are responsible for the accuracy of their tax return even if someone else prepares it for them. The rules for EITC are complicated. Lastly, taxpayers should reply promptly to any letter from the IRS requesting additional information about EITC. If taxpayers need assistance or have questions, they should call the number on the IRS letter.
Today's blog is adapted from IRS Newswire Issue Number IR-2015-15
The amount of EITC varies depending on income, family size and filing status. Those who work for someone else or those who run a business or farm and who earned $52,427 or less during 2014 could receive larger refunds if they qualify for the EITC. This could mean up to $496 in EITC for people without children, and a maximum credit of up to $6,143 for those with three or more qualifying children.
The EITC is refundable. This means those eligible may get a refund from the IRS even if they owe no tax or had no taxes withheld from their paycheck.
The volunteers at Northland Free Tax Assistance will help you those eligible for the EITC file electronically. This year we want to remind our clients who bought coverage through the Health Insurance Marketplace to bring a copy of their Form 1095-A, Health Insurance Marketplace Statement.
Also, just a reminder that taxpayers are responsible for the accuracy of their tax return even if someone else prepares it for them. The rules for EITC are complicated. Lastly, taxpayers should reply promptly to any letter from the IRS requesting additional information about EITC. If taxpayers need assistance or have questions, they should call the number on the IRS letter.
Today's blog is adapted from IRS Newswire Issue Number IR-2015-15