Today is Earned Income Tax Credit Awareness Day. The IRS estimates that between a fifth and a quarter of those eligible for it fail to claim it. This year, with many couples struggling in ways they have not in the past, the Administration for Children and Families has made an effort to get the word out.
From their press release:
Are you eligible to claim EITC for 2011 taxes?
- Must have earned income in 2011
- Must have a valid Social Security number
- Investment income limited to $3,150
- Generally, must be a U.S. citizen or resident alien all year
- Cannot use “married filing separate” filing status
- Cannot be a qualifying child of another person
- Cannot file Form 2555 or 2555-EZ (related to foreign earned income)
If you meet these rules, your earned income must also be less than…
- $13,660 ($18,740 if married filing jointly) with no qualifying children
- $36,052 ($41,132 if married filing jointly) with one qualifying child
- $40,964 ($46,044 if married filing jointly) with two qualifying children
- $43,998 ($49,078 if married filing jointly) with three or more qualifying children
You could be Eligible to Receive an EITC up to:
- $464 with no qualifying children
- $3,094 one qualifying child
- $5,112 two qualifying children
- $5,751 three qualifying children
Do you want help figuring out the EITC?
- Use the interactive EITC Assistant at www.irs.gov/eitc to show you if you qualify
- Call the IRS toll free at 1-800-TAX-1040
- Visit a Volunteer Income Tax Assistance site for FREE help and tax preparation, or see your tax preparer. To find the nearest site call: 1-800-906-9887