The IRS is reminding taxpayers and those who don’t owe any tax that they might be eligible for the Earned Income Tax Credit. Spokesman, Christoper Miller, says it wont’ take much time to check to see if you might be eligible. “If you earn just under $52,000 or less, from wages or running our own business or farming last year, see if you qualify for the Earned Income Tax credit,” Miller says.
Miller says around 208,000 Iowans filed for the EITC last year. “We estimate about 20-percent miss out,” he says, “and that means more than 41-thousand families in the Hawkeye state could be taking advantage of this valuable credit.” Those who filed in Iowa last year got and average of 21-hundred dollars from the credit. Miller says, “It totaled approximately $441 million, so that’s a lot of money.”
He says there are several reasons why people might not ask for the credit, as some people probably don’t know about it and some think since they don’t have to file taxes they can’t get the credit. “In fact, even if you owe no tax, you could get the Earned Income Tax Credit in the form of a refund,” Miller says.
The IRS website can help you determine if you are eligible. “You should go to www.irs.gov and we have the rules for eligibility there. Another great resource is to go to a volunteer site in your community,” Miller says. “You can sit down with someone face-to-face, fill out your tax return for free, have it e-filed for free.”
Miller says it doesn’t matter how you chose to do it, but you should apply for the EITC if you are eligible.