Are You or Someone You Know Eligible to Claim Tax Credits of Up to $6,143?
Each year, thousands of Central Floridians claim the federal Earned Income Tax Credit (EITC), which puts dollars back in to the hands of low- to moderate-income families and individuals.
For those who qualify, tax credits of more than $6,143 are available for tax year 2014. And the money is easy to claim.
Throughout tax season, dozens of free tax preparation sites will be available across the region to help people file their returns. Many families use the extra dollars to reduce debt, learn new job skills, increase savings, or build financial stability in other ways.
Even if you missed your opportunity to benefit for tax year 2013, the good news is that the EITC can be claimed retroactively for up to three years.
What is the Financial Stability Coalition?
United Way's Financial Stability Coalition promotes initiatives that improve access to programs and education that strengthen the financial foundation for local families. One key way of doing this is through the EITC, which is credited with lifting more children out of poverty than any other federal program. At a time when many families are struggling to make ends meet, EITC dollars can be used to reduce debt, improve job skills, build savings or take other steps to improve financial stability, which is one of United Way's primary focus areas.
Did You Know?
EITC also provides a significant boost to the local economy. During the last reportable year alone (2012), refunds worth $576 million were distributed in Central Florida, where many dollars were spent on food, housing, car repairs, home improvements and other needs.
Are you eligible?
Among other qualifying factors, you must have:
- Earned income in 2014
- A valid Social Security number
- No more than $3,200 in investment income
- Joint tax-filing status, if married
- U.S. citizenship or resident alien status for the past year (in most cases)
Income guidelines for tax year 2014:
- $14,590 with no qualifying children
- $38,511 with one qualifying child
- $43,756 with two qualifying children
- $46,997 with three or more qualifying children
Married couples filing jointly:
- $20,020 with no qualifying children
- $43,941 with one qualifying child
- $49,186 with two qualifying children
- $52,427 with three or more qualifying children
Maximum refunds for tax year 2013:
- $496 with no qualifying children
- $3,305 with one qualifying child
- $5,460 with two qualifying children
- $6,143 with three or more qualifying children
Want to learn more?
Click here for more information or dial 2-1-1 to speak with knowledgeable staff at the United Way 2-1-1