Good and Better IRS News For Abuse Victims.The Internal Revenue Service urges low to average income in Ventura County to see if they qualify for a tax credit which could put thousands of dollars in their pockets.
The tax credit on income is intended to help those who work hard but do not have much money, reporters said Friday by Paul Verlinde from the IRS.
An estimated one in five workers nationwide fails to claim the credit.
A major reason Americans do not apply to credit because they do not know this, says Paul. The director of the tax credit on earned income to the IRS, she spoke to reporters in a conference call.
Ironically, many who may be eligible earn so little that they are not required to file a tax return yet, to claim the credit, a tax return must be filed and the credit requested.
The program is a refundable tax credit, which means those who qualify can receive money even if they did not have the income tax withheld.
Eligibility is based on factors such as income, marital status and number of children and if someone works full time or part-time.
Workers earning less than $ 49,078 on wages, self-employment or farm income last year may qualify. A number of valid Social Security is necessary for the applicant and his spouse and children, and more generally the applicants must be a U.S. citizen or resident alien.
Anyone who has been a change in employment, housing or family in the past year may have become eligible for the tax credit as a result of these changes, even if they are not eligible in the past, says Paul.
Credit up to $ 464 for an individual and as much as $ 5.751 for families with three or more qualifying.
"This money can make a real difference to pay the rent, put food on the table or to put something away for a rainy day," says Paul.
In the 2010 tax year, 50,531 people in Ventura County have claimed the credit and about $ 105.2 million was issued to residents of the county. More than 26.8 million families in the U.S. last year received a total of $ 59.5 billion, and the average amount of the tax credit was paid $ 2,200.
It is also possible for people to claim up to three years for paying back the credit if it turns out they were eligible but did not claim it.
"The EITC filing requirements can be complex, but there are a lot of help available for free," said Paul. "We want everyone who qualifies to take advantage of this credit."
Free tax preparation software will ask for information to determine whether a taxpayer may be eligible, the IRS said.
The tax credit on income is intended to help those who work hard but do not have much money, reporters said Friday by Paul Verlinde from the IRS.
An estimated one in five workers nationwide fails to claim the credit.
A major reason Americans do not apply to credit because they do not know this, says Paul. The director of the tax credit on earned income to the IRS, she spoke to reporters in a conference call.
Ironically, many who may be eligible earn so little that they are not required to file a tax return yet, to claim the credit, a tax return must be filed and the credit requested.
The program is a refundable tax credit, which means those who qualify can receive money even if they did not have the income tax withheld.
Eligibility is based on factors such as income, marital status and number of children and if someone works full time or part-time.
Workers earning less than $ 49,078 on wages, self-employment or farm income last year may qualify. A number of valid Social Security is necessary for the applicant and his spouse and children, and more generally the applicants must be a U.S. citizen or resident alien.
Anyone who has been a change in employment, housing or family in the past year may have become eligible for the tax credit as a result of these changes, even if they are not eligible in the past, says Paul.
Credit up to $ 464 for an individual and as much as $ 5.751 for families with three or more qualifying.
"This money can make a real difference to pay the rent, put food on the table or to put something away for a rainy day," says Paul.
In the 2010 tax year, 50,531 people in Ventura County have claimed the credit and about $ 105.2 million was issued to residents of the county. More than 26.8 million families in the U.S. last year received a total of $ 59.5 billion, and the average amount of the tax credit was paid $ 2,200.
It is also possible for people to claim up to three years for paying back the credit if it turns out they were eligible but did not claim it.
"The EITC filing requirements can be complex, but there are a lot of help available for free," said Paul. "We want everyone who qualifies to take advantage of this credit."
Free tax preparation software will ask for information to determine whether a taxpayer may be eligible, the IRS said.
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