Don’t miss out on Earned Income credit

From IRS information

Last year, approximately 1,850 low- to moderate-income taxpayers in Van Wert County claimed and received the Earned Income Tax Credit (EITC). As a result, more than $3.8 million in EITC money – an average of $2,048 per taxpayer – came back to county residents, to be saved or spent as each recipient saw fit.

The IRS estimates that about 80 percent of those who qualify for EITC apply for and receive it, but many still miss out because they fail to claim their EITC. Throughout the month of February, the IRS is reaching out to potentially qualifying taxpayers to educate them about the credit and motivate them to file and claim it.

People who earned $48,362 or less from wages, self-employment or farming in 2010 should see if they qualify. Workers who may qualify for EITC include those living in rural areas, the self-employed, recipients of certain disability pensions, those who are not proficient in English, grandparents raising their grandchildren, and those who are recently divorced or unemployed.

This year, the EITC benefit peaks at $5,666 for married taxpayers who have three or more qualifying children and who file a joint return, but parenthood is not required to qualify. The EITC Assistant tool on www.irs.gov can help determine EITC eligibility and filing status, as well as estimate the amount of credit due. Help can also be found at IRS Taxpayer Assistant Centers and at Volunteer Income Tax Assistance (VITA) sites. EITC – if you earned it, file, claim it and get it.