|
Latest News For You | For Agency Professionals
Get help filing your tax return at a VITA site.
are sponsored by local
United Ways throughout NJ. Check this page often for postings on upcoming
free local clinics. |
|
EITC is a federal and state income tax credit that is refunded to qualified taxpayers after their taxes have been paid. Even if you don't have to pay any taxes on your income, you may still qualify for a refund. EITC is based on the amount of your earned income, is set up on a sliding scale and is claimed by filing a federal income tax return. Learn more about the EITC online or call the IRS at 800-829-1040.
| EITC Income Eligibility Guidelines for 2011 |
| Household Size |
Annual income |
Families with three or more qualifying children |
If you earn less than $43,998 in 2011 ($49,078 if married and filing jointly) you could get a refund of $5,751. |
| Families with two qualifying children |
If you earn less than $40,964 in 2011 ($46,044 if married and filing jointly) you could get a refund of $5,112. |
| Families with one qualifying child |
If you earn less than $36,052 in 2011 ($41,132 if married filing jointly) you could get a refund of $3,094.. |
| Families or an individual with no qualifying children |
If you earn less than $13,660
($18,740 if married and filing jointly) you could get a refund of $464. (You must be between the ages of 25 and 64 to qualify.) |
The maximum amount of investment income you can have in 2011
and still be eligible for this credit is $3,150. |
State Credit May Also be Available
If you are eligible for the federal EITC you may also qualify for a similar credit from the state of NJ. The New Jersey Earned Income Tax Credit (NJEITC) for the 2011 tax season is 20% of the applicant’s federal EITC. That means, if you were eligible for a $3,000 federal EITC, the amount of the NJEITC will be $600 (20% of $3,000). To learn more call 609-292-6400 or visit the NJ Department of Taxation website.
If you were eligible for EITC, but did not know it, you can still claim the EITC for up to three years prior to the current tax year.
The EITC has no affect on certain welfare benefits. In most cases, EITC payments will not be used to determine eligibility for Medicaid, Supplemental Security Income (SSI), food stamps, low-income housing or most Temporary Assistance for Needy Families (TANF) payments.
How to Apply
To receive federal or state tax credits you must file federal and state tax return, even if you are not required to file a return because your income is below the minimum filing threshold.
If You Need Help Filing - Go to a VITA Site Near You
Free assistance in the preparation of federal and state Income Tax Returns is available for taxpayers at local VITA sites (Volunteer Income Tax Assistance)*. Here, individuals of low-to-moderate income, individuals with disabilities, and non-English speaking taxpayers can find direct assistance in filing their returns. Find a VITA site near you (listing updated as sites become available).
AARP Foundation sites will assist tax filers of all ages and income levels. As long as you are filing the simple tax form, you are eligible for free assistance. Access a complete listing of AARP Foundation sites, or call 1-888-227-7669 to be directed to a site.
VITA sites and AARP Foundation sites are staffed by volunteers who are trained to prepare both federal and state returns. Many of these sites prepare tax returns on computers and utilize electronic filing. Electronic filing, or e-filing, is quick and accurate and provides taxpayers with a much quicker refund.
Become a VITA Volunteer.
Sources
http://www.state.nj.us/humanservices/dfd/EITC.html
http://www.state.nj.us/treasury/taxation/
http://www.state.nj.us/treasury/taxation/pdf/eitcstatement.pdf
http://www.irs.gov/individuals/article/0,,id=96406,00.html
http://www.aarp.org/money/taxaide/
http://www.irs.gov/individuals/article/0,,id=177866,00.html
Ursula Baker, NJDHS
*The creation of a VITA listing for the 2011 tax year is in progress. Check back often for the most current listing.
Page last reviewed/modified on 1.9.12
|
