Possible federal tax credit for the working class

0
54

FORSYTH, Mo. — University of Missouri Extension Family Financial Education Specialist Nellie Lamers says workers need to be alert to a special tax credit — the Earned Income Tax Credit — that might put money in their pockets.

“EITC is a tax benefit for working people and their families, and it allows more dollars to flow into our community. It’s money workers can use for groceries, rent, utilities and other bills,” said Lamers. “We want workers who may qualify for EITC to have all the information they need to get the EITC and get it right.” Last year, EITC returned over $65 billion dollars to over 26 million workers.

The amount of EITC varies by income, family size and your filing status. It can mean up to $506 in EITC for people without a qualifying child, and up to $6,269 for those with three or more qualifying children.

The average EITC amount last year was $2,400.

“If you qualify for EITC, you must file a tax return, even if you have no tax to pay, to claim the credit,” said Lamers. “With the exception of some who receive certain disability income, you must work for someone or run your own business or farm to qualify for EITC.”

Workers who made less than $53,505 should see if they qualify for EITC.

STAY INFORMED. SIGN UP!

Up-to-date agriculture news in your inbox!

<

NO COMMENTS

LEAVE A REPLY

Receive emails as this discussion progresses.