The OSU Extension Service wants to make life a little easier for workers by alerting them about a special tax credit that can 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 Sonya McDaniel, Family and Consumer Science Extension Educator. "We want workers who may qualify for EITC to have all the information they need to get the EITC and get it right."
Join the millions who received the EITC. In 2016, the credit returned about $65.6 billion dollars to 26 million workers. Oklahoma returns accounted for $844 million with an average amount of $2,548 per claim in our state. The amount of EITC varies by income, family size and filing status. It can mean up to 506 dollars in EITC for people without a qualifying child, and up to $6,269 for those with three or more qualifying children. On average EITC adds 24 hundred dollars to refunds.
If you qualify for EITC, you must file a tax return, even if you have no tax to pay, to claim the credit. Workers should know you earned it, now file, claim it and get it.
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 using the EITC Assistant tool at www.irs.gov/eitc<https://www.irs.gov/Credits-%26-Deductions/Individuals/Earned-Income-Tax-Credit>. This 2016 tax year version of this tool is available January 2017.
Find out if you are eligible using the EITC Assistant; it's available in both English and Spanish. The Assistant helps you:
* find your filing status,
* find out if you have a qualifying child or children,
* verify if you are eligible for EITC, and
* estimate the amount of your credit.
Let the Assistant help you get it and get it right. Visit www.irs.gov/eitc<https://www.irs.gov/Credits-%26-Deductions/Individuals/Earned-Income-Tax-Credit> to find the Assistant.
Don't let money go unclaimed! Make sure your family receives this tax credit and put more money in your pocket for the hard work you did in 2016.