Tuesday, February 7, 2012

THE IRS HAS PUBLISHED A LINK TO ITS VOLUNTEER INCOME TAX ASSISTANCE (VITA) SITES

It's Tax Time! 

The Earned Income Tax Credit is available to low to moderate income  working individuals and families, yet Californian's leave approximately 10 BILLION  Earned Income Tax Credit money unclaimed. 

This $10 Billion translates into an average EITC benefit of $2,100 for families with children; the maximum for families with eligible children is $5,751. The EITC can be claimed retroactively three years prior to 2011. So, if you qualified in 2008, 2009 and/or 2010, you can get the EITC refund from those years, too. 

ITC eligibility requirements are:
• With three or more qualifying children, income less than $43,998 or $49,078 if married filing jointly. Maximum refund: $5,751
• With two qualifying children, income less than $40,964 or $46,044 if married filing jointly. Maximum refund: $5,112
• With one qualifying child, income less than $36,052 or $41,132 if married filing jointly. Maximum refund:  $3,094
• With no children, income less than $13,660 or $18,740 if married filing jointly. Maximum refund: $464

If you're on SSI (Supplemental Security Income) and are concerned about exceeding SSI's (and Medi-Cal's) $2,000 (single) or $3,000 (couple) asset limits, don't be. Any EITC payment is exempt from the SSI restrictions. They won't count it against you. 

Although there are many reasons why families do not file for the EITC, primary among them is lack of awareness of the EITC and uncertainty as to how to apply for it. 
The IRS has established the Volunteer Income Tax Assistance program to assist folks with low incomes to file specifically to receive the refund that they may qualify for. And it's FREE! 


Click here: http://irs.treasury.gov/freetaxprep/, put in your zip code and you will be presented with a list of VITA sites in your neighborhood. Click here for more information directly from the IRS: 
http://www.irs.gov/individuals/article/0,,id=96406,00.html


Good luck with this to you who may be eligible for this refund.

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