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Focus on Family Living News Release

Earned Income Tax Credit a Boost to Wisconsin’s Working Families

 The Earned Income Tax Credit (EITC) canmake life a little easier for workers struggling to make ends meet in a tough economy. Credits ranging from a few dollars to more than $5,600 may be available. While the credit helps many, thousands of eligible taxpayers fail to claim it every year.

People who earned $48,362 or less from wages, self-employment or farming in 2010 should check to see if they qualify. People move into and out of EITC eligiblity  based on changes in their earnings, their parental status or their marital status.

Eligible taxpayers can get their EITC only if they file federal income tax returns – even if they are not otherwise required to file – and specifically claim the credit. The IRS estimates that one in five eligible workers does not claim the EITC, and thus misses out on the valuable credits.

Those who are eligibler for the federal credit and have qualifying children can also receive an additional state earned income credit – so long as they file a Wisconsin tax return. And renters and homeowners with incomes of less than $24,680 may qualify for the Wisconsin Homestead Credit, woth up to $1,160. This credit is designed to lessen the impact of rent and property taxes on low – and moderate – income households.

Cooperative Extension family living specialists have developed a website to offer people more information about tax credits, including eligibility at http://fyi.uwex.edu/eitc/  to resources and information for Wisconsin residents. Taxpayers can get free help determining their eligibility and claiming the credit in Wisconsin at a Volunteer Income Tax Assistance (VITA) or Tax Credit for the Elderly (TCE) site that provides service to low and middle-income tax filers.

To find a VITA site near you, visit http://fyi.uwex.edu/eitc/vita_sites/

Tofind a TCE site near you, visit http://www.aarp.org/money/taxaide/

To help tax preparers determine your eligibility for the EITC, bring along as much as the following information as possible:

  • Photo identification
  • Valid social security cards for the taxpayers, spouse and dependents
  • Birth dates for primary, secondary and dependents listed on the return
  • Current year’s tax package, if received
  • Wage and earning statements – Form W-2, W-2G, 1099-R from all employers
  • Interest and dividend statements from banks (Form 1099)
  • Copy of last year’s federal and state returns, if available
  • Bank routing numbers and account numbers for direct deposit
  • Any other relevant information about income and expenses
  • Total paid for day care
  • Day care provider’s identifying number

For more information, visit the IRS website at http://www.eitc.irs.gov/central/main