 Taxpayers
in County Received $2.4M in Earned Income Credits
Constitution-Tribune,
Thursday, April 1, 2010
Almost 1,200 Livingston County taxpayers received almost $2.4 million in
Earned Income Tax Credits last year. "This year, the EITC can put an extra $457 to $5,756 into the pockets of
low income working individuals and families," said IRS spokesman Michael
Devine. Adding, "if they qualify and claim the credit, they could
pay less federal tax, pay no tax or even receive a refund beyond the amount of
tax withheld."
The EITC was created in 1975 in part to offset the burden of Social
Security taxes and to serve as a work incentive. Last year, 23.5 million
taxpayers received about $49 billion from EITC nationally and almost
469,000 Missouri residents received more than $953 million.
However, the IRS estimates that as many as one in four eligible taxpayers
fail to claim this tax credit because they are unaware of the EITC or they
don't know how to claim it.
Those who may be eligible to but don't claim EITC include non-English
speakers, people who have earned income but do not have a filing
requirement, childless taxpayers, rural residents, new parents, grandparents
raising grandchildren and foster parents. |
