EITC Explained
EITC Explained
The Earned Income Tax Credit (EITC) is a federal tax credit available to working families and individuals with modest incomes. Many eligible Westchester residents do not know about this credit and therefore do not claim it. Depending on your income, marital status and size of family, the tax credit for tax year 2012 will be as much as $7,953.
To qualify, you must file certain tax forms with your federal and state income taxes. The federal form is 1040 or 1040A with Schedule ETIC. The state form is Form IT-215.
2013 Volunteer Income Tax Assistance Program starts Feb. 4
Starting Feb. 4, residents earning less than $51,000 may have their taxes prepared for free through the 2013 Volunteer Income Tax Assistance Program. Five convenient sites are located throughout Westchester. You may make an appointment by calling 2-1-1 or (800) 899-1479. Walk-ins are welcome at some locations. Get more information about locations, dates and hours.
Who Qualifies for EITC
Below is information for tax year 2012. The potential maximum tax credit includes federal, state and New York City credits and depends on income, marital status and number of children in the household. Children can be son, daughter, grandchild, adopted child, step child or foster child as long as the child is under 19 years of age.
- Single (ages 25-65)
With no children
Maximum income to be eligible: $13,980
Maximum tax credit: $641
With one child
Maximum income to be eligible: $36,920
Maximum tax credit: $4,278
With 2 children
Maximum income to be eligible: $41,952
Maximum tax credit: $7,069
With 3 or more children
Maximum income to be eligible: $45,060
Maximum tax credit: $7,953
- Married/filing jointly (ages 25-65)
With no children
Maximum income to be eligible: $19,190
Maximum tax credit: $641
With one child
Maximum income to be eligible: $42,130
Maximum tax credit: $4,278
With 2 children
Maximum income to be eligible: $47,162
Maximum tax credit: $7,069
With 3 or more children
Maximum income to be eligible: $50,270
Maximum tax credit: $7,953