The New York State Department of Taxation and Finance will issue an earned income tax credit (EITC) worth up to $11,097 for a family with three or more children.
$11,097 Available To Eligible New Yorkers on National Earned Income Tax Credit Day (PHOTO: Al.com)
National Earned Income Tax Credit Awareness Day
The New York State Department of Taxation and Finance on its National Earned Income Tax Credit Awareness Day is encouraging taxpayers to review their eligibility for this valuable benefit.
When the federal, New York state, and New York City earned income tax credits are combined, they can be worth nearly $11,097 for a family with three or more children.
The earned income tax credit (EITC) is a refundable credit for working taxpayers who make less than $59,187 annually. This means you get a refund if the credit amount exceeds what amount you owe in taxes. Every year, thousands of New Yorkers are eligible for the EITC for the first time as their filing status or personal financial situation changes. For eligible New Yorkers’ requirements, you can go to Tax Department’s Earned income credit (New York State) webpage and for federal qualifications, see the IRS EITC webpage. To learn more about the federal, state, and local earned income tax credits, including the value of available credits, visit the Tax Department’s Get all the credit you deserve with the EITC fact sheet.
Here’s How To Apply
Even if you don’t owe any taxes still you must file a personal income tax return to obtain the credit. E-filing is the easiest and safest way to process your return, as well as the fastest way to receive your refund. If you’re eligible New Yorkers for the earned income tax credit, you’re most likely also eligible to avail advantage of the Free File program. This initiative allows you to electronically prepare and file both your federal and New York state returns at no cost through the Tax Department website.
Several New York state taxpayers take benefit of this truly free service each year, saving them hundreds, if not thousands, of dollars in tax-preparation costs.
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