Tax filing season is underway, and the Internal Revenue Service is reminding taxpayers to make sure they are not leaving any money sitting on the table.
The Earned Income Tax Credit is available to millions of low and moderate income workers, although Christopher Miller with the IRS says nearly 20 percent of the families who qualify fail to claim it each year. Miller says that’s usually because they are not aware they are eligible when filing, or they don’t make enough to file a return. Even if you don’t need to file a tax return, Miller says you still have to submit one to claim the EITC.
In Wisconsin last year, about 385,000 taxpayers claimed the credit, with the average person getting just over $2,100. Miller says they estimate that about 77,000 more families could have taken advantage of the credit last year than actually did.
The credit is available to those who made under $52,000 last year. You can check your eligibility by going to the IRS website.