Tax Department wants you to know about the earned income tax credit
NEW YORK (NEWS10) — The New York State Department of Taxation and Finance (NYSDTF) urges taxpayers to review their eligibility to receive the federal Earned Income Tax Credit (EITC). They say when combined with federal, New York State, and New York City, benefits could be worth up to $9,083 for a family with three or more children.
According to NYSDTF, The EITC is a refundable credit for working taxpayers who earn less than $57,414. This means you get a refund even if the credit amount is more than what you owe in taxes.
NYSDTF said In 2019, almost 1.64 million New Yorkers received the federal EITC, claiming more than $4.8 billion in federal, New York State, and New York City EITCs. Unfortunately, federal estimates show that almost 350,000 eligible New Yorkers may fail to claim the credit.
Every year, New Yorkers qualify for the EITC for the first time as their filing status or personal financial situation changes. The NYSDTF said eligibility requirements for the New York State EITC are explained on the Tax Department website.
The NYSDTF said you must file a personal income tax return to receive the credit, even if you don’t owe any taxes. Most New Yorkers can file using free file software, available at no cost on the Tax Department webpage.
Check out more information on EITC here: