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EARN IT! KEEP IT! SAVE IT!
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| Unclaimed money is available to working families who are not required to file taxes. A family of four earning less than $17,900 is not required to file their taxes, but if they do, they could earn up to $4,374 in the Earned Income Tax Credit (EITC).
EITC is an IRS tax program designed to lift working families out of poverty. In Coconino County, nearly $8 million in EITC is left unclaimed annually. This money can help families pay bills, support children and even pay medical expenses. The maximum EITC available for a family of four is $4,824, depending on income levels. Individuals earning just one dollar can receive two dollars in EITC.
Much of the unclaimed tax credit may belong to working families whose income level is below the IRS filing requirement. A married couple is not required to file taxes if they earn less than $17,900 a year; however, they may qualify for as much as $4,374 in EITC. Single filers with two children may earn up to $8,950 before they are required to file taxes. If they do not file, they loose up to $3,570 in EITC. This is an increase of nearly 40% their annual income. "EITC really helps working families who are just trying to make ends meet," says VITA Site Coordinator Tom Broderick. "It's great to help families get the money they need to pay their bills and start some savings."
The VITA (Volunteer Income Tax Assistance) program, managed by United Way of Northern Arizona, works to help families receive their EITC by providing free tax assistance to those earning less than $42,000 in 2008. Last year, the VITA program helped nearly 1,200 individuals and families receive nearly $1.2 million dollars, more than $500,000 of which was EITC.
VITA LOCATIONS IN OUR COMMUNITY |
