|
The Earned Income Tax Credit |
|
|
|
Partnering with Central Kentucky Economic Empowerment Project and LexLinc, United Way 2-1-1 helps coordinate and schedule appointments allowing families to take advantage of free tax preparation assistance. Many of these families also quality for the Earned Income Tax Credit (EITC).
EITC is a federal tax initiative to assist low-income families in self-sufficiency. The EITC along with child tax credits can be the very tool used to lift families above the poverty line. The IRS awards EITC to families that fall below the income limit of $39,000 (varies with family size). EITC is an additional amount of money families may receive when they file their taxes. However, approximately 20-25% of those eligible for the credit did not claim it. The goal is to make eligible individuals and families aware of the credit and help those eligible claim that credit without having to pay for services.
Nationally, EITC has proved a reliable economic initiative for moving families into self-sufficiency.
· EITC lifted 4.7 million people above the poverty line (2.6 million were children).
· Over 19.4 million working families and individuals received the credit.
· In 2000, over $31 billion in federal EITC funds flowed into the states.
To schedule an appointment with a trained tax preparation volunteer, please call 2-1-1.
|
