Working families are reminded to claim the Earned Income Tax Credit on their 2013 taxes. Working families that meet certain income requirements could receive a refund up to $6,044.
Last year, around 207,000 families in Iowa benefited from the Earned Income Tax Credit, which is now the largest federal cash benefit to low-income workers. Last year, the average credit was $2,300. Workers with one child and earnings less than $43,038 in 2013 are eligible for a tax credit up to $3,250. Workers raising more than one child with income less than $46,227 can get up to a $6,044 credit. Working individuals who are not raising children in their home between the ages of 25 and 64 and had income less than $14,340 are eligible for a $487 tax credit.
According to the Internal Revenue Service, about 25% of eligible workers don’t claim the credit. For more information or assistance on the Earned Income Tax Credit, call 1-800-829-8482 to find your local tax assistance site or log on to www.irs.gov.