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Phone: (607) 273-4611
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Earned Income Tax Credit (EITC)

What is EITC (Earned Income Tax Credit)? 

EITC is a tax credit for people who worked in 2015 and had modest earnings.

EITC can reduce or eliminate your income taxes and could earn you a tax refund. Even if you made very little money, it may be worth your while to file. Many wage earners get up to 25% of their annual income at tax time.

Earned Income and adjusted gross income (AGI) must each be less than:

  • $47,955 ($53,505 married filing jointly) with three or more qualifying children 
  • $44,648 ($50,198 married filing jointly) with two qualifying children 
  • $39,296 ($44,846 married filing jointly) with one qualifying child 
  • $14,880 ($20,430 married filing jointly) with no qualifying children 

Tax Year 2016 maximum credit:

  • $6,269 with three or more qualifying children 
  • $5,572 with two qualifying children 
  • $3,373 with one qualifying child 
  • $506 with no qualifying children 

Investment income must be $3,400 or less for the year.

In accordance with federal law and Internal Revenue Service policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age, or disability. To file a complaint of discrimination, write to Operations Director-Civil Rights Division, Internal Revenue Service-Room 2413, 1111 Constitution Avenue-NW, Washington DC 20224 or email them at edi.civil.rights.division@irs.gov.  

 

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Rima Shamieh

My IDA [Individual Development Account] experience was just incredible. I saved a few bucks every week and after a year, I had a savings account with $3,000 in it! And I'm glad that the MoneyWise class was required, because it really helped me develop a healthier relationship with money. So many of the skills I learned in class seemed so obvious, but I never thought/knew how to do them until we went over them in class. For example, tracking my spending made a HUGE difference in how I now spend money. Also, the exercises in the beginning when we explored our relationships with money - I discovered I'm a carefree, spirited, impulsive spender. It helps to put a name on things.

After accruing thousands of dollars in debt from student loans from when I was an undergraduate, I was determined to do all I could to stay out of debt for when I continued my education. The IDA really helped. I feel so much better prepared to build equity and save for my future. Thanks, Alternatives!


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