Earned Income Tax Credit Available for Low-wage Earners

February 4, 2009 — Many low-to-moderate income working families and individuals in Wyoming qualify for the Earned Income Tax Credit (EITC).

An EITC credit can amount to an income tax refund of up to $4,824. If you qualify, you would owe less in taxes and may even get money back.

The EITC is a benefit for people who work but do not earn much money, said Cole Ehmke, a specialist with the University of Wyoming Cooperative Extension Service.

Generally, a taxpayer may be able to take the credit for tax year 2008 if the taxpayer has an adjusted gross income of
-- $38,646 ($41,646 married filing jointly) with two or more qualifying children;
-- $33,995 ($36,995 married filing jointly) with one qualifying child;
-- $12,880 ($15,880 married filing jointly) with no qualifying children.

The maximum amount of investment income a person may have is $2,950 for tax year 2008.
Information on the EITC is available at IRS.gov. If you have access to a computer and the Internet and want to prepare your own tax return, go to www.irs.gov/efile.

Free in-person help with completing tax forms is available from volunteers staffing Volunteer Income Tax Assistance (VITA) around Wyoming. To locate the nearest VITA site, call (800) 829-1040. Callers may experience delays.

Posted on Wednesday, February 04, 2009