GREAT FALLS — The Inner Income Service and companions throughout the nation are reminding taxpayers to examine in the event that they qualify for a refundable tax credit score. Friday, January 29th marked the 15th annual Earned Revenue Tax Credit score Consciousness Day.
It is a day devoted to reminding low to moderate-income working individuals to examine to see in the event that they qualify for the tax break. Qualification and the quantity of credit score you possibly can obtain relies in your earnings degree and the variety of dependents you declare.
Greater than 74,000 Montana tax returns obtained the earned earnings tax credit score final yr, bringing greater than $159 million again into the state, with a median credit score quantity of greater than $2,000 per return.
And for this yr, in an effort to supply Covid-related reduction, taxpayers might be allowed to make use of their earned earnings from 2019 to determine their 2020 Earned Revenue Tax Credit score.
“Earned earnings credit score is a bell curve, so should you get actually low earnings, you get an actual low earned earnings credit score and you already know, you high out and it comes again down,” stated CPA Katherine Caldwell. “So what they’re saying now quickly for 2020, you possibly can truly use 2019 earned earnings as a way to qualify your earned earnings tax credit score and I used to be simply actually stunned that you could possibly return a yr, as a result of lots of people are going to be happening in earnings, getting much less EIC, so that they’re saying, ‘no you should utilize that 2019 quantity and put you greater on that bell curve once more.”
To see should you qualify for the refundable tax credit score, click here to visit the IRS website.
— to www.krtv.com
The post Do you qualify for the Earned Income Tax Credit? appeared first on Correct Success.
source https://correctsuccess.com/credit/do-you-qualify-for-the-earned-income-tax-credit/
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