5 tax mistakes that’ll cost you the EITC: part 2

Posted by
|

Mistake 2: You didn’t think you were eligible

Do you know if you're eligible for the EITC?For many people, they might miss out on the EITC because they weren’t eligible last year so they think they aren’t eligible this year.

However, if you had any changes to your family size, income, marital status, take another look. You just might be eligible this year.

Taxpayers without children can still claim the EITC

One of the biggest misconceptions about the EITC is thinking it is only for people with children. That’s not necessarily true.

Although they get a smaller refund, single workers without children making less than $13,980 in 2012 can qualify for up to $475 from the EITC.

For married taxpayers without children, they can get the EITC as long as the household income is less than $19,190.

Moderate income taxpayers can claim the EITC, too

Another big misconception is that the EITC is only for low-income people. In reality, the EITC helps low- to middle-income workers.

As an example, if a married couple with two kids made $42,000 last year, they could get an estimated $1,082 from the EITC.

Remember, you can always check to see if you qualify under the 2012 EITC income and dependent guidelines. If you have questions, you can also contact us by our contact form or Facebook.


Add a comment