Earned Income Tax Credit Exceeds Two Million Dollars In Grundy County
Date 2014/2/27 4:16:33 | Topic: News
|The Internal Revenue Service reports over 900 income tax filers in Grundy County last year received more than two million dollars because of the earned income tax credit provision. |
That's an average of 23-hundred dollars for each filing. That amount also is the state and national average benefit.
But an I-R-S spokesman, Michael Devine, stated there are likely more eligible taxpayers who could claim the tax credit but don't because they don't know about it or don't know how to claim it.
The I-R-S report shows Mercer county with 246 filers claiming the credit and they got nearly 500 thousand dollars – an average of two thousand dollars.
The earned income tax credit topped two point six million for 12 hundred filers in Livingston county. Filers in both Sullivan and Daviess countiescollectively got over one and a half million based on 700 income tax returns.
This provision was created in 1975 in part to offset the burden of Social Security taxes and to serve as a work incentive. The I-R-S estimates four out of five eligible taxpayers will claim this credit. Devine said about one third of the
eligible population turns over each year. So anyone who last year made less than
52 thousand dollars needs to check their eligibility at a website www.irs.gov/eitc
Devine says qualified filers could pay less federal tax or get a refund because of the earned income tax credit provision.