Pheffer: Take Advantage Of Earned Income Tax Credit
As the April 15 deadline to file taxes for 2008 approaches, Assemblywoman Audrey I. Pheffer (D-Queens) is encouraging working families to take advantage of the Earned Income Tax Credit.
"Many families are eligible for the Earned Income Tax Credit, but may not be aware of it," said Pheffer. "The federal EITC can offer significant tax savings - up to $4,824 for eligible families - and shouldn't be passed up."
The Earned Income Tax Credit was instituted to offset Social Security taxes and reward work. Assemblywoman Pheffer also noted the Assembly championed the establishment of a state EITC, and in 2002 increased it to 30 percent of the federal credit. The state credit can bring the total state and federal savings up to $6,271 for eligible families.
For eligible part- and full-year New York City residents, an additional city credit can add up to $241 on top of the federal and state savings, bringing the total maximum savings to $6,512.
All wage earners with a valid Social Security Number are eligible, with the following adjusted gross income limits:
$12,880 ($15,880 if married filing jointly) if there is no qualifying child and the individual is at least age 25 but under the age of 65 at the close of the tax year;
$33,995 ($36,995 if married filing jointly) if there is one qualifying child; or $38,646 ($41,646 if married filing jointly) if there is more than one qualifying child.