Changes to Earned Income Tax Credit may save you money

By: Cecile Juliette Email
By: Cecile Juliette Email

GRAND JUNCTION, Colo. (KKCO) - Tax season is upon us, and this year's deadline of April 18 is rapidly approaching.

The IRS has made some recent changes to the Earned Income Tax Credit. The EIC is a refund from the government for meeting certain low-income criteria.

Sarah Fischer of Dalby, Wendland & Co., P.C. says the Advanced EIC was repealed after 2010, so filers will no longer have the option to get the Earned Income Tax back in each paycheck witholding process throughout the year.

Filers will only be able to get the EIC on their income tax return.

Fischer says filers must have earned income, such as wages, salaries, tips, or self-employment benefits don't count. To meet the criteria, filers must be between 25 and 65 years old with no qualifying children. They must have made money in 2010, and could not have investment income greater than $3,100.

If a filer is single with no qualifying children, they must have earned less than $13,460.

The income max for a married couple with at least three qualifying children is a $48,362.

If a filer has no children, they can't be married but filing separate, and they can't be the dependent of another person.

Fischer says the EIC is a "refundable credit."

That means filers will earn some credit back even if they don't owe taxes. Even if qualifying filers have zero tax due, they will still get some money.

Click on the IRS site link below under Related Links.

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