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For the last 40 years, the federal Earned Income
Tax Credit (EITC) made life better for millions of workers. You may have extra
money waiting for you. If you qualify and claim the credit, it could be worth
$6,143 from the Internal Revenue Service (IRS) for some workers.
Don’t be the one in five that misses this credit. If you or
someone you know earned less than $52,427 from wages,
running a business or farm or from Form 1099 Misc, check it out.
It’s easy to find out if you qualify. Use the EITC Assistant, available late January, and
answer questions about yourself and other family members to see if you qualify
and estimate the amount of your credit.
EITC eligibility depends on several factors,
including income and family size. If you don’t have a qualifying child and
earned under $20,000, find out if you qualify for a smaller credit, worth as
much as $496.
A refundable Iowa Earned Income Tax Credit is also available
to taxpayers who qualify for the federal EITC.
To calculate the Iowa EITC, multiply your federal EITC by .15 (15%) and
enter it on line 61 of the IA 1040 income tax return. For more details see https://tax.iowa.gov/expanded-instructions/iowa-earned-income-tax-credit-1.
It’s easy to find free tax help to prepare and
file your taxes. Use the VITA locator tool on IRS.GOV
to find a volunteer site near you. Also, you can prepare and e-file your own
taxes with professional software using IRS’s Free
File.
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