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Taxpayers might be eligible for a refund

Earned Income Tax Credit offers refund for working individuals, families

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Working individuals and families who earned $49,078 or less in 2011 might qualify for a refundable tax credit, the Earned Income Tax Credit.

Workers who meet the above income guidelines for wages, self-employment or farming can see whether they qualify for the tax credit, said IRS spokesman Mark Green. They must file a tax return and claim the Earned Income Tax Credit, he said.

Because the tax credit is refundable, taxpayers will receive a refund, even if they had no taxes withheld. To determine whether they meet the requirements, taxpayers can visit www.IRS.gov and use the EITC assistant.

The Earned Income Tax Credit is different based on income and family size. For the 2011 tax year, the maximum credit amounts are:

• $464 with no qualifying children

• $3,094 with one qualifying child

• $5,112 with two qualifying children

• $5,751 with three or more qualifying children

Also for tax year 2011, the earned income and adjusted gross income must each be less than the following:

• $13,660 ($18,740 married, filing jointly) with no qualifying children

• $36,052 ($41,132 married, filing jointly) with one qualifying child

• $40,964 ($46,044 married, filing jointly) with two qualifying children

• $43,998 ($49,078 married filing jointly) with three or more qualifying children

In most cases, the Earned Income Tax Credit has no effect on welfare benefits and will not be used to determine eligibility for Medicaid, Supplemental Security Income (SSI), food stamps, low-income housing or most Temporary Assistance for Needy Families (TANF) payments.

COUPONS

Sunday’s issue of The Augusta Chronicle has $1,671.77 in coupons. This includes $389.50 in SmartSource, $28.80 in Red Plum, $45 at Bridgestone/Firestone and $1,114.50 at Harbor Freight. The RedPlum coupon book has a coupon to buy any sundae at Baskin Robbins and get one for 99 cents. It expires March 4.


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