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With Friday marking the 14th annual federal EITC Awareness Day,
Illinois Department of Revenue acting Director David Harris is
reminding taxpayers to take advantage of valuable tax credits
available like the Federal Earned Income Tax Credit (“EITC”) and
its Illinois counterpart, the Illinois Earned Income Credit (“EIC”).
The EITC and EIC are powerful tools that reward low- and
moderate-income taxpayers for their hard work, yet thousands of
eligible taxpayers fail to claim this credit on their taxes.
“The state EIC and federal EITC put thousands of dollars in the
pockets of hard-working families every year,” said acting
Director David Harris. “A family’s eligibility can change year
to year, so I urge all working families to check their status.
Taxpayers should also note that they must claim both the state
and federal components if they wish to maximize these valuable
credits.”
Anyone eligible for the federal EITC automatically qualifies for
the Illinois EIC, which is a refundable tax credit worth up to
18 percent of a taxpayer’s federal claim.
Despite that, nearly 20,000 Illinoisans claimed a federal EITC credit without
also claiming the state EIC, leaving over $5 million dollars unclaimed. The
federal government estimates only four of five eligible taxpayers claim the
federal EITC each year.
To be eligible for EIC/EITC, taxpayers must meet certain income and residency
qualifications and file a tax return, even if they do not owe any tax or are not
required to file. The Internal Revenue Service recommends that all workers who
earned around $55,952 or less learn about EITC eligibility and use the EITC
Assistant to find out if they qualify. Taxpayers must be eligible for federal
EITC to receive the state EIC.
Federally, eligible families with three or more qualifying children could get a
maximum credit of up to $6,557. EITC for people without children could mean up
to $529 added to their tax refund. To find out if your family qualifies for the
credit,
click here.
[Illinois Office of Communication and
Information]
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