Free Money — NJ Workers Urged to File For Special Tax Credit
If you worked last year or had your own business or farm, you might not realize it but you could be eligible for a federal tax credit worth thousands of dollars.
According to Marcia Suarez, the director of the low-income taxpayer clinic at Legal Services of New Jersey, the Earned Income Tax Credit can be as much as $6,935.
She said if you file for this credit “if you’re making about $59,000 or less, even if you’re single, so you don’t have to have kids, you will get money back at tax time.”
She said the tax credit is fully refundable, which means “if your credit is say $1,500 but you owe the IRS $1,000, it will bring you down your balance but you’ll still get that extra $500.”
Get a check or have it deposited electronically
Suarez said if you are eligible for this credit you can choose to get a check in the mail or have it deposited electronically in your checking account, which is the faster option.
She noted even if you don’t owe the IRS any money or are not required to file a tax return you still should file, because that’s the only way to get the credit.
This money can really help make ends meet.
“It is for low-income to moderate-income working folks so definitely file, definitely claim it," she said.
Suarez noted the amount of the credit varies by income, family size, and filing status. On average, the credit adds $2,043 to a refund.
For help with the tax credit or other federal tax issues, you can reach out to Legal Services of New Jersey’s Low Income Tax Clinic at www.lsnjlawhotline.org, or by calling1-888-LSNJ-LAW (1-888-576-5529).
Assistance in qualifying for the EITC also is available by visiting www.irs.gov/eitc.