You could be eligible to get more money back from the IRS-as much as $5,751.  If you earned less than $49,078 from wages, self-employment or farming last year, you may qualify for a refundable tax credit called the Earned Income Tax Credit, or EITC. But you must file a federal income tax return claiming the credit to get it.  Millions of workers who saw their earnings drop in 2011 may qualify for the first time.  Unlike other tax credits, both EITC eligibility and the amount of tax credit you are eligible for is based on several factors. These include, the amount of your income, or combined incomes if married, whether you have qualifying children and how many. Workers without children also may qualify.  Filing status and income limits determine the amount of the credit.  You may qualify for EITC even if you had no federal tax withheld or are not otherwise required to file.  The online EITC Assistant at www.irs.gov/eitc can help determine your eligibility and estimate the amount of your credit. Free help preparing your return and claiming EITC is available at volunteer income tax assistance sites. To locate a volunteer site, call your community’s 211 or 311 number for local services or call the IRS at 1-800-906-9887.

Filed under: General by Agribusiness Center for Excellence Wednesday, January 4th, 2012