|Olson Reminds Working Families to File for Earned Income Tax Credit (February 16, 2009)|
February 16, 2009
For More Information
Rep. Tyler Olson, 515-281-3221
OLSON REMINDS WORKING FAMILIES TO FILE
“Thousands of hard-working, middle class families are struggling to pay their bills in these tough economic times, but don’t realize they are eligible for a refundable tax credit when they file their 2008 federal and state income taxes,” said Olson. “As Iowans begin work on their taxes this season, I want to make sure everyone who is eligible claims the credit.”
Workers with one child and earning less than $36,995 in 2008 are eligible for a tax credit up to $2,917. Workers raising more than one child with income less than $41,646 can get up to a $4,824 credit. Working individuals between the ages of 25 and 64 who are not raising children in their home and had income less than $15,880 are eligible for a $438 tax credit.
The EITC is now the largest federal cash benefit to low-income workers, surpassing welfare benefits in total dollars nationwide. Two years ago, in a bill floor-managed by Rep. Olson,
According to the Internal Revenue Service, about 25% of eligible workers don’t claim the credit. For more information or assistance on the EITC, call 1-800-829-8482 to find your local tax assistance site or log on to www.irs.gov.
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