WWW.QNS.COM RIDGEWOOD TIMES FEBRUARY 28, 2019 15
TAX GUIDE
Make sure you apply for tax credits you earned
The New York State
Department of Taxation
and Finance reminded New
York State taxpayers to check their
eligibility for earned income tax
credits (EITCs).
As some of the most valuable tax
credits, EITCs can signifi cantly
reduce the amount of taxes owed
or provide a substantial refund
to low- or middle-income workers
and families.
EITCs are refundable federal,
New York State, and New York City
credits for working taxpayers. For
tax year 2018, the maximum total
of federal, state, and New York City
EITCs is $8,682 (for a family with
three children).
“As its name implies, you’ve
earned this potentially substantial
cash windfall by working,” said
Acting Commissioner Nonie
Manion, “so please review your
eligibility and claim the credit
you’re due.”
In tax year 2016, almost 1.8
million New Yorkers received the
federal EITC. When the federal,
New York State, and New York
City benefi ts were combined, the
benefi t to working families and
individuals was more than $5.2
billion, with an average benefi t of
almost $2,950 per household.
CHECK ELIGIBILITY
REQUIREMENTS EACH YEAR
Each year, thousands of New
Yorkers qualify for the EITC for
the fi rst time as their fi ling status
or personal financial situation
changes. The IRS estimates that
nearly 380,000 eligible New
Yorkers fail to claim these valuable
credits.
In addition to the specifi c income
requirements, taxpayers must
meet other criteria such as:
• earn wages from employment
or self-employment;
• have a valid Social Security
number;
• have a qualifying child living
with them for more than half
the year, or, if they don’t have a
qualifying child, be at least 25
years of age and under age 65;
and
• have investment income of less
than $3,500.
Taxpayers must also fi le a tax
return, even if they don’t owe any
tax or aren’t otherwise required
to fi le. Those eligible who prepare
their returns electronically will be
automatically prompted to claim
this credit and others. Those who
were eligible in previous years,
but didn’t claim the credit, may
still be able to submit an amended
income tax return for up to three
years.
The Tax Department also
reminded those ineligible for EITC
benefi ts to look for other possible
tax credits that they might be
eligible to claim, such as the child
and dependent care credit.
NONCUSTODIAL PARENT
EARNED INCOME TAX CREDIT
In 2006, New York State became
the fi rst state in the nation to enact
a noncustodial parent EITC. The
refundable credit is one of the
many ways the state encourages
low-income noncustodial parents
to work and stay current with their
child support payments.
In 2016, almost 5,200 taxpayers
claimed the noncustodial parent
EITC, totaling almost $2.6 million
in taxpayer benefi ts.
For more information, visit
tax.ny.gov.
From the NYS Department of
Taxation and Finance
Call Now & End Your Tax Nightmare!
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Co-Author of the
best selling book
“Breaking the Tax Code”
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Salvatore P. Candela, EA, ATA, ABA
Enrolled Agent - Tax Advisor
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