30 THE QUEENS COURIER • FEBRUARY 28, 2019 FOR BREAKING NEWS VISIT WWW.QNS.COM
tax guide
Make sure you apply for the tax credits you earned
Th e 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 fi nancial situation
changes. Th e 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. Th ose 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.
Th e 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. Th e 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
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