One of the most valuable tax credits for low- and moderate-income workers is missed by one out of five people who are eligible for it, according to the IRS.
The Earned Income Tax Credit is available to Americans earning $50,270 or less. The credit could be worth from $475 to $5,891, depending on income, family size and filing status, the IRS says.
In Atlantic County, the average Earned Income Tax Credit was $2,290 last year. The average was $1,979 in Cape May County, 2,337 in Cumberland County and $2,214 in Ocean County.
In these four southern New Jersey counties, the credit was claimed by 76,510 filers for a combined $171 million.
In a statement, IRS Acting Commissioner Steven Miller said the IRS holds an annual national awareness campaign about the credit because one-third of the population eligible for it changes each year.
The Earned Income Tax Credit is refundable, meaning people can receive it even if they owe no taxes or otherwise do not have to fill out a tax return.
The IRS says people can check to see if they qualify for the credit by going to IRS.gov and clicking on the “EITC Assistant,” which asks several questions to gauge eligibility.
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