CFO Sink Encourages Floridians to Learn More about the Earned Income Tax Credit (EITC)
CONTACT: Tara Klimek or Nina Banister
An estimated 350,000 working Floridians believed to be eligible
TALLAHASSEE –Chief Financial Officer Alex Sink is urging Florida taxpayers to check if they may qualify for the Earned Income Tax Credit (EITC), a special federal tax credit for low-income working individuals and families. Eligible Floridians could get back thousands of dollars in tax relief on top of what they may already be claiming.
The EITC helps taxpayers whose incomes are below $38,348 for families with two or more children, $34,001 for individuals with one child and $14,120 for individuals who have no children.
"Every year, millions of dollars in tax relief are forfeited because eligible Americans fail to claim their share of the Earned Income Tax Credit," said CFO Sink. "This is money that could be used to pay down debt, make a down payment on a home, or open a college fund.
At today's Cabinet meeting, Sink presented a resolution naming February 1, 2007, Earned Income Tax Credit Awareness Day in Florida.
"This is the taxpayers' money; it doesn't belong to the government," said CFO Sink. "We're doing everything we can to help put money back in the hands of eligible, hard-working taxpayers so they can take advantage of Florida's boundless opportunities."
According to the Internal Revenue Service's Web site, taxpayers must meet certain requirements to qualify and must file a tax return, even if they did not earn enough money to be obligated to file a tax return. In addition to filing an EITC claim for the most recent tax year, Floridians can go back three years to claim prior refunds for which they were eligible. Further, the IRS Web site states that in most cases, EITC payments will not be used to determine eligibility for most assistance programs, including Medicaid, Supplemental Security Income (SSI) and food stamps.
Consumers can visit http://www.irs.gov/ and search "Earned Income Tax Credit" to find out more about the tax credit and determine if they qualify.
There are many free tax preparation sites throughout Florida. To find the nearest free tax assistance site, call 1-800-829-1040.
As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.