It’s that time of year. Â Statue of Liberty’s will be dancing on corners and folks are preparing to spend tax money, that hasn’t come yet. Â Last year, many were disappointed when their money was absconded by the nasty tax offset collection agency. Â Here is a helpful tip to ensure you will get a refund this year.
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If you happen to owe money to an agency for: Â EDD (unemployment) overpayments, child support and/or any other garnishment, STOP the daydreaming of your purchases and call the Bureau of Fiscal Services at 800-304-3107 to see if you owe.
On a positive note, the IRS has increased the amount you can receive on Earned Income Tax Credits (EITC).
2016 Earned Income Tax Credit
| Income Qualification Item | No Children | With 1 Child | With 2 Children | With 3+ Children |
|---|---|---|---|---|
| 1. Maximum 2015 Earned Income Tax Credit Amount | $506 | $3,373 | $5,572 | $6,269 |
| 2. Earned Income (lower limit) required to get maximum credit | $6,610 | $9,920 | $13,930 | $13,930 |
| 3. Phaseout Threshold Amount Begins (for Single, SS, or Head of Household) |
$8,270 | $18,190 | $18,190 | $18,190 |
| 4. Phaseout Amount When Credit Ends (for Single, SS, or Head of Household) |
$14,880 | $39,296 | $44,648 | $47,955 |
| 5. Threshold Phaseout Amount Begins (for Married Filing Jointly) |
$13,820 | $23,740 | $23,740 | $23,740 |
| 6. Phaseout Amount When Credit Ends (for Married Filing Jointly) |
$20,430 | $44,846 | $50,198 | $53,505 |
2015 Earned Income Tax Credit
| Income Qualification Item | No Children | With 1 Child | With 2 Children | With 3+ Children |
|---|---|---|---|---|
| 1. Maximum 2015 Earned Income Tax Credit Amount | $503 | $3,359 | $5,548 | $6,242 |
| 2. Earned Income (lower limit) required to get maximum credit | $6,580 | $9,880 | $13,870 | $13,870 |
| 3. Phaseout Threshold Amount Begins (for Single, SS, or Head of Household) |
$8,240 | $18,110 | $18,110 | $18,110 |
| 4. Phaseout Amount When Credit Ends (for Single, SS, or Head of Household) |
$14,820 | $39,131 | $44,454 | $47,747 |
| 5. Threshold Phaseout Amount Begins (for Married Filing Jointly) |
$13,760 | $23,630 | $23,630 | $23,630 |
| 6. Phaseout Amount When Credit Ends (for Married Filing Jointly) |
$20,340 | $44,651 | $49,974 | $53,267 |
