It’s that time of year. Statue of Liberty’s will be dancing on corners and folks are preparing to spend tax money, that hasn’t come yet. Last year, many were disappointed when their money was absconded by the nasty tax offset collection agency. 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: 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 |
