IT’S YOUR MONEY – COME GET IT

(Article published in HWW March 2009)

“If you’re earning any money, you should file your income taxes – especially if you’re low income – because there are good refunds available to you.”

Judith Rubenstein, Project Director of Connecting to Advantages, urges you to consider the money that just may come your way if you take the time to claim it.

The Earned Income Tax Credit (EITC) is a refund that returns federal, state and New York City tax dollars to working families . Families with dependents earning less than $42,000 might be eligible for up to $6,500 and working individuals earning less than $16,000 might be eligible for up to $600. You may also be eligible for New York State EITC which is 30% of the Federal level.

The NYC Child Care Credit is for working families earning less than $30,000 who pay for child care costs for children three and under. You might be eligible for up to $1,733.

“For many New Yorkers, filing for tax credits like the Earned Income Tax Credit and the Child Care Tax Credit can result in the single largest check they receive all year,” said Department of Consumer Affairs Commissioner Jonathan Mintz.

The NYC School Tax Refund gives $155 to people who have lived in New York City for 12 months in 2008 and file taxes with New York State. But this refund is also available to people who don’t file because they don’t have earned income but do have income from untaxable sources such as public assistance, SSI or food stamps only. They merely fill out a simple form, NYC-210, and mail it in. If they have never done it before they can go back three more years and receive $155 for 2008, $145 for 2007, $115 for 2006 and $62.50 for 2005, for a total of $477.50.

(You can ask for help filling out the NYC-210 form at any of Judith Rubenstein’s Connecting to Advantages help tables at soup kitchens around the city. Call 646-226-3259 for locations.)

For free assistance in preparing tax returns, city residents can visit one of the Volunteer Income Tax Assistance (VITA) sites in all five boroughs. To find a VITA site near you, call 311.

And while you’re at it, ask about Mayor Bloomberg’s $aveNYCAccount program. Families earning less than $45,000 and individuals earning less than $20,000. The program encourages saving by matching your deposits in a special savings account with city dollars.