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February 01, 2012 09:50 PM

Eligible For The Earned Income Tax Credit?

Sioux Falls, SD

 
If you filed an early tax refund to get your money faster, you may be waiting longer than you planned.

Tax payers who filed before January 25th could see their refunds delayed by up to a week because of new anti-fraud safeguards installed on the Internal Revenue Service computers.

Those who filed after January 26th should still get their refund in about 10 days through direct deposit.
Meanwhile, people in KELOLAND could be losing out on millions of dollars in tax credits, simply because they don't know they're eligible for the Earned Income Tax Credit.

How does $2,000 sound right about now? That's how much on average people in South Dakotan get back from the IRS in the form of the Earned Income Tax Credit.

The credit is for people who make just over $49,000 or less a year.

"And so while four out of five tax payers who are eligible receive it, there's still one in five that don't and that could be because they don't file a tax return or when they do they don't think they're eligible for it and don't take the credit," Shane Ferguson of the IRS said.

In South Dakota, nearly 65,000 people claimed the credit for a total of $130 million; but millions more goes unclaimed. Often times people don't know they're eligible for the credit because their financial or personal status has changed.

"It could be a case where they checked into it previously and weren't eligible and as their status changed; they don't check it to see if eligible," Ferguson said.

People with three or more children can get a maximum credit of nearly $6,000. People without children also qualify for up to $464.

"If you're eligible for it or have family and friends you think may be eligible for it, let them know and encourage them to check it out," Ferguson said.

To find out if you qualify for the Earned Income Tax Credit, just go to IRS.gov and answer a few questions. You can also get an estimate of how much money you'll be getting.

People making $50,000 or less can also get free help on their taxes at the Main Library in Downtown Sioux Falls starting Monday, February 6th from 5 to 8 p.m., every Monday through April 9th.

The tax return preparation is also available every Saturday in February from 10 a.m. to 3p.m.

Visit the Volunteers of American website or the IRS website for more information.


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