It's that time of year - Tax Season. Today at Central New Mexico Community College
* we're talking about the Earned Income Tax Credit (EITC) and thought DCF readers might be interested in some of the details.
The EITC is a federal income tax credit for low to moderate income working individuals and families and can put a significant amount of money back in the pockets of people who need it most. Many New Mexicans are eligible for this credit and don't know it. Here's some of the details on the EITC. For full details, visit the IRS website
and adjusted gross income (AGI) must each be less than:
$43,279 ($48,279 married filing jointly) with three or more qualifying children
$40,295 ($45,295 married filing jointly) with two qualifying children
$35,463 ($40,463 married filing jointly) with one qualifying child
$13,440 ($18,440 married filing jointly) with no qualifying children
The maximum credit for tax year 2009 is:
$5,657 with three or more qualifying children
$5,028 with two qualifying children
$3,043 with one qualifying child
$457 with no qualifying children
If you think you might be eligible for the EITC or need some help on your taxes, CNM's TaxHelp New Mexico
is a free tax preparation service for those with household incomes of less than $50,000 and those 65 years of age and older. TaxHelp prepares and files returns electronically and there are TaxHelp sites throughout Albuquerque and around New Mexico.
In order to have your taxes prepared at a Tax Help New Mexico location, you must have the following documents:
- Social Security cards for yourself, your spouse and your dependents
- Birth Dates
- Form W-2 wage and tax statements from your employer
- A bank document with routing and account number for direct deposit
- A statement from your care provider with the amount paid, address and tax number if claiming child and dependent care expenses
- A list of all itemized deductible expenses; and, if necessary, Form W-2G for certain gambling winnings
- SSA-1099 Social Security benefits statement
- Records of all other income received
TaxHelp sites open statewide on February 1st and taxes are due April 15th. Happy filing!
*Disclaimer: I work at CNM and TaxHelp New Mexico is one of the college's programs.