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The Earned Income Tax Credit and TaxHelp NM

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.

Earned Income 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.

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Comment by Juan on January 29, 2010 at 10:00am: Great info! Thank you ....

Comment by Michelle Meaders on January 29, 2010 at 7:34pm: The Senior Centers in Albuquerque also do this. There are different days at different centers, and most take appointments. The IRS makes a grant to the AARP foundation for training and expenses every year. This program (Tax-Aide) did 2.6 million free returns last year! We e-file, so people get their refunds quickly. We start next week, and go through April 15. Contact your nearest Center, or look on their website for a schedule.

You don't need an original Social Security card with you -- the number is on other tax documents.