If you worked in 2017, you may be eligible for one or more tax credits for low- to moderate-income workers:
Earned Income Tax Credit (EITC) can provide a one year refund up to $6,318. EITC returns millions to our Olmsted County community. A sustained EITC initiative can be the single most powerful initiative for financial stability within a community.
Child Tax Credit (CTC) is a refundable tax credit. An additional federal tax credit worth up to $1,000 for each child under the age of 17 claimed as a dependent on the worker’s tax return. This is provided to parents, grandparents, foster parents, and others providing resident child care.
Working Family Credit (WFC) is a Minnesota version of the EITC. Minnesota, as well as 22 other states, offers a state version of the EITC. Like the federal credit, it is fully refundable. In 1998 the legislature restructured Minnesota’s credit so that it equals a percentage of earned income, rather than a percentage of the federal credit.
Lost revenue for families and our community
Information from the Internal Revenue Service, Brookings Institute, and Center on Budget and Policy Priorities indicate only 75%-85% of active eligible tax filers participate in the Earned Income Tax Credit. In Olmsted County, this adds up to more than 1,000 eligible taxpayers who don't receive the credit they earned.
Learn more about available tax credits: click here.
You earned it. Claim it! Get your taxes done right and get your maximum refund. Low- and moderate-income households are eligible for free tax preparation services provided by United Way of Olmsted County and AARP. Click here for appointment information.