Who? TEAM is a nonprofit human services agency serving the Greater Valley, Milford & surrounding region. www.teaminc.org TEAM’s Volunteer Income Tax Assistance (VITA) program serves over 1,000 low-income households each year, with IRS-certified and trained tax professionals filing returns for free, ensuring the maximum refund. Both the refunds and the savings through the return process can make a significant impact on a household’s budgetary stresses.
What? Workers may receive a larger tax refund this year because of the Earned Income Tax Credit (EITC). To receive this, filers must claim it. Friday, January 26, 2024 marks the 18th Anniversary of Awareness Day, a nationwide effort to increase awareness about EITC and free tax preparation sites. This year, the IRS is promoting EITC and providing information on other refundable tax credits filers may be eligible for including the Child Tax Credit (CTC), the Additional Child Tax Credit (ACTC), the Credit for Other Dependents (ODC) and the American Opportunity Tax Credit (AOTC).
Nationwide, as of December 2023, approximately 23 million taxpayers received over $57 billion in EITC. In Connecticut, 193,000 taxpayers received $442 million in Federal EITC.
Filers may be eligible for the EITC if they worked last year and had income of less than $63,698. EITC can mean up to a $7,430 refund if filers have qualifying children. Workers without a qualifying child could be eligible for a smaller credit up to $600. According to the IRS, the average amount credited for 2022 was $2,541.
Why? EITC Awareness Day is important to recognize annually. One-third of the EITC population changes each year. The IRS estimates that four out of five workers claim the EITC they earned. This leaves billions of dollars on the table each year.
TEAM wants to get the word out to those who are eligible to file a tax return even if they don’t owe any tax to claim the EITC. It’s money workers can use for groceries, rent, utilities and other bills.
EITC is complex. It varies by income, family size and filing status. To be eligible, filers must have earned income or certain disability income. This means you must have income from working for someone or working for yourself.
TEAM’s volunteers – trained by the IRS – ask you the needed questions to find out if you qualify for the EITC and other refundable tax credits. Volunteers at our sites also prepare and e‑file tax returns at no cost.
“VITA plays a key role to help keep and put money in the pockets of hard working people who really need it, and our community volunteers trained by TEAM help you get the EITC and the maximum refund you’re due. Our goal is to ensure the maximum refund so our clients can breathe a bit easier with money that can be used to pay off bills, fix the car, or even save to make a down payment on a home,” said David Morgan, President & CEO of TEAM Inc.
Let TEAM help you get the maximum refund and file your taxes at no cost. Visit one of our free tax preparation sites at:
• Milford Senior Center or TEAM in Derby – make an appointment at www.211ct.org/taxhelp
• Beacon Falls Senior Center – make an appointment by calling 203 – 516- 8498
• Or call 211 or use IRS.gov Locator Tools to find your local volunteer tax site.
Bring the following to ensure our volunteers get you the maximum credit you deserve:
• A valid driver’s license or other photo ID card
• Social security cards, a social security number verification letter for all persons listed on the return
• Birth dates for all persons listed on return
• All income statements: Forms W‑2 and 1099, Social Security, unemployment, and other statements, such as pensions, stocks, interest and any documents showing taxes withheld
• All records of expenses, such as tuition, mortgage interest, or real estate taxes
• Copies of last year’s state and federal tax returns, if available • Bank routing numbers and account numbers to direct deposit any refund • Dependent childcare information: name and address of who you paid and either the caretaker’s SSN or other tax identification number
• If you purchased coverage through the Health Insurance Marketplace, Form 1095‑A , Health Insurance Marketplace Statement
• Both spouses to sign forms to e‑file a joint tax return
