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City employees can receive $$$ windfall from EITC.
Do you work for a city, yet still find it hard to pay bills? When you file your federal income tax returns this year, check to see if you have filed for an Earned Income Tax Credit (EITC). EITC is a federal anti-poverty program that is administered by the Internal Revenue Service (IRS) to provide financial support for low-income families. The EITC gave back in 2003 up to $2,547 for a parent with one child earning less than $29,666; working parents who were raising more than one child and earning less than $33,692 qualified for up to $4,204. Other benefits apply to very low-income workers not raising children in their homes and are between 25 and 64. Before you complete your income tax returns for 2004, check to see if this EITC tax benefit for working single-parent and two-parent families who earn low to moderate incomes applies to you. You may find you qualify for getting money back from Uncle Sam-perhaps thousands of dollars! Employees who qualify for the credit must have had an earned income under: · $11,490 ($12,490 if married filing jointly) if there is no qualifying child; · $30,338 ($31,338 if married filing jointly) if there is one qualifying child; · $34,458 ($35,458 if married filing jointly) if there is more than one qualifying child. Other qualifications include: valid social security number; investment income of $2,650 or less; filing status cannot be "married filing separately"; generally must be U.S. citizen or resident alien all year; cannot be a qualifying child of another person; and cannot file Form 2555 or 2555-EZ. For more information, visit www.irs.gov.
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