The Greater Los Angeles Earned Income Tax Credit partnership will provide some $2 billion in refunds to low and moderate income Americans in order to drive public awareness regarding tax credits and other services.
The organization, which is supported by The Bank of America Charitable Foundation, The Walmart Foundation and Citibank, will provide refunds of up to $5,666 each to individuals within the Los Angeles area for the 2010 tax year—a figure it says translates into nearly two months of income for many families. EITC estimates that roughly 80,000 taxpayers in the LA area qualify for the credit.
Here’s the breakdown of how these tax credits will breakdown by income bracket:
|Amount of Dependents/Earnings||Credit Amount|
|3+ earning less than $48,362||$5,666|
|2 earning less than $45,373||$5,036|
|1 earning less than $40,373||$457|
Here’s a separate break-down for single parents:
|Amount of Dependents/Earnings||Credit Amount||Amount of Dependents||Credit Amount|
|3+ earning less than $48,362||$5,666||3+ earning less than $43,352||$5,666|
|2 earning less than $45,373||$5,036||2 earning less than $40,363||$5,036|
|1 earning less than $40,373||$457||1 earning less than $35,535||$3,050|
In addition, the organization will provide married workers between the ages of 25-64 earning less than $18,470 with no children a credit of up to $457.
“Citibank is proud to join United Way and the ‘Get Paid to Save’ partner organizations to help working families establish and grow savings,” said Lisa Deloney, Executive Vice President for Citibank’s Metro Southern California Division. “Through this effort, we can help more families save money to reach their short or long-term financial goals.”
Families earning over $3,000 are also eligible to receive the Child Tax Credit though the EITC, as dependents under the age of 17 can receive up to $1,000 each. Recipients of the credits must be qualified working U.S. Citizens and legal residents with social security numbers.
The Greater Los Angeles EITC partnership said it provided free tax preparation services to nearly 39,500 households last year, and helped such households claim nearly $36.8 million in total refunds.
If you earn less than $50,000 per year you can receive free tax preparation services from The Greater Los Angeles EITC’s. Check out the organization’s website to see if you do, and read about the many ways you can maximize your tax refunds from MyBankTracker.com.
ALSO CHECK OUT: 4 Tips For a Quicker Tax Refund