MOUNTAINSIDE — The Internal Revenue Service and New Jersey community groups are promoting Earned Income Tax Credit (EITC) awareness. This tax credit could be a critical financial lifeline to many Americans this year.
Last year in New Jersey, over 498,000 filers received over $956 million from EITC. The average EITC amount in New Jersey was $1,920. Nationwide last year, nearly 24 million taxpayers received approximately $48 billion from EITC. The average EITC amount was $2,000.
“Difficult economic times may mean more people are eligible for EITC because of reductions in their income last year. The amount of the EITC, the government’s largest tax benefit program for working families and individuals, is determined by earned income and family size,” said New Jersey’s IRS Spokesperson Gregg Semanick.
