In partnership with the IRS, the Franchise Tax Board encourages eligible California taxpayers to claim the Earned Income Tax Credit when filing their federal tax returns.
Nearly 3.1 million Californians received more than $7.3 billion in refunds last year, according to state officials. The average Earned Income Tax Credit refund totaled $2,373. The IRS estimates that one in five Earned Income refunds goes unclaimed each year.
“These tax dollars, which can total more than $6,000, provide a much-needed financial boost for millions of hardworking Californians,” said State Controller Betty T. Yee, chairwoman of the Franchise Tax Board.
The Earned Income Tax Credit is a refundable credit. When the credit exceeds taxes owed, the taxpayer receives a refund. People who earned less than $52,427 from wages, self-employment or farming in 2014 may qualify for the credit, which can total as much as $6,143.
Those eligible for the credit who missed it in prior years can still claim it. Past income limits were $51,567 in 2013, $50,270 in 2012 and $49,078 in 2011.
Free tax preparation and Earned Income Tax Credit eligibility help is available throughout the tax season at Volunteer Income Tax Assistance and Tax Counseling for the Elderly sites. The two volunteer programs staff more than 1,000 centers statewide. Some offer services in Spanish, Chinese, Vietnamese and Korean.
For more information, visit irs.gov or ftb.ca.gov and click “Individuals,” then “Free filing assistance.”
