NEWARK, N.J., March 7, 2013 /PRNewswire/ -- PSE&G urges New Jersey's workforce members who are in financial difficulty to see if they are eligible for the 2012 Earned Income Tax Credit (EITC). This special credit reduces the amount of taxes owed by eligible workers and sometimes provides a tax refund as well.
Depending on their income, individuals who worked full- or part-time or were self-employed in 2012 may qualify for the credit, regardless of whether they are married or have children. New parents, foster parents, and grandparents raising grandchildren all may be eligible. Some families, including those raising children with disabilities and those in the military, often don't know that special rules may make them eligible, as well.
"The earned income tax credit can make life a little bit easier for New Jersey's low-income workers, especially those with children to support," said Joseph A. Forline, PSE&G's vice president of customer solutions. "We're appealing to the public to take advantage of the credit if they are eligible, and also to let their friends and family know about it."
Individuals can receive a federal credit ranging from $475 to $5,891 and a state credit ranging from $95 to $1,178. The chart below provides income eligibility information.
EITC INCOME GUIDELINES FOR FISCAL YEAR 2012
Qualifying Children AGI* AGI if married filing jointly
0 $13,980 $19,190
1 $36,920 $42,130
2 $41,952 $47,162
3 or more $45,060 $50,270
*AGI: Earned income and adjusted gross income
Each year the EITC puts billions of dollars into the hands of millions of lower- to middle-income workers. In 2011, approximately 563,000 eligible families and individuals claimed EITC worth nearly $1.3 million in federal EITC. Approximately 527,950 of those received an additional $232 million in state EITC benefits. The average state EITC credit amount was $439.
New Jersey residents should know that those eligible for the New Jersey EITC must file a state resident income tax return, even if they have no tax liability to New Jersey and do not usually file a state tax form.
The state of New Jersey has launched a public awareness campaign to promote the tax benefit and urges all eligible residents to take advantage of the program. The New Jersey Department of Human Services-Division of Family Development, PSE&G, the Association for Children of New Jersey, and the Internal Revenue Service (IRS) are working together to spread the word. As a result of our collective efforts to alert eligible taxpayers about EITC, the latest data indicates more qualified taxpayers are getting the credit. The IRS estimate four of five eligible taxpayers received their EITC last year. This means that millions of additional taxpayers are getting the credit they have earned.
PSE&G includes EITC information on the company's website at www.pseg.com/eitc and in customer bill messages during the first few months of the year. In addition, several of PSE&G's 16 Customer Service Centers display EITC information at the centers.
New Jersey individuals and families whose 2012 earnings were lower than $51,000 can get their taxes prepared free of charge. To find out where you can get free help filing your taxes, call the NJ Community Resource Hotline at 211 or 1-877-652-1148.
For general information, visit www.njeitc.org
For information on the Federal EITC, call 1-800-829-1040 or visit www.irs.gov/eitc.
For information about the New Jersey EITC, call 1-866-698-9065 or visit www.njtaxation.org.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company (www.pseg.com).
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SOURCE Public Service Electric and Gas Company (PSE&G)