news.cuna.org/articles/109283-ncua-reminds-tax-credits-can-benefit-low-income-other-members

NCUA reminds tax credits can benefit low-income, other members

February 1, 2016

ALEXANDRIA, Va. (2/1/16)--The National Credit Union Administration (NCUA) joined with the Internal Revenue Service (IRS) and other agencies to remind qualified taxpayers about the potential benefits of applying for the Earned Income Tax Credit (EITC).

“We want to be sure credit union members who might qualify are aware of this credit. It goes directly to families who may use it to cover living expenses, build emergency savings or save for a down payment for a car or a home,” said NCUA Chair Debbie Matz.

Taxpayers who qualify and claim the credit could pay less federal tax or even receive a refund. The maximum refund for the 2015 tax year is $6,242.

The NCUA’s consumer website, MyCreditUnion.gov, has a page dedicated to explaining the EITC.

NCUA issued its reminder in conjunction with EITC Awareness Day, a nationwide effort to raise awareness about the EITC and the availability of free tax preparation assistance.

Many credit unions offer their members help with preparing tax returns or participate in the Volunteer Income Tax Assistance program, an IRS-sponsored program that provides free tax-filing assistance.

Credit union members who would like help are encouraged to contact their credit union to find out what resources are available.