This year, the Earned Income Tax Credit (EITC) can help working families in Vermont make ends meet with a credit of up to $6,660. Additionally, any family with dependent children who receives the Vermont EITC is automatically income eligible for food benefits through 3SquaresVT – meaning it may be easier to enroll in the program and get additional money to buy food. Every year, Vermont residents miss out on thousands of dollars in savings and added benefits because they are unaware of EITC or its link to 3SquaresVT. At a time when many people are experiencing economic hardship due to Covid-19, the EITC can go a long way in supporting families.
“Make sure you claim the EITC you earned – this tax credit can be more than all your pandemic stimulus checks combined, however, there are many Vermont residents who are leaving this credit behind,” said Anore Horton, executive director at Hunger Free Vermont.
The average monthly 3SquaresVT benefit is over $500 for a working family with children.
Vermonters making under $56,844 should see if they qualify. This year, families can use their 2019 or 2020 income information for EITC; the higher the income, the higher the Earned Income Tax Credit.
EITC is designed to help compensate hard working families whose wages are too low, while also providing economic stimulus to our state. In 2020, 33,000 Vermonters received an average EITC refund of $2,100.
To find out if you qualify call the IRS at 1-800-829-1040. For information visit vermontfoodhelp.com or dial 2-1-1.