Programs
Did you know?
We partner with PCEI to offer free tax services to qualifying individuals.
If you live in one of the five boroughs of New York and have a household income less than $38,000 per year, you can also become a member of the LESPFCU through the People’s Center for Economic Independence (PCEI).
Earned Income Tax Credit
You may be eligible for a big tax refund of up to $5,000 through the Earned Income Tax Credit (EITC). EITC is a tax credit for individuals and families who work but do not earn high incomes.
To qualify, you need to be a US Citizen or Resident Alien and must have earned income at some point last year from wages, salaries, tips, or self-employment.
EITC Income Guidelines
Income and family size determine the amount of the Federal Earned Income Tax Credit an individual or family may receive. For tax year 2005, to qualify for the credit, a person’s or family’s investment income must be $2,700 or less. In addition, both earned income and adjusted gross income for 2005 must be more than $1 but no more than the amounts listed for each category in the table below.
Income Caps for earned Income Tax Credit – 2005
| Families With the Following Number of Qualifying Children | Family Head Filing Individually | Married Filing Jointly |
|---|---|---|
| 0 children | $11,750 | $13,750 |
| 1 child | $31,030 | $33,030 |
| 2 or more children | $35,263 | $37,263 |
| Please note that these income limits change each year. For more information about the EITC. Please see the Internal Revenue Services Web Site at www.irs.gov and then search for “EITC.” |
