SOURCE: Jackson Hewitt Tax Service Inc.

Jackson Hewitt Tax Service Inc.

January 28, 2015 08:15 ET

Jackson Hewitt®: Hardest Working Americans Missing Out on Millions in Refunds by Overlooking Earned Income Tax Credit

One in Four Eligible Workers Fail to Claim Credit of up to $6,143

PARSIPPANY, NJ--(Marketwired - Jan 28, 2015) - Toward the end of last year's tax filing deadline, the Internal Revenue Service (IRS) announced that more than $760 million in unclaimed refunds reserved for the hardest working Americans would disappear after April 15 -- so many dollar bills that, if stacked, they would reach higher than 187 Empire State Buildings. Because a large portion of this missed opportunity comes from failing to claim the Earned Income Tax Credit (EITC), the IRS has declared Friday to be EITC Awareness Day.

"One in four people who qualify for the Earned Income Tax Credit should be getting up to $6,143 in additional tax refunds, but they miss out because it's complicated to tell if you qualify," said David Prokupek, CEO of Jackson Hewitt®. "Jackson Hewitt is working hard to ensure that every American gets the biggest refund they deserve. Taxpayers can visit one of our 6,300 locations, with nearly 3,000 in Walmart stores, to have an expert Tax Pro determine their eligibility and estimated refund at no charge and no obligation."

One-third of the EITC-eligible population changes each year based on marital, parental and financial status, and many Americans may not know they qualify for this credit. The IRS allows these individuals to catch up, offering a three-year window for filing federal tax returns. Jackson Hewitt encourages clients to secure unclaimed EITC by filing past federal tax returns now and avoid losing any unclaimed funds from as far back as 2011.

To claim the EITC, taxpayers must be employed or self-employed and have a Social Security number. They will need to show proof of having less than $3,350 in investment income and have earned income and adjusted gross income lower than the following amounts:

                 
Filing Status   No Children   1 Child   2 Children   3 Children
Single, head of household, qualifying widow(er)   $14,590   $38,511   $43,756   $46,997
Married filing jointly   $20,020   $43,941   $49,186   $52,427
                 

For example, a married couple filing jointly with three children and a combined earned income of $23,000 could qualify for the maximum EITC of $6,143. If the couple overlooked the EITC the past three years, they possibly could claim thousands of dollars more for each year for a total refund approaching half their annual income.

"Our Tax Pros can also review prior-year returns prepared by you or another tax preparation company at no charge to make sure there aren't older EITC credits to claim. For some, it can amount to thousands of dollars," Prokupek said. "Although January 30 is EITC Awareness Day, at Jackson Hewitt we identify clients every day who are eligible for EITC and don't know it. Our certified Tax Pros know their stuff and are held to the highest standards in the industry."

About Jackson Hewitt Tax Service Inc.

Jackson Hewitt® Tax Service Inc. is a leading full service multi-channel tax preparation company with approximately 6,300 franchised and company-owned locations including nearly 3,000 locations in Walmart stores throughout the United States. Jackson Hewitt also provides a full suite of online and mobile tax filing solutions for the "do-it-yourself" marketplace at www.jacksonhewittonline.com. We hold our approximately 25,000 professional and certified tax preparers to the highest standards in the industry and stand behind our work with our Biggest Refund and 100% Accuracy Guarantees. For more information, product and offer details, or to locate your neighborhood Jackson Hewitt office, visit www.jacksonhewitt.com or call 1-800.234.1040.

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