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Tax Credit Fast Facts 2021
Earned Income Tax Credit
The Earned Income Tax Credit (EITC) is a tax benefit for working people and families. Single and married people are eligible if they worked full or part time at some point during 2020 and earned less than $15,820 (for single persons with no dependents) and up to $56,844 (for married couples with three or more dependents). Some non-custodial parents may also be eligible. The federal, state, and City EITC can be combined to be worth up to $8,991.
NYC Child Care Tax Credit
The NYC Child Care Tax Credit (NYC CCTC) is a tax benefit to help families pay for child care. Parents and guardians who earn $30,000 or less and pay for child care for children age 4 or younger may be eligible. This local tax credit is worth up to $1,733.
Other Tax Credits
The EITC and NYC CCTC can help to reduce the income tax you owe and may allow you to claim a refund and get money back. You may qualify for additional tax credits, such as the Child Tax Credit or the American Opportunity Tax Credit. Ask your tax preparer or visit to learn more.
Free Financial Counseling
NYC Financial Empowerment Centers provide free one-on-one professional, financial counseling and coaching to support you in reaching your goals. Work with our counselors to manage the income tax you owe or to make the most of your refund. .