1 in 5 people in Vermont miss out on thousands of dollars in savings each tax year
Vermont Business Magazine Whether or not you earned income in 2023, you may qualify for a financial boost from tax credits including the Vermont Child Tax Credit and the Earned Income Tax Credit (EITC). Each tax year, one in five people miss out on thousands of dollars in tax refunds from the government because they are unaware of these existing credits.
These tax credits are designed to help compensate people in Vermont while also providing economic stimulus to our state. In the 2022 tax year, 34,000 Vermonters received an average EITC of $1,957. Combined with 3SquaresVT, Vermont’s name for the Supplemental Nutrition Assistance Program (SNAP), EITC works to increase economic security and put food on the table for thousands of families throughout the state.
“There are many Vermont residents leaving hard-earned money behind. These credits can provide a significant amount of money in refunds and reduce taxes owed,” said Anore Horton, Executive Director of Hunger Free Vermont. “If your family receives the EITC, you may also be eligible for 3SquaresVT even if you would not be otherwise. Make sure you file your taxes and call the IRS to see if you qualify for either of these vital credits – even if you don’t usually file taxes.”
The EITC refunds individuals up to $600 if they have no children living with them, or up to $7,430 for families with children living at home. An individual with children under the age of six can also receive $1,000 per child through the Vermont Child Tax Credit. Any family with children who receives the EITC is automatically income-eligible for 3SquaresVT, meaning it may be easier to enroll in the program and receive monthly benefits to purchase groceries.
There are different eligibility criteria for each tax credit, but the one commonality is that all Vermont residents, regardless of citizenship status, are eligible for these credits. Residents without a Social Security or Tax Identification number can also receive these refunds. In order to claim, individuals will need to file a tax return even if they do not owe taxes. While Tax Day falls on April 15, 2024, individuals can file taxes up to three years after the deadline to receive these credits.
For help claiming tax credits, call the IRS at 1-800-829-1040 or dial 211 to make a free appointment with a tax assistance organization in your community.
Visit TaxCreditsVT.org to learn more about tax credits, to see if you qualify and to get help filling your taxes.
To learn more about 3SquaresVT and the EITC, visit VermontFoodHelp.com.
About Hunger Free Vermont: Hunger Free Vermont is a statewide advocacy and education nonprofit organization that works with state agencies and community groups to develop permanent, systemic solutions to ending hunger in Vermont. Since 1993, Hunger Free Vermont’s outreach programs and advocacy work have substantially enhanced Vermont’s nutrition safety net and increased statewide access to nutritious foods. Hunger Free Vermont was instrumental in implementing H.165 in 2023, making Vermont the sixth state in the country to enact a permanent Universal School Meals program. hungerfreevt.org
Source: SOUTH BURLINGTON, Vt., March 7, 2024 – Hunger Free Vermont
