The IRS wants you…

(THIS ARTICLE IS FOR ACTIVE DUTY REGULAR ARMY ONLY)Yes, the IRS wants you to receive the benefits you deserve every month instead of waiting until the end of the year. The Department of the Army will give you this money every month in your paycheck.
What is the advance Earned Income Tax Credit (Advance EITC)?
A1. The advance EITC allows those taxpayers who expect to qualify for the Earned Income Tax Credit (EITC) and have at least one qualifying child to receive part of the credit in each paycheck during the year the taxpayer qualifies for the credit.



Q. Why should I be interested in the advance EITC?
A. If you are working and
1. you expect that your 2007 adjusted gross income (AGI) and earned income will each be less than $33,241 ($35,241 if you expect to file a joint return for 2007),
2. you expect to have at least one qualifying child, and
3. You expect to qualify for the EITC; you can choose to get part of the credit with your paycheck.
The Advance Earned Income Tax Credit (AEITC) for TY 2007 maximum credit the employer is allowed to provide throughout the year with the employee's pay is $1,712.
Note: You may be able to claim a larger credit when you file your TY 2006 Form 1040 or Form 1040A because your employer cannot give you more than $1,648 throughout the year with your pay. You may also be able to claim a larger credit if you have more than one qualifying child. However, you must file your 2006 tax return to claim any additional credit.
This averages to approximately $130 a month. Go see your Bn/Sqdn Command Financial NCO now and see if you qualify. Put the money where it needs to be. Pay off your bills now instead of paying interest all year long and then still having to pay off the principal balance. You owe it to yourself to take charge of your finances.

SSG Jason C Smith
Installation Command Finance NCOIC