In This Issue
Help Educate CO Families about the EITC

Piton's  Tax Credits for Working Families Public Information Campaign is under way and we look forward to connecting with our partners about promoting the Earned Income Tax Credit, free tax preparation and other tax credits that benefit working families.

This year we  are excited to offer our partners multiple resources, including:

Our EITC flier will include information on the federal and state EITC, including eligibility and estimated refund amounts, and reporting health coverage on taxes. 

Our EITC &  free tax help flier and poster will include information about the EITC and Tax Help Colorado's free tax preparation sites. 

Electronic resources such as website and newsletter copy and sample social media posts.

We look forward to speaking with you in the up-coming months about these materials. To place an order, or for questions on EITC outreach, contact Courtney Sabine
Did You Know?
EITC Fast Facts

An estimated 118,000 Coloradans qualify for the EITC but do not claim it.


 

If you are the primary care-taker of grandchildren, nieces, nephews, siblings and family members, you could claim them for the EITC. See more.


 

The top industries that EITC recipients work in are retail trade, food services, healthcare, and construction.

EITC News is an electronic news bulletin providing information about the Earned Income Tax Credit (EITC) and other tax credits for working families. It is produced by The Piton Foundation for organizations that partner with and support the Tax Credits for Working Families Public Information Campaign. 
New State EITC Helps Hard-Working Families Receive Bigger Refund
 
When filing their taxes in 2016, working families will be eligible for an even bigger refund due to the new state Earned Income Tax Credit. For the first time in 15 years, Colorado will match 10% of individuals' and families' federal EITC. Below is a breakdown of EITC eligibility guidelines and estimated refund amounts for families who had earned income in 2015.
  • Workers who are raising one child in their home and have a family income of less than $39,100 (or $44,600 for married workers) can get an EITC of up to $3,300. (Plus a state EITC up to $330!)
  • Workers who are raising two children in their home and have a family income of less than $44,400 (or $49,900 for married workers) can get an EITC of up to $5,500(Plus a state EITC up to $550!)
  • Workers who are raising three or more children in their home and have a family income of less than $47,700 (or $53,200 for married workers) in 2015 can get an EITC of up to $6,200(Plus a state EITC up to $620!)
  • Workers who are not raising children at home and have an income below $14,800 (or $20,300 for married workers) can get an EITC of up to $500(Plus a state EITC up to $50!)
Tax Help Colorado Operating 4 New Free Tax Site Locations in 2016

During the 2015 tax season, hundreds of IRS-certified students at 17 colleges and six high schools will operate 26 free tax sites across the state through the Tax Help Colorado program. Tax Help Colorado continues to expand its free preparation, adding four new tax site locations this year. These new sites will operate at Abraham Lincoln High School in Denver, Global Leadership Academy in Denver, Adams County Government Center in Brighton, and Thornton High School in Thornton. Download a full list of Tax Help Colorado's free tax sites locations and operating hours.

To qualify for free tax assistance through Tax Help Colorado, individuals and families must have incomes less than about $53,000. The program was founded in 2007 to help link even more eligible families to the EITC. Last year, it helped nearly 10,800 families receive $20.4 million in refunds, including nearly $8 million from the EITC, and it saved hard-working families $2.8 million in commercial tax preparation fees.
The Affordable Care Act & Tax Time
Reporting Health Coverage
 
Under current health care laws, most people, including children, must have health coverage. Individuals and families who didn't have health coverage in 2015 may have to pay a fine. Before paying the fine, families can check  here to see if they qualify for an exemption. If they do not qualify for an exemption, the fine in 2015 could be 2% of their income or $325 per person, whichever is greater. 

Below is information on how to report health coverage on your taxes. If you had health coverage through:

Connect for Health Colorado: You will need a Form 1095-A to help report your coverage and reconcile tax credits you may have received. If you don't receive the form by mid-February, check  your online account for an electronic copy. If it's not there, call Connect for Health Colorado, 1-855-PLANS-4YOU.

Medicaid, CHP+: You will need a Form 1095-B to help report your coverage. These forms should be mailed to you by January 31. If you don't receive a form by mid-February, log in to Colorado.gov/PEAK to print a copy, or contact Medicaid at 1-800-221-3943.

Your Employer: Your employer will send a Form 1095-C or Form 1095-B to help report your coverage. If you don't receive a Form 1095-C or Form 1095-B, contact your employer benefits department.

Families without health coverage can avoid  paying an even higher penalty in 2016 by seeing if they qualify for free or lower-cost coverage
The Piton Foundation | 303-825-6246 | info@piton.org | http://www.piton.org
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1705 17th Street, Suite 200
Denver, CO 80202