IRS may have money waiting for you

Today is Earned Income Tax Credit Day, which highlights the benefit for low- and moderate-wage earners.

Stacey Vanek Smith:Happy Earned Income Tax Credit Day! You didn't forget the IRS' special day, did you? It celebrates the federal income tax credit available to low income families.

New Hampshire Public Radio's Dan Gorenstein has more.


Dan Gorenstein: Usually infomercials sound too good to be true, right?

TV ad: The Ginsu 2000 can saw a lead pipe and still slice a tomato like this.

You expect this kind of shtick from a company peddling steak knives. But the IRS?

TV ad: Oh the things you would do if you just had some extra money, right? Well, maybe you do have money waiting for you-- at the IRS. You’re kidding, right?

They’re not. The IRS says every year taxpayers leave billions on the table. The Earned Income Tax Credit is for low- and moderate-wage earners, like Candy Robarge.

Candy Robarge: I just received a bill in from my son’s college that was $8,000 and I almost chocked.

Money’s so tight for the hair salon owner; she and her son constantly unplug everything from the toaster to the TV to save on electric. But thanks to the Earned Income Tax Credit, she’s got enough to pay that bill off.

Robarge: It’s a relief for him. It’s a relief for me. I’m going to be able to help my son.

TV ad: But wait, there’s more.

Not only is Robarge keeping her kid in school -- with this cushion, she’s even started a little Roth IRA.

So call now to learn more about the IRS’s -- um, I mean, I’m Dan Gorenstein for Marketplace.

About the author

Dan Gorenstein is the senior reporter for Marketplace’s Health Desk. You can follow him on Twitter @dmgorenstein.

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