Annelise Grimm

speaker
83 appearances 1 recordings 1 series first heard Jul 2020 last heard Jul 2020

Annelise Grimm’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Billions in Stimulus Money Available for Low-Income Families · 14 Jul 2020 podcast
There's a lot of money left on the table.
For the earned income tax credit, we think it's about $10.5 billion with a B left on the table every year.
And for the stimulus, if we assume a minimum of $1,200 a filer, so that doesn't include the money that people get for their dependents, we think there's probably about $10.8 billion left on the table.
So overall, we're talking $20-plus billion left on the table.
It depends on the household size and where you are, but generally around $12,000 is where people start being required to file a return.
But for many people, even though they're not required to file, they can benefit from filing.
And so that's one of the big reasons why we created GetYourRefund.org.
There are a lot of families that are missing out on this benefit.
We think about 7.9 million families are likely missing out on their EITC for various reasons.
Some of those are because they're not required to file, and some of those are because the filing process is too challenging.
And so it's either too expensive or too hard to access or too challenging to find a trustworthy way to file your taxes.
For families that don't file a tax return, you could be missing out on a lot of money.
Right now, there are several different benefits that you can receive by filing your taxes.
So the first big one is the earned income tax credit.
The average is about $1,336 for families.
But in many places, especially if they have a state EITC, you could get even more than that.
So that's a big thing you can miss out on.
There are also child tax credits you could miss out on.
And then this year, the stimulus is also available to families if they file their taxes.
And so that's $1,200 per individual if you have a dependent, another $500 for each dependent.
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