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Treasury Urges Residents to Claim State Earned Income Tax Credit for 2024 Tax Season

(TRENTON) - As the 2024 tax filing season begins, the ӣ����Ƶ Department of the Treasury is reminding taxpayers to find out if they are eligible for the State’s Earned Income Tax Credit (NJEITC), which can provide significant tax relief or increase tax refunds for low- and moderate-income workers.

Every year, over 700,000 ӣ����Ƶans are eligible for the program, but 25 percent of eligible taxpayers do not apply. This year, taxpayers are encouraged to check njeitc.nj.gov to determine if they are eligible and take advantage of this program.

“ӣ����Ƶ’s EITC is a vital resource that provides much needed support for many hard working individuals and their families,” said State Treasurer Elizabeth Maher Muoio. “Reducing tax burdens and increasing refunds puts money directly into the hands of those who need it most. We urge all ӣ����Ƶans to go online and see if they are eligible.”

In recent years, the Murphy Administration has broadened the NJEITC as part of its ongoing efforts to make ӣ����Ƶ more affordable and the best place to raise a family. Recent expansions of the NJEITC included increasing the credit amount, lowering the eligibility age to 18, and extending eligibility to seniors 65 and older without dependents.

For 2024, the NJEITC is equal to 40% of the federal Earned Income Tax Credit. For example, if your federal credit is $4,000, your NJEITC will be $1,600. If you lived in ӣ����Ƶ for only part of 2024, your NJEITC will be based on the number of months you were a ӣ����Ƶ resident.

To claim the NJEITC, you must file a ӣ����Ƶ Resident Income Tax return, even if your income is below ӣ����Ƶ’s minimum filing threshold amount. To be eligible, you also must:

• Claim and qualify for a 2024 federal Earned Income Tax Credit, or be at least 18 years old and meet all the federal criteria for a credit except age limits;
• Be a resident of this state for at least some of the tax year who worked or earned income;
• Have a qualifying child and/or be at least 18 years old:
• Meet the income limits for your filing status; and
• Have a valid Social Security number. Your spouse and any qualifying child you list on your tax return also must have a valid Social Security number.

The Division of Taxation also provides free tax forms and electronic filing options online, as well as information about free tax preparation assistance for low- to moderate-income individuals, individuals with disabilities, non-English-speaking residents, and adults over 60. For more information, visit njeitc.nj.gov