Average EITC refund for Vermonters more than $2,000

first_imgVermont families earning less than $48,000 a year may qualify for federal and state tax credits under the Earned Income Tax Credit (EITC) program that could mean thousands of dollars in their pockets. The Vermont State Treasurer’s Office is joining with other state and federal organizations to remind Vermonters about this credit. January 29 is EITC Awareness Day nationwide.“Surprisingly, the IRS estimates as many as 25 percent of all eligible taxpayers don’t file for the EITC because they are unaware of it,” said State Treasurer Jeb Spaulding. “This special tax benefit for working people of low or moderate incomes has been available on the federal level since 1975 and at the state level since 1987. As Vermonters prepare their 2009 tax forms, I urge them to check their eligibility for this benefit.”The Earned Income Tax Credit is so-named because, to qualify, a person must work and have earned income. Taxpayers may claim the federal EITC as part of completing their 1040 or 1040-A form. For the state EITC, Vermonters must first claim the credit on their federal return and then complete the 2009 Vermont Tax Adjustments and Credits form IN-112.While claiming the EITC does require more steps, claim statistics indicate it is well worth the effort. For the 2008 tax year, the IRS reported that 40,166 Vermont taxpayers received the federal EITC amounting to $66,360,633, making the average refund $1,652. The Vermont Tax Department reports that 39,504 Vermonters claimed the State EITC for the 2008 tax year worth a total of $21,169,683. The average refund was $536. Vermont’s EITC State law allows a resident to receive an additional tax credit of 32 percent of the amount the taxpayer receives from the federal EITC. For example, if a taxpayer received the maximum federal EITC of $5,657, the state EITC would be approximately $1,810.“Many people will qualify for the EITC for the first time this year because their income declined, their marital status changed, or they added children to their families,” said IRS Senior Tax Consultant Christine Curtis. “Additionally, the amount of income a taxpayer may earn and still be eligible for the credit was increased by several thousand dollars, and a third eligibility category for taxpayers with three or more qualifying children was created. The new category enables eligible families with three or more children to receive hundreds more dollars in credit.”        Generally, a taxpayer may be able to take the credit for the 2009 tax year if the taxpayer:has three or more qualifying children and earns less than $43,279 ($48,279 if married filing jointly); orhas two qualifying children and earns less than $40,295 ($45,295 if married filing jointly); orhas one qualifying child and earns less than $35,463 ($40,463 if married filing jointly); ordoes not have a qualifying child and earns less than $13,440 ($18,440 if married filing jointly).     New this year is the option for taxpayers receiving any refund to purchase U.S. savings bonds through direct deposit. Form 8888, Direct Deposit of Refund to More Than One Account, is used to split a tax refund into two or three financial accounts. Taxpayers may now request a portion of their refund be used to buy up to $5,000 in low-risk, liquid Treasury Bonds, which earn interest and protect owners against inflation.     Refunds also may be deposited directly into previously established traditional IRAs, Roth IRAs and SEP-IRAs. Prior to initiating a direct deposit into a retirement fund, taxpayers should check with their financial institution to confirm that it will accept direct deposits and to inform the retirement account trustee of the tax year to which the IRA should be contributed. For example, if a taxpayer intends for a direct deposit to be designated as a 2009 IRA contribution, but fails to inform the trustee, the deposit might be designated as a 2010 contribution. The direct deposit contribution to an IRA must be made prior to April 15, 2010, in order to apply to the 2009 tax year.     For Vermonters earning less than $50,000 in 2009, free tax assistance services are available. IRS- certified volunteer tax preparers will work through a statewide network of 64 sites to help taxpayers file their taxes. Last year, the Vermont Volunteer Income Tax Assistance (VITA) sites helped more than 6,000 Vermonters. AARP also offers free tax counseling and preparation services to low- and middle-income-level Vermonters, but especially for those age 60 and older. AARP Tax-Aide served more than 4,200 individual Vermonters last year.     A list of free tax assistance sites is available through the State Treasurer’s web site by going to www.MoneyEd.Vermont.gov(link is external) and by calling the United Way Information Line at 2-1-1. The IRS also offers a web site with an easy-to-use interactive tool to help taxpayers determine whether they qualify for the EITC. The EITC Assistant is located at www.irs.gov/eitc(link is external). For more information, call the Vermont Department of Taxes at 1-866-828-2865 (toll-free in Vermont) or 802-828-2865 for local or out-of-state calls.Source: Vermont Treasurer. 1.26.2010last_img read more

UK should fight temptation to ‘fiddle numbers’ as Brexit swells deficits

first_imgWebb, now director of policy at Royal London Asset Management, dismissed a renewed consideration of smoothing out of hand.“If it turns out that low interest rates really are the new normal, then pretending they are not low to ease short-term funding pressures is pretty risky,” he said.He also defended the flexibility granted TPR during his tenure and emphasised that valuations were not rigid but tailored to an individual DB fund’s needs.“The argument is still ‘you don’t kill the goose that lays the golden egg’,” he said.“And you don’t expect such high pension contributions that it would actually reduce the chance of the company’s being there in 10 years’ time to pay the pension liabilities.”Consultancy PwC noted that many sponsors and trustees had constructed the most recent valuations around a scenario anticipating improved Gilt yields.Instead, the UK Debt Management Office this week issued £1.25bn of 10-year Gilts at a yield of -1.58%.Jeremy May, pensions partner at PwC, said the challenge now facing trustees was weathering continued investment volatility.“An alternative strategy would be to recognise that repairing the deficit needs to be done over a longer time frame,” he said.“This would allow trustees to reduce the investment risk within the scheme by moving to more cash-generative assets while increasing liability hedging with the sponsor, thereby benefiting from the reduced volatility in future contribution calculations.”While TPR no longer limits recovery plans to 10-year timeframes, it has recently come in for criticism for the 23-year recovery period set out by trustees at the pension fund for insolvent retailer BHS, now set to enter the Pension Protection Fund. The UK government should ignore calls to change the way defined benefit (DB) pension deficits are calculated, the country’s former pensions minister has said, after the impact of the UK’s vote to leave the European Union damaged funding.Steve Webb, responsible for pensions policy for five years until 2015, said the temptation to “fiddle the numbers” should be resisted after the most authoritative deficit figures for UK DB funds saw a £89bn (€105bn) increase in underfunding in the immediate aftermath of the vote.Since the referendum, his successor, Ros Altmann, has repeatedly warned of the economic impact of increasing deficits and said it must not be allowed damage the economy. Webb noted that, during his tenure, the Pensions Regulator (TPR) was granted a further objective to consider the growth prospects of sponsoring companies when agreeing deficit-reduction payments – a decision reached at the same time the government rejected a call to allow for smoothing of pension liabilities.last_img read more

IPC adapting to cash flow issues caused by Tokyo 2020 postponement

first_img “Of course we have less income in 2020 due to the postponement.” Parsons added that the IPC had not requested any financial support from the International Olympic Committee (IOC) to combat the cash flow issue, saying the organisation would seek to solve the issue internally. He confirmed that although there were cash flow issues, the IPC had no plans to let staff go. The IPC President also said the organisation were in contact with National Paralympic Committees (NPC) to address issues they may experience during the pandemic or due to the postponement of the Paralympic Games. Several NPCs have paid entry fees and for hotel accommodation at events, which have been impacted by cancellations or postponements. Parsons said the organisation were hopeful that NPCs which have already paid for accommodation for Tokyo 2020 could see their agreement remain in place for their rescheduled Paralympic Games in 2021. “Cancelled events and changed plans come at a cost to our members, who are normally not big and rich organisations,” he said. “They are not immune to the financial problems that come with COVID-19. “Some have already paid entry fees, hotels and tickets for events that have been cancelled so we are helping them with that and liaising with the local organising committees on how some of this money can go back to the National Paralympic Committees. “The best-case scenario is that the hotels where there is already an agreement for this year can offer the same service next year without having to charge a penalty fee.” Parsons thanked athletes and NPCs for their support during the coronavirus pandemic, which has seen more than 1.4 million cases worldwide and over 84,000 deaths. read also:IPC invite nominations for Athletes’ Council elections He said the Paralympic Games, now scheduled for August 24 to September 5 in 2021, could be a “sporting and humanitarian triumph”. FacebookTwitterWhatsAppEmail分享 Parsons said the organisation were currently reviewing 150 contracts related to the Paralympic Games, which were rescheduled from 2020 to 2021 earlier this month. He said the IPC had already identified more than €1 million (£877,000/$1 million) in savings, roughly five per cent of their 2020 budget, as they adjust to the postponement of the Games and the impact of the coronavirus pandemic. The IPC 2018 financial report showed a budget of €24 million (£21 million/$26 million). Parsons said broadcast and commercial partners had been supportive of the decision to postpone the Paralympic Games, while adding that he understood why some had asked to delay payments. He stressed that the IPC would not lose money due to the postponement, but admitted the postponement had created a cash flow issue. “Like all businesses we are tremendously affected by the COVID-19 crisis,” Parsons said on a media teleconference today. “One immediate aspect of the Games postponement is a change in the cash flow of the IPC. “This week we have nearly completed an exercise reviewing more than 150 contracts that are Games related and we are embarking on negotiations to best resolve these changes. “One example is the broadcasters. “Some of them have already asked if they can delay final payments to 2021, which we can understand as the product will be delivered in 2021. “All of our partners have been hugely supportive, we had a call with our commercial partners where they asked what they could do to help us and the athletes. “It was really positive to hear this attitude, with the relationships that we have been building for years. International Paralympic Committee (IPC) President, Andrew Parsons, has acknowledged the organisation faces cash flow issues, with some broadcasters seeking to delay payments due to the postponement of the Tokyo 2020 Paralympic Games. Loading… Promoted ContentThe Funniest Prankster Grandma And Her GrandsonWho Is The Most Powerful Woman On Earth?The Very Last Bitcoin Will Be Mined Around 2140. Read More8 Superfoods For Growing Hair Back And Stimulating Its Growth7 Ways To Understand Your Girlfriend Better6 Most Unforgettable Bridges In The World14 Hilarious Comics Made By Women You Need To Follow Right Now8 Things You Didn’t Know About CoffeeWhat Happens To Your Brain When You Play Too Much Video Games?13 kids at weddings who just don’t give a hoot6 Interesting Ways To Make Money With A DroneThis Guy Photoshopped Himself Into Celeb Pics And It’s Hystericallast_img read more

Teams fight for seven CHAN places

first_imgSeven teams will have booked their place at next year’s African Nations Championship in South Africa after this weekend’s round of qualifiers.Nigeria appear set to fill one of the berths as they take a 4-1 lead into the second leg of their tie against Cote d’Ivoire.And if the reigning African champions are successful, they will reach the finals for the first time.Ousted by Ghana and minnows Niger in previous qualifying competitions, the Super Eagles are desperate to end five years of failure.While coach Stephen Keshi preaches caution, it would be the biggest shock in qualifying for the tournament, which is for home-based players, if they surrender their advantage.“We cannot afford to take our feet off the pedal because we won the first match,” said Keshi, who led the full senior team to the Africa Cup of Nations title in Soweto in February. “The Ivorians are a very good side and we must prepare thoroughly for the second leg or face the prospect of losing out on Nations Championship qualification again.”Ethiopia are another country hoping to make the finals for the first time, although they are less favourably placed than Nigeria having defeated Rwanda only 1-0 in Addis Ababa.Sewnet Bishaw, who took the Cup of Nations team to the finals last January after a 31-year absence, is confident of completing the task in Kigali.“I promise that we will beat Rwanda in their backyard – I do not foresee any serious problems having watched them in the first encounter,” he boasted.Only three of the 23-strong Cup of Nations squad are based abroad, leaving Bishaw with a wealth of experience to call on, including midfield dribbler Shimelis Bekele. A 1-0 victory in Tanzania through a goal from defender Denis Iguma has placed Uganda in pole position to reach a second consecutive Nations Championship tournament.But the Cranes have often fallen at the final hurdle in various qualifying tournaments and Serb coach Milutin ‘Micho’ Sredojevic remains wary of his east African nUganda will lack both first-leg strikers with Tony Odour sidelined by a pulled muscle and Patrick Edema in Portugal for trials with a third-tier club.Mali are well placed having beaten Guinea 3-1 at home, as are Sudan after forcing a 1-1 draw in Burundi.But Burkina Faso and 2009 champions Democratic Republic of Congo face tough tasks against Niger and Congo-Brazzaville respectively having built just one-goal home leads.There are also four first-leg fixtures with Cameroon belatedly hosting Gabon after the lifting this week of a Fifa ban on the country for state interference. Southern region fixtures between Botswana and Zambia, Mozambique and Namibia and Mauritius and Zimbabwe complete the 11-match schedule.last_img read more