money matters - citigroup
TRANSCRIPT
If you earn $50,270 per year or less, you can keep more of your money with the Earned Income Tax Credit.
Find out how.
MONEY MATTERS
In 2012, 213,000 New Mexico residents who claimed EITC received an average of $2,300 when filing their tax returns.
This special supplement is made possible with funding by Citi Community Development.
Please consult with a professional tax advisor for more information about your own situation.
For Information on site
days and hours, please
visit the CNM web site:
CNM.edu/taxhelp
VITA Site LocationsALBUQUERQUEAll locations, call1-505-224-4TAX
CNM Main Campus1401 Basehart Rd SE (Corner of University & Basehart)
CNM Montoya Campus4700 Morris NEPortable east of I Bldg(3 blocks north of Montgomery on Morris)
CNM South Valley Campus5816 Isleta Blvd SW(2 miles south of Rio Bravo on Isleta) Room SV70
CNM West Side Campus10549 Universe NW(3 miles west of Golf Course, just north of Paradise on Universe)
NM Taxation and Revenue Department5301 Central NETax Help NM office(Corner of Central and San Mateo Bank of the West Bldg)
Prosperity Works909 Copper NWBy appointment only
United Way2340 Alamo Ave SE
AcomaAcoma Pueblo49 Pinsbaari Dr1-505-552-6077
BernalilloAmerind – Santa Ana502 Cedar Dr1-505-404-5000
CarlsbadSt. Peter Lutheran Church1302 W. Pierce St1-575-636-4751
ClovisClovis Community College417 Schepps Blvd1-575-769-4948
CubaOjo Encino Chapter HouseHRC 79 1-505-731-2263 FarmingtonSan Juan Community College4601 College BlvdRoom 7101-505-486-5038
GallupCatholic Charities506 West Highway 661-505-722-4407
GrantsNM State University1500 North Third St1-505-287-6646
JalJal Clinic805 West Kansas1-575-395-3400
Las VegasLuna Community College366 Luna Dr1-505-454-5374
LagunaNative Community Finance5 Capital RdBy appointment only 1-505-552-6430
Los LunasLos Lunas High School1776 Emilio Lopez DrRoom A-21-505-865-4646 ext 608
University of NM – Valencia280 La Entrada1-505-925-8730
Pine HillOso Valley Ranch Project1285 Bia Rte 125 1-505-775-3061
Santa FeNorthern Pueblos Housing5 West Gutierrez, Suite 101-505-455-7973
Silver CityWestern NM University1000 West College Ave1-575-538-6637
El Grito303 S. Cooper St.1-575-538-5459ext 201
RoswellEastern NM University52 University Blvd1-575-624-7329
TucumcariEastern Plains Comm Action Agency210 West Center1-575-461-1914 ext 140
ZuniZuni Housing Authority01 Twin Buttes Rd1-505-782-4771
How do you claim the EITC?• File an income tax return or a joint return if you're married.
• Earn $50,270 per year or less.
• Meet certain age requirements (25-64 if you don’t claim a child as a dependent).
• Have a valid Social Security number.
• Cannot be someone else’s dependent.
• Meet U.S Citizenship or residency requirements.
• Less than $3,200 in income from investments for the year.
What is VITA? The Volunteer Income Tax Assistance (VITA)
program provides free tax help for people with
incomes of about $50,000 or less.
At the VITA sites listed below, IRS-certified
volunteers are ready to prepare taxes, ensure
accurate refunds and encourage savings.
The volunteers make sure that taxpayers
claim credits like the EITC, which can lead to
significant tax refunds.Find out if you qualify for EITC this year: http://1.usa.gov/Q5IB26
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Bring ALL of these to the VITA site!
Proof of identification (like a
driver's license, state ID or U.S
Passport).
Social Security cards or official
Social Security Number (SSN)
verification letters for yourself,
your spouse and any dependents.
• No SSN? Bring your Individual
Taxpayer Identification Number
(ITIN) assignment letters.
All documents relating to money
that you received throughout
the year.
• Wage and Earnings Statement(s)
from your employer(s) (Form W-2,
W-2G, or 1099-R).
• Interest and Dividend
Statement(s) (Form 1099) that
you received from your bank(s).
A copy of your federal and/or state
tax return from last year, if you
filed.
The total amount you paid
for daycare and the daycare
provider’s tax identification
number — YOU MIGHT BE ELIGIBLE
FOR CREDITS.
Your bank routing and account
numbers (if you have a bank
account and want to have your
tax refund direct-deposited,
which is faster). These numbers are
usually listed on your checks or
deposit slips.
Your spouse (if applicable). Both of
you must sign the required forms.
Save money for a secure financial future.
Save for retirement. According to the Department of Labor, the average
American will spend 20 years in retirement. Saving helps you make the most
of those years. Start small by putting aside just a little each month. Talk to
your employer about retirement savings or pension plans. Ask your bank about
opening an IRA account.
Pay off debt. If you're paying high interest rates on credit cards or loans you
are losing money. Pay off debt with the highest interest first. Try to change your
credit card habits by charging no more than what you can afford to pay in the
same month. Save for expensive purchases. It may be convenient to buy with
credit, but you may end up paying double.
Save for college. A college education can increase earning potential
for a lifetime. Tuition, books and other expenses can add up to a lot, even if
you qualify for financial aid. If you have a child going to college or plan to
further your own education, consult your bank about a 529 savings plan.
It’s specifically for college costs and provides special tax benefits for you.
Start a rainy day fund. It’s a good idea to have an emergency fund during
tough times, like unexpected medical costs or sudden unemployment. Save
enough to cover about six months of expenses and leave that money alone
during good times. Ask your bank about savings accounts that will earn interest
and grow over time.
Open a bank account to save safely and easily. It’s Safe. Money in the bank is insured up to certain limits by the federal
government — so, even if the bank were to close, you won’t lose all of your
money. Putting your money in the bank protects it from theft and fire.
It's Convenient. • Pay your bills online or with checks.
• Have your salary automatically deposited.
• Access your money 24/7/365 through automated teller machines (ATMs).
• Use your ATM card to pay at stores (instead of carrying around cash).
It Can Grow. Some bank accounts earn interest so you end up with more than
you put in.
It Saves You Money. With a bank account, there’s no cost to cash checks or
transfer money.
It helps build an important relationship. As the bank gets to know you
as a responsible account holder, it’s more likely to give you a loan for college,
house or car.
Tax Help New Mexico is a VITA program, in which trained volunteers help people prepare and file their income tax returns. Volunteers ensure that hard-working taxpayers claim all of the benefits they are entitled to, like the EITC, which can lead to sizeable tax refunds.
Tax Help New Mexico assists individuals by offering free services that focus on making tax preparation simpler. By offering free tax preparation services the organization is able to serve the larger community in a really impactful way. Many clients are eligible for the EITC and are able to take advantage of that through Tax Help New Mexico.
CNM and United Way of Central New Mexico host many VITA sites across the state. United Way provides a strong corps of
volunteers, who are then trained by CNM, enabling volunteers to provide high-quality service.
EITC improves financial stability for many local families who are working hard, but barely making ends meet. The tax credit can significantly boost annual incomes by nearly $6,000 for some families. EITC is also good for the local economy, and helps put money back into the community. Tax Help New Mexico VITA sites bring millions of dollars to New Mexico each year through EITC and other available tax refunds.
" Any family that meets income requirements can get free tax help through VITA. Take advantage of the help. Make sure you get all the money you deserve."
Demesia PadillaSecretary, Taxation and Revenue
State of New Mexico
Citi Community Development leads Citi’s commitment to achieve economic empowerment and growth for underserved individuals, families and communities. In partnership with public and nonprofit agencies, we expand access to financial products and services and build sustainable business solutions.
Learn more about Community Development at Citi: citicommunitydevelopment.com.
Melissa Briggs Citi Community Development State Director for New Mexico
Partner Spotlight
" In these tough times, EITC helps working families keep and save their money. I urge all those eligible to take advantage of this great program."
Jon BarelaSecretary, Economic Development
State of New Mexico
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LEARN HOW TO MANAGE YOUR FINANCES:
IRS Tax Help
http://www.irs.gov/Help-&-Resources
CFED Financial Education Guide
http://cfed.org/assets/pdfs/BOTW_VITA_English.pdf
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