In 2014, an estimated 13 percent of families with children were living under the poverty level in Boulder County. For female-headed households with children at home, that rate was estimated to be 31 percent in 2014. The poverty level today is defined as $24,250 for a family of four – which doesn’t even come close to meeting the average cost of housing, childcare and health insurance in Boulder County.
But poverty statistics, while grim, don’t tell the whole story. There are a large number of our neighbors who are working and are not in poverty, but are still struggling to make ends meet. Help is available for working families, but we need to spread the word. Even families earning about $53,000 are eligible for help.
The Federal Earned Income Tax Credit is available to many working families – both single people and married couples. This year – for the first time in 15 years — Colorado will match 10 percent of the federal EITC to help taxpayers get a larger refund. An additional child tax credit for up to three children is also available.
If you or someone you know may benefit from these critical tax benefits, there is a wealth of information available from the Piton Foundation located here: http://www.piton.org/our-outreach-campaign. Materials there are also available in Spanish.
For more information about the EITC in general, go to www.irs.gov.
