Intuit Inc. (Nasdaq:INTU) is offering a free, mobile application to help taxpayers determine if they qualify for the Earned Income Tax Credit, or EITC.
The application simplifies the process of helping taxpayers determine their EITC eligibility, which can put as much as $5,700 in their pockets. Intuit's new EITC Finder is available in both English and Spanish on the App Store, Android Market and Amazon Appstore for Android. The release coincides with National Earned Income Tax Credit Day on Jan. 27.
The Internal Revenue Service estimates that 20 to 25 percent of qualified workers fail to claim the EITC each year. The app guides lower- and middle-income taxpayers through a few simple questions about marital status, dependents and wages. For taxpayers eligible for the credit, the app then estimates how much money will likely be applied to their federal and state refunds. The EITC Finder then shows them how to claim the credit by preparing and filing their tax returns with one of the free products offered through IRS Free File.
"The EITC Finder demonstrates Intuit's commitment to improving financial lives and promoting financial literacy," said Dan Maurer, senior vice president and general manager of Intuit's consumer group. "We're proud to apply our passion and expertise in mobile to help low-wage earners get the tax credits and deductions they deserve."
The app, available for iPhone, iPod touch and Android, also provides nonprofit organizations and others that serve lower-income tax filers with an easy and flexible way to help their clients determine EITC eligibility anytime, anywhere with Internet access.
"The EITC Finder is financial literacy in and of itself," said Roman M. Corpuz, Jr., a director with the Enterprise Development Group in Arlington, Va. "People need to know if they qualify for the EITC and what amount it could add to their refund. This empowers hard working individuals to protect their money."
The EITC Finder refers people to the IRS Free File program and helps them prepare and file their federal tax return for free with one of more than a dozen brand-name tax software products donated by private companies, including Intuit. Free File is a public-private partnership between the IRS and commercial tax software companies. Taxpayers can transmit their return electronically, and can get their refund in as fast as 7-14 days if they select direct deposit.
Intuit's Free File product offering, TurboTax Freedom Edition, is specifically targeted to EITC-eligible taxpayers and all filers with an adjusted gross income of $31,000 or less. It is also available to active duty military personnel with an adjusted gross income of $57,000 or less in 2011. Since 1998, Intuit has donated more than 22 million returns to low- and moderate-income taxpayers. In tax year 2010 alone, Intuit donated more than 2.15 million federal and state returns via the IRS and state Free File programs.