The Daily ItemLYNN ? Serving People in Need (SPIN) and the United Way’s Lynn-based Financial Stability Center are partnering to get out the word that many Lynn residents may be eligible for thousands of dollars in earned income tax credits from the federal government.”A lot of people just aren’t aware of this benefit even though it’s not new and has been around for years,” said SPIN Executive Director Mark DeJoie.Families with a total income of less than $42,000 are likely eligible for the credit from the federal Internal Revenue Service (IRS).”This is a tax benefit with a lot of value,” said DeJoie, noting that the IRS annually holds approximately $3.2 million that could be in the pockets of Lynn residents. “On average, a Lynn family could access $2,900 per year in tax benefits. If only 10 families took advantage of this, that would be $29,000 returned to the community.”In some southern states like Florida, the combined earned income tax credits can amount to a mini-economic boom, since the additional money is often spent in the region, DeJoie said.The actual tax credit depends on income and other factors, but it can be significant to low-income families, he said. “Depending on the size of the family, credits can vary from $1,000 to $4,000. If a person makes $16,000 and you give them $4,000, that’s 25 percent,” he said. “And the people who are eligible can go back three years to claim it.”A family of four, filing jointly and with an income of $45,279, would be eligible for a tax refund of $5,028, he said.Last year, SPIN and the United Way helped approximately 150 Lynn families obtain the tax credit. “We expect to do at least 300 this year,” he said. “This is for people who are working and earning money throughout the year, and are planning to file a tax return. The government offers them this tax credit.”According to DeJoie, the city of Boston funds two or three employees on the municipal payroll to assist residents with obtaining the tax credit because it returns significant dollars to the community. “When you do this, the money comes back into the city, to the people. Otherwise, it’s just sitting there with the IRS. That’s why the IRS is encouraging us to do this,” he said.DeJoie explained that the earned income tax credit is a refundable federal income tax credit for low to moderate income working individuals and families. Congress originally approved the tax credit legislation in 1975, in part to offset the burden of social security taxes and to provide an incentive to work. When the tax credit exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit. To qualify, taxpayers must meet certain requirements and file a tax return, even if they did not earn enough money to be obligated to file a tax return.”This isn’t some new special program. It’s a permanent part of the tax code,” DeJoie said.The IRS estimates that 15-20 percent of eligible Massachusetts families do not claim the tax credit.The main campaign to raise awareness among taxpayers about the tax credit will begin in January when SPIN proves free tax preparation services to Lynn families. SPIN and the United Way are seeking volunteers to help with providing that service. No experience is necessary other than basic computer skills. The commitment would be four hours a week. For volunteer information, call Jim Harris at SPIN at 781-598-9417, ext. 2001.For more information about earned income tax credit eligibility, call June Blair, the financial stability coordinator at SPIN, at 781-598-9417, ext. 1015. The IRS also has a Web site where taxpayers can determine whether they are eligible for the credit – www.eitc.irs.gov.