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Money Matters: The $12,076 California Tax Rebate – Are You Eligible?

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Californian taxpayers are in for a potential windfall this tax season, with the chance to claim a substantial one-time “California Tax Rebate” of up to $12,076. However, eligibility hinges on meeting specific criteria related to three programs: the California Earned Income Tax Credit (CalEITC), the Young Child Tax Credit (YCTC), and the Federal Earned Income Tax Credit.

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Your Guide to the California Tax Rebate and Other Lucrative Credits for 2023 Tax Year!

For those aiming to qualify for “California Tax Rebate,” an itemized list of requirements is provided by the California State Franchise Tax Board. This credit offers support to low-income, working Californians, providing up to $3,529 for the tax year 2023 to individuals or families earning $30,950 or less annually. To claim the credit, taxpayers must use the 2023 FTB 3514 form or follow e-filing software instructions.

The Young Child Tax Credit (YCTC) is another avenue, offering up to $1,117 per eligible tax return. To qualify for the “California Tax Rebate,” California families must have earned income of $30,931 or less, a qualifying child under six years old at the end of the tax year, and eligibility for CalEITC.

A new addition for tax year 2023 is the Foster Youth Tax Credit (FYTC), providing up to $1,117 per eligible individual or $2,234 if both the primary taxpayer and spouse or registered domestic partner qualify. Eligibility requires being a current or former foster youth who received care at age 13 or older and was placed through the California foster care system.

READ ALSO: U.S. Attorney’s Office In Fresno Collected More Than $169 Million From Criminal and Civil Cases In 2023

A Guide to Claiming the California Tax Rebate and Avoiding Penalties This Tax Season!

To claim these “California Tax Rebate” credits, taxpayers must file a state tax return and a federal return with the Internal Revenue Service to access the federal EITC. It’s crucial to pay any taxes owed by April 15 to avoid penalties.

The California Franchise Tax Board advises using online self-service options to avoid potential delays, as they started accepting state tax returns this month. For those wondering if they qualify for the stimulus checks, an online check tool is available for a quick assessment.

As tax season unfolds, Californians are encouraged to explore these potential “California Tax Rebate” benefits and streamline their filing process using available online resources.

READ ALSO: York County Boosts Tax Rebate Program to 100% to Attract Volunteer Firefighters

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