Even though a fourth stimulus check is not in the works, those in need of financial support can still receive a sizable amount of aid from the government. A substantial “stimulus check” in the amount of up to $12,042 in state and federal rebates may be due to some Americans.
Navigating the Criteria for Federal and California Tax Credits – How to Maximize Your Refund!
To qualify for this amount, individuals must meet the criteria for the Federal Income Tax Credit (EITC), the Young Child Tax Credit (YCTC), and the California Earned Income Tax Credit (CalEITC). For the Federal Income Tax Credit, earnings should be below $63,398 in 2023. Eligible individuals can receive up to $7,430 for three or more children, $6,604 for two kids, $3,995 for one child, and $600 for those without children.
California residents can benefit from the CalEITC if they earned $30,931 or less last year, potentially receiving up to $3,529 with three kids and varying amounts for fewer or no children. Additionally, those qualifying for CalEITC might also be eligible for the state’s Young Child Tax Credit, providing a refund of up to $1,083 for taxpayers with a child under six.
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Key Dates and Tips for Filing 2023 Taxes to Secure Timely Processing and Access Financial Support!
To avail of these refunds, individuals must file their 2023 taxes. Federal tax filing starts on January 29 and ends on April 15, while California is currently accepting returns until October 15 due to the state’s extension. Filing on time is crucial to avoid penalties and secure the full refund.
Once filed, electronically submitted refunds will be processed within 21 days, while paper returns may take up to three months to process. This presents an opportunity for eligible recipients to access substantial financial support, emphasizing the importance of timely tax filing to benefit from these rebates.