Americans will now get a one-time tax rebate worth $12,076 after meeting the criteria for claiming the cash for the 2024 tax filing.
After meeting the criteria set by the California Franchise Tax Board, the amount can be claimed by Californians.
The tips and reminders were given to the taxpayers to improve their filings for the season.
The criteria to get the one-time tax rebate worth $12,076, needs to be fulfilled by the taxpayers to avail the benefits. Californians can only get the benefits if they qualify for three programs, which are the California Earned Income Tax Credit, the Young Child Tax Credit and the Federal Earned Income Tax Credit. After qualifying for these programs, the person can get a rebate.
The CalEITC
Taxpayers need to know about the CalEITC, which offers support to low-income Californians.
It gives a benefit of $3,529 to individuals who earn $30,950 or less yearly according to the 2023 tax year.
To do so, first, the individual has to fill out the 2023 FTB form and California Earned Income Tax Credit, as proof of their income. For checking the eligibility of qualifications, the California State Franchise Tax Board provides a list of requirements.
The YCTC
To qualify for the YCTC, the taxpayers who are parents, should have a child below 6 years who qualifies for the benefit, by the end of the tax year along with CalEITC.
A benefit of up to $1,117 on every tax return is given through either cash or by reducing the amount of tax one owns. Families with an income of $30,931 or less are also qualified for the benefit.
The FYTC
To qualify for the New Foster Youth Tax Credit or FYTC, the taxpayers or partners must be registered. The benefit is either provided through cash or by reducing the tax amount.
The benefit is up to $1,117 per individual according to the tax year 2023. For the youth receiving the benefit, they should be under foster care up to the age of 13 or older by the California foster care system. People who believe they qualify must visit the CalEITC page.
How to Claim the Benefits?
All the benefits provided by CalEITC, YCTC and FYTC, can be claimed by filing a state tax return and a federal return along with the Internal Revenue Service.
The taxpayers should not delay their tax payments, for which the date is 15 April to avoid any risks.
The Franchise Tax Board has already begun accepting state tax returns from this month. The taxpayers are also given the benefit of using online service options for less traffic on phones which might delay the process. The online portals have been made available 24/7 for faster service and less delays.
