The California Franchise Tax Board has announced that qualified people can get a big one-time tax rebate. They could get up to $12,076.
Americans to get a one-time tax rebate up to $12,076 (Photo: Google)
Unlocking Substantial Tax Benefits Through California Earned Income Tax Credit, YCTC, and Federal EITC
People must meet certain requirements set by three main programs to get this huge windfall: the Federal Earned Income Tax Credit, the Young Child Tax Credit (YCTC), and the California Earned Income Tax Credit (CalEITC).
People and families in California with low incomes who work can get help from the California Earned Income Tax Credit program. Eligible people can get up to $3,529 for the tax year 2023 if they make less than $30,950 a year. Taxpayers must use the 2023 FTB 3514 form or follow the steps in their e-filing tools to get this refund.
The Young Child Tax Credit (YCTC) gives Californians an extra chance by giving up to $1,117 per qualified tax return. People can get the CalEITC if they have a qualified child under six years old at the end of the tax year, made income of $30,931 or less, and are eligible for it.
READ ALSO: Pennsylvania Department Of Revenue Encourages Older, Persons With Disabilities To Apply For Property Tax/Rent Rebate Program
Unlocking New Tax Opportunities
For tax year 2023, the Foster Youth Tax Credit (FYTC), which was just introduced, can give up to $1,117 to each qualified person or up to $2,234 to the main user and their spouse or registered domestic partner, if they both qualify. People who are currently or have been in foster care in California and were put there when they were 13 years old or older are qualified.
People must file a state tax return and a federal tax return with the Internal Revenue Service to get these credits. For the federal Earned Income Tax Credit, people must also file a federal tax report. April 15 is the due date for paying any taxes that are needed, and the FTB suggests using online self-service choices to avoid possible wait times for phone help.
People in California who are qualified can improve their tax filing experience and get a big refund during tax season. This is a great example of how important it is to know about and use available tax credits.
READ ALSO: Child Tax Credit 2024: Updates On Start Date, Proposed Changes, And Eligibility Criteria
