The Internal Revenue Service (IRS) of the United States continues its efforts to assist citizens with a financial relief payment, now no longer referred to as a stimulus check.
This stands as one of the most substantial aid packages ever provided to the American people, with the amounts totaling an impressive $12,000.
The majority of this assistance will be disbursed in the form of tax rebates.
The state’s tax board will administer these reimbursements to individuals who meet the eligibility criteria for various state and federal forms of assistance.
Despite the cessation of federal stimulus check payments in previous years, there remain avenues through which individuals can generate additional income following the completion of their tax filings.
Criteria for Qualifying for the $12,000 Stimulus
To clarify, these provisions are specific to the state of California, with timely tax payment being the sole eligibility criterion.
Individuals meeting the requirements for the California Earned Income Tax Credit (CalEITC), the Young Child Tax Credit (YCTC), and the Federal Earned Income Tax Credit (EITC) may be entitled to receive a maximum of $12,076.
For the tax year 2023, low-income CalEITC residents may qualify for a payment of up to $3,529. Another condition for eligibility is that California residents must earn $30,950 or less annually, and applicants are mandated to complete the FTB 3514 Form.
Those surpassing the income threshold but applying for the EITC and earning less than $63,398 may still qualify for partial assistance, potentially increasing their payments.
Furthermore, the YCTC offers an alternative method to enhance the overall rebate amount, with a maximum allowable tax credit of $1,117 per tax return.
Eligibility for this tax credit necessitates a household income not exceeding $30,931 annually, along with having a qualifying infant under the age of six.
