The Internal Revenue Service (IRS) of the United States continues to provide financial assistance to Americans through various means, although it’s no longer termed as a stimulus check. This assistance, primarily in the form of tax rebates, is among the largest aid ever offered to Americans, with some individuals eligible for up to $12,000 in benefits. These rebates are a combination of state and federal aid administered by the state’s tax board. While federal stimulus check payments ceased years ago, there are still avenues for individuals to receive extra cash after filing taxes.
Who Is Eligible for The $12,000 Stimulus?
In California, individuals who timely pay their taxes are eligible for the program. Those qualifying for the California Earned Income Tax Credit (CalEITC), the Young Child Tax Credit (YCTC), and the Federal Earned Income Tax Credit (EITC) can receive up to $12,076. For CalEITC, residents with low income may receive up to $3,529 for the 2023 tax year, provided their annual income is $30,950 or less. Applicants need to fill out the FTB 3514 Form to apply.
Even those earning more than the mentioned amount can benefit by applying for EITC provided their income is below $63,398 annually. Furthermore, the YCTC offers additional assistance, with eligible individuals receiving up to $1,117 per tax return. To qualify for YCTC, individuals must earn less than $30,931 annually and have a qualifying child under six years old.
Related:-
- Get Ready: 4th Federal Stimulus Checks on the Horizon! Who Qualifies and When to Expect Your Payment?
- California’s Generous Tax Rebate: Up to $12,000 for Eligible Residents!
- Get Ready: Your State Could Send You Up to $2,500 — Here’s What You Need to Know!