California Stimulus Check 2024: The California Earned Income Tax Credit, or CalEITC, is a refundable tax credit for low-income working people.
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What is its actual value and when will it be paid? MARCA.com has all the details.
CalEITC was introduced to provide additional financial support to those struggling financially, particularly those with low to moderate incomes, since 16.4% of Californians were classified as poor in 2019.
Income, filing status, and the number of qualifying children determine the credit amount.
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Individuals and families with low incomes can use it to meet basic needs and reduce poverty.
Depending on income and tax filing dates, the CalEITC will offer tax credits of up to $1200 as a one-time payment in 2024.
As a result of the Covid-!9 pandemic, the organization hopes to alleviate the pressure on families.
Applicants must have filed their 2020 taxes, qualified for the California EITC, used an Individual Taxpayer Identification Number during the filing process, possessed a total California Adjusted Gross Income of no more than $75,000, and resided in California for at least half of 2020 to qualify for the CalEITC.
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What is the best time to receive the Golden State Stimulus?
In order to maintain eligibility for the Golden State Stimulus (GSS), it’s important to make sure that tax information is current and filed correctly.
Once 2020 tax returns have been processed, payments will be made twice a month, with distribution dates determined by when a person actually filed their taxes.
Depending on the tax return form, payment will be issued via direct deposit or check.
Below are the different dates:
- Payments will be issued after May 1, 2021 for filings between January 1, 2021, and March 1, 2021. For filings between March 2, 2021, and April 23, 2021, payments will be issued after May 1, 2021.
- It may take longer to process payments for returns filed after April 23, 2021.
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