Get ready for a significant financial boost, as a massive $12,000 stimulus check is on the horizon for many American citizens! Are you wondering if you are among the chosen ones to receive this benefit? We tell you.
The United States Internal Revenue Service (IRS) is working to provide financial assistance to citizens, although this support is now called differently than the classic “stimulus check,” according to a report published today by MARCA.
How much is a stimulus check?
This is unprecedented assistance, amounting to a staggering $12,000, distributed primarily as tax refunds.
Eligibility for these refunds is based on a combination of state and federal aid, which is built into the state’s tax structure.
Even though federal stimulus check payments ended a while ago, there are still opportunities to earn extra income after filing your taxes.
Who is eligible for this $12,000 stimulus check?
It is important to note that this initiative applies only to the state of California and is for taxpayers who comply with their tax obligations on time.
Up to $12,076 will be awarded to California Earned Income Tax Credit (CalEITC), Young Child Tax Credit (YCTC) and Federal Earned Income Tax Credit (EITC) recipients.
To access the CalEITC, low-income residents can receive up to $3,529 for tax year 2023, as long as they earn $30,950 or less per year. Applicants must complete Form FTB 3514.
Those with higher incomes can also receive benefits if they apply for the EITC and earn less than $63,398 a year, which will increase their payments.
In addition, the YCTC offers another opportunity to increase refunds, providing up to $1,117 per tax return to those who earn less than $30,931 a year and have a qualifying child under the age of six.
Although there were only 3 so-called stimulus checks, various government agencies continued to send aid which is still popularly known as stimulus checks.
