This way you can get more than $3,500 dollars in Earned Income Tax Credit

The 2024 tax season is set to begin on January 29 and taxpayers are already counting the benefits they can get. One of these financial benefits comes from the Earned Income Tax Credit (CalEITC). Here we tell you what it is.

In California, for example, the Franchise Tax Board publishes information about eligibility for the CalEITC. A relevant fact is that the maximum benefit you can get is up to $3,529.00 USD. This figure is based on your declared income, marital status and the number of dependents in your care.

Don’t forget that the CalEITC is not considered a stimulus check. To receive this assistance, taxpayers must meet certain requirements. It’s a refundable tax credit, meaning it can be refunded from your own income or significantly reduce your tax bill.

Requirements to be eligible for the CalEITC

The first thing you should do is file your tax return. Your tax benefit will be determined by analyzing several factors. Among these aspects, your income and expenditure information and your household composition stand out. In short, each eligible taxpayer will receive a separate CalEITC.

These are requirements to consider.

-Be at least 18 years of age or have an eligible child.

-Has earned income of at least $1.00 USD and more than $30,950 USD.

-Have a valid Social Security Number or Individual Taxpayer Identification Number (ITIN) for you, your spouse, and your qualifying children.

– Living in California for more than half of the year for which your tax return is due.

-Not eligible to be claimed as a qualifying child of another taxpayer.

– Not eligible to claim as a dependent of another taxpayer unless you have a qualifying child.

How much money will you get?

• Without dependents, you will receive up to $285.00 USD.
• Dependent child, you will get up to $1,900 USD.
• With two dependent children, you can get up to $3,137 USD.
• For children with three or more children, the maximum amount to be received is $3,529 USD.