FINANCE
The California Earned Income Tax Credit: Who qualifies and how much money would you receive?
The payment is available for residents in the state with information gathered from their 2023 tax return as filing season looms large.
Information has been published for the California Earned Income Tax Credit (CalEITC). Low-income individuals and familie shave the opportunity to have their tax burden reduced or even receive tax credits as long as they fulfill a number of qualifications.
You may be eligible for up to $3,529 depending on income, filign status, and number of dependents.
Who qualifies for the California Earned Income Tax Credit?
To qualify for CalEITC you must meet all of the following requirements during the tax year:
- You’re at least 18 years old or have a qualifying child
- Have earned income of at least $1.00 and not more that $30,000
- Have a valid Social Security Number or Individual Taxpayer Identification Number (ITIN) for you, your spouse, and any qualifying children
- Live in California for more than half the tax filing year
- Not be eligible to be claimed as a qualifying child of another taxpayer
- Not be eligible to be claimed as a dependent of another taxpayer unless you have a qualifying child
How much is CalEITC worth?
The CalEITC is not offered in the form of a direct payment, like the Golden State Stimulus checks, but is instead a tax credit which provides either a refund on taxes paid or a deduction on taxes owed. You will have to complete your state tax return before you can receive the credit and the amount on offer differs greatly, depending on your situation.
The maximum amount of tax credit that you may receive can be no greater than the total of your California tax payments for that year. These figures refer to the number of children listed as dependents on your 2023 California tax return.