The California Earned Income Tax Credit: Who qualifies and how much money would you recieve?
The payment is continuing in 2023 based upon your 2022 tax return offering support for low-income, working Californians.
Information has been published for the California Earned Income Tax Credit (CalEITC) for 2023. Families have 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 $3,417 cash back or a reduction of the tax you owe. However, this amount is reserved for families with the most children and falls off very sharply for those with no 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:
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 2022 California tax return: