These people will receive a refund of more than $11,000 from the IRS: requirements and how to claim the payment

Tax season is officially underway. From January 27 to April 15, the Internal Revenue Service (IRS) will be receiving and processing 2024 tax returns. According to official figures, more than 140 million taxpayers are expected to file their returns on time.

While tax filings primarily serve to report income to the IRS, they also provide an opportunity to claim various refundable tax credits. Among the most notable is the Earned Income Tax Credit (EITC), which offers refunds of up to $8,000 for eligible taxpayers. However, some individuals may qualify for refunds exceeding $11,000 by meeting specific criteria.

Will I receive $11,000 from the IRS?

Refunds exceeding $11,000 apply exclusively to California residents who qualify for both the federal Earned Income Tax Credit (EITC) and the state-level California Earned Income Tax Credit (CalEITC).

“If you have low to moderate income and are employed, you may qualify for both the federal and California Earned Income Tax Credits, totaling over $10,000 in cash,” explains Free Tax Prep LA, an organization assisting California residents with tax preparation. “The EITC is a refundable credit available to individuals and families with low to moderate incomes.”

EITC

This federal tax credit is available to low- to moderate-income individuals and families. Eligibility depends on annual income and the number of qualifying children.

• Have earned income
• Have investment income less than the limit
• Have a valid Social Security number
• Be a U.S. citizen or resident alien for the entire year
• Fail to file Form 2555 (income earned abroad)

CalEITC

California residents who meet specific income thresholds and other criteria may qualify for this additional state credit.

• Be 18 years of age or older or have a qualifying child
• Have earned income of at least $1,000 and no more than $31,950 annually
• Have a valid Social Security Number or Individual Taxpayer Identification Number (ITIN) for yourself, your spouse, and any qualifying children
• Live in California for more than half of the tax year
• Not be eligible to be claimed as a qualifying child or dependent of another taxpayer

If you are eligible to collect both credits, you will have to claim them through your respective tax return. The maximum amount you can receive for both credits is $11,474, while the exact amount will depend on the total number of qualifying children, as well as your annual income.

To give you an idea, you can use the CalEITC calculator and the EITC virtual assistant.

When will I receive my refund?

Once the IRS processes your tax return, refunds for both credits will be issued. If you have direct deposit set up, the IRS typically releases payments within 21 business days after processing. For those without direct deposit, the wait time may extend to six to twelve weeks, depending on the circumstances.

If you’re eligible for both the EITC and CalEITC, be sure to claim them on your tax return to maximize your refund this tax season.

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