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IRS will send tax refunds to these taxpayers

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IRS will send tax refunds to these taxpayers

IRS Provides New Options for Taxpayer Financial Support

The United States Internal Revenue Service (IRS) is continuing to assist taxpayers with financial support, even after the federal stimulus checks have ended. The IRS has made adjustments for inflation, resulting in a more generous standard deduction for taxpayers, with the benefit amounting to $12,000 USD in 2024. This is one of the largest deductions received by Americans and will be in the form of tax refunds.

Individuals eligible for these refunds will also be eligible for a combination of state and federal aid that is part of the state’s tax board. Only California residents will receive this financial support, with the only people who qualify being those who pay their taxes on time. The economic benefit will be obtained by filing the state tax return this year.

Those eligible for the California Earned Income Tax Credit (CalEITC) will receive up to $12,076 USD. Additionally, those who qualify for the Young Child Tax Credit (YCTC) and the Federal Earned Income Tax Credit (EITC) will receive the same amount. Low-income residents will receive a payment of up to $3,529 USD for tax year 2023 through the CalEITC, with another requirement being that Californians must earn $30,950 USD or less per year.

Residents can also apply for the EITC and receive some benefit if their salary is higher than $30,950 USD and less than $63,398 USD per year. Those interested in requesting this refund must complete the FTB 3514 form corresponding to the CalEITC.

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Furthermore, taxpayers also have the option to increase their refund amount through the YCTC. This tax credit will increase to $1,117 USD per tax return, with eligibility for those who earn less than $30,931 USD per year and have a child under six years of age.

These new options for taxpayer financial support from the IRS provide opportunities for eligible individuals to receive additional funds through tax refunds and state and federal aid.

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