A lot of Americans are getting an extra $600 to help with the cost of living, but you may not have heard about it. It turns out that if you live in California, there’s a chance you could get even more money. The Golden State lawmakers have voted to amend the state’s tax code for next year so that families can claim their federal child tax credit as well as their state portion of the stimulus payment. This means Californians who file together will be able to claim their full $1,200 federal stimulus check plus any additional payments from the state government when they do their taxes next year.
The bill would also give families an extra $1,200 bonus if they are able to claim the federal child tax credit.
The federal child tax credit is a tax credit for each child under 17. It can be worth up to $2,000 per child. The amount of your refundable portion depends on your income and other factors. If you qualify for this credit and it exceeds your tax liability (i.e., before taking into account any taxes withheld), then you will receive the difference in cash as part of your refund check from the IRS or state revenue department.
Stimulus Check:A Matter Of Few Hours!
If you are one of the more than 5 million Californians to receive a one-time, lump-sum payment from the federal government to help pay down debts and boost spending, then you may want to keep your calendar open.
California lawmakers recently proposed a bill that would allow people to claim both their state tax credit and the federal one on their 2020 income taxes when they file in 2021. The bill would also give families an extra $1,200 bonus if they are able to claim the federal child tax credit for at least three children under 17 years old or younger disabled dependents.
So, if you live in California and think you might be eligible for the federal stimulus payment, you may want to get started on your taxes now. The sooner you file, the sooner you can find out whether or not these payments apply to your situation. If they do, then all that’s left is waiting until July 2020 when the checks start rolling out!