The combined Earned Income Tax Credit (EITC) and California Earned Income Tax Credit (CalEITC) may entitle taxpayers to a tax refund of up to $10,000.
The tax filing season in the US has begun. The Internal Revenue Service (IRS) is accepting and processing tax returns from corporations and individual taxpayers for the fiscal year 2022, which began on January 23 and ends on April 18.
Are You Entitled To Receive Tax Refund?
In 2023, approximately 168 million Americans are anticipated to file their respective tax returns, according to official data from the government body.
Every year, thousands of people are qualified for tax credits that could lead to refunds. But many potential recipients fail to claim their payouts, leaving thousands of dollars unclaimed. Here’s how you may be qualified for an IRS refund of more than $10,000.
- Working and earning a lower income of $59,187
- Have earned less than $10,300 from investments in the tax year 2022
- Own a valid Social Security number
- You must be a citizen or permanent resident of the United States
- Not submitting Form 2555 (Foreign Earned Income)
- Having a qualifying child or being at least 18
- The range of annual income is from $1 to $30,000
- Possess valid Social Security or Individual Taxpayer Identification Numbers (ITINs) for you, your spouse, and any dependent children
- Having spent more than half of the tax year in California
- Not be qualified to be claimed as a dependent or a child of another taxpayer
If you qualify for both credits, you must submit a claim with your individual tax return. The precise amount is determined by the total number of eligible kids and your yearly income.
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Can You Track Your Refund?
Additionally, using the online “Where’s My Refund” tool is the simplest, fastest, and possibly even most trustworthy way to find out where your refund is in the process. You will be able to check the status of your return within 24 hours of filing it electronically or within four weeks of mailing it.
The Where’s My Refund tool is available online. If you’d like, you can also use the IRS2Go mobile app. You’ll need to enter your Social Security number, filing status, and precise refund amount in order to check the status of your refund using either tool.
The last resort usually involves contacting the IRS. To begin with, many Americans find it intimidating to communicate with the IRS. Whether justified or not, a lot of taxpayers worry that drawing the IRS’s attention to their tax returns will not go well. But whether or not you will actually be able to get through and speak with anyone is a much more practical concern.
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