IRS Confirms $11,000 Refund for Eligible Individuals- How to Claim and Meet the Requirements

Tax season for 2024 is officially underway, with the Internal Revenue Service (IRS) set to receive and process tax returns between January 27 and April 15. Government data projects that over 140 million taxpayers will file their returns on time.

While tax filings primarily serve to report income to the IRS, they also enable individuals to claim various refundable tax credits.

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One of the most significant is the Earned Income Tax Credit (EITC), which can provide qualified taxpayers with refunds of up to $8,000. Additionally, some individuals may be eligible for refunds exceeding $11,000 if they meet specific criteria.

IRS Confirms $11,000+ Tax Refund for Eligible Taxpayers

Refunds exceeding $11,000 are available exclusively to residents of California who qualify for both the federal Earned Income Tax Credit (EITC) and the California Earned Income Tax Credit (CalEITC).

According to Free Tax Prep LA, an organization assisting Californians with tax preparation, individuals with low to moderate incomes who are employed may receive nearly $10,000 in refunds through these credits.

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These tax benefits are designed to support low-income workers and families, ensuring they receive the financial relief they deserve.

Earned Income Tax Credit (EITC) Eligibility

The Earned Income Tax Credit (EITC) is a federal tax benefit aimed at helping low to moderate-income individuals and families. The amount of credit depends on annual earnings and the number of qualifying children. To qualify for an IRS refund through the EITC, taxpayers must meet the following conditions:

• Earn taxable income
• Have investment income below the IRS limit
• Possess a valid Social Security number (SSN)
• Be a U.S. citizen or resident alien for the entire year
• Not file Form 2555 (Foreign Earned Income Exclusion)

To claim the EITC, taxpayers need to submit Form 1040 (Individual Income Tax Return) or Form 1040-SR (Senior Tax Return).

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If claiming the credit for a qualifying child, they must also attach Schedule EIC (Form 1040 or 1040-SR). However, if claiming the credit without a qualifying child, submitting Schedule EIC is unnecessary.

California Earned Income Tax Credit (CalEITC)

The California Earned Income Tax Credit (CalEITC) provides financial assistance to low-income working Californians.

Eligible individuals can receive a cash refund or a tax reduction of up to $3,644. Additionally, taxpayers may qualify for other benefits, such as the Young Child Tax Credit and Foster Youth Tax Credit.

To be eligible for CalEITC, applicants must meet these conditions:

• Have a qualifying child or be at least 18 years old
• Earn at least $1,000 annually but no more than $31,950
• Ensure that they, their spouse, and any qualifying children have a valid SSN or Individual Taxpayer Identification Number (ITIN)
• Reside in California for more than half the tax year
• Not be claimed as a dependent on another taxpayer’s return

Maximizing Your Refund: Claiming Both EITC and CalEITC

If you qualify for both tax credits, you must claim them on your tax return. The total refund amount depends on your annual income and the number of qualifying children.

The maximum combined refund for both credits can reach up to $11,474. To estimate your potential refund, you can use the EITC Virtual Assistant and the CalEITC Calculator.

Estimated Tax Refund Amounts for EITC and CalEITC

When Will Americans Receive Their IRS Refund?

Refunds are issued after the IRS processes tax returns. Typically, if taxpayers choose direct deposit, refunds are released within 21 business days of processing. However, for those receiving a paper check, the waiting period can extend to 6 to 12 weeks.

To ensure the maximum refund, eligible taxpayers should include both EITC and CalEITC in their tax return filings.

The 2024 tax season presents an opportunity for low to moderate-income taxpayers to claim significant refunds through the Earned Income Tax Credit (EITC) and California Earned Income Tax Credit (CalEITC). Eligible individuals can receive up to $11,474, helping them manage financial responsibilities.

To maximize benefits, taxpayers should ensure they file correctly and claim all available credits on their tax returns. With accurate filing and timely submission, taxpayers can expect to receive their refunds efficiently within the standard IRS timeline.

FAQs

Who qualifies for the Earned Income Tax Credit (EITC)?

Individuals and families with low to moderate incomes who meet IRS guidelines, including earning taxable income, possessing a valid SSN, and filing the appropriate tax forms, are eligible.

How much can I receive from the EITC and CalEITC combined?

Eligible taxpayers can receive up to $11,474 if they qualify for both federal and state-level tax credits.

How do I apply for the EITC and CalEITC?

You must file Form 1040 or Form 1040-SR and attach Schedule EIC (if claiming for a child). Residents of California should also claim CalEITC on their state tax return.