The Child Tax Credit offers up to $2,000 per qualifying child for 2023. No new federal stimulus checks are planned, potentially worsening inflation by increasing consumer spending.
(Credit: CNBC)
IRS Stimulus Check: Families that qualify can get the Child Tax Credit, which gives them up to $2,000 per child for the 2023 tax year. To be eligible, children must be younger than 17 by the end of 2023, have a Social Security number, and be claimed as dependents on adults’ tax returns.
During the pandemic, the CARES Act, the Consolidated Appropriations Act, and the American Rescue Plan Act all provided federal stimulus checks. However, at this time, no new federal stimulus checks are planned.
A total of more than 476 million payments worth $814 billion were made during the pandemic. However, as of right now, no more federal stimulus checks are expected.
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One of the problems with the economy right now is inflation. Some policymakers say that giving out more stimulus checks could make inflation worse by making people spend more.
Municipal and state governments may offer programs for financial assistance. For example, the state’s Permanent Fund Dividend, which is financed by the profits from natural resources, may provide yearly payments to Alaskan citizens.
The California Earned Income Tax Credit (CalEITC), Young Child Tax Credit (YCTC), and Foster Youth Tax Credit (FYTC) may be able to provide residents of California with a one-time tax refund of up to $12,076.
Working Californians with low incomes can receive up to $3,529 from the CalEITC if their yearly income is $30,950 or less.
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For taxpayers with a child under the age of six, the YCTC offers up to $1,117 per eligible tax return. The FYTC is intended for current or former foster youth who were in care through California’s foster care system at age 13 or older. It offers up to $1,117 per eligible individual, or up to $2,234 for a couple if both qualify.
In addition to these state initiatives, there are other avenues for financial assistance, such as government incentives for home improvements and class action settlements. For instance, affected parties in a $1.8 million data breach settlement are receiving $390 checks, and eligible participants in a new energy program are receiving $1,300.
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