The deadline for filing state 2020 personal income tax returns in order to avoid late penalties and be eligible for Golden State Stimulus payments is this Friday.
As of Oct. 4, Californians had filed nearly 18.8 million personal income tax returns, with the state issuing 14.7 million refunds this year, for a total of more than $ 15.4 billion, according to a press release from the Franchise Tax Board.
When it comes to tax credits and stimulus payments, taxpayers aged 18 or older who are working and have low income can take advantage of the California Earned Income Tax Credit (CalEITC) and receive up to ‘to $ 3,027 in cash back, according to the release. If, at the end of the year, those eligible for CalEITC have at least one child under the age of 6, they may be eligible for the $ 1,000 of the Young Child Tax Credit.
Taxpayers who have adjusted California gross income of $ 1 to $ 75,000 for the 2020 tax year, and who file their state income tax return by October 15, are eligible for the Golden State Stimulus II, according to the communicated. Taxpayers filing an Individual Tax Identification Number (ITIN) who applied for but did not receive their ITIN by October 15 have until February 15, 2022 to file their return and are still eligible for GSS I and GSS II . To be eligible, taxpayers cannot be claimed as a dependent by another taxpayer, must be California residents on the payment issue date, and must have been California residents for more than half of 2020. For more for more information, visit https: // /www.ftb.ca.gov/about-ftb/newsroom/golden-state-stimulus/help.html.