The Working Families Tax Credit was officially introduced by Washington’s Department of Revenue on Wednesday after more than a decade of advocacy and years of legislative work. For individuals that qualify, the stimulus check could result in a refund of up to $1,200.
Stimulus Check 2023
Over 400,000 low-income families in the state will gain from the tax credit. People’s eligibility is determined by their income level and the number of qualified children living in their homes. Through the tax credit, a single person may receive up to $300, and families with multiple children may receive up to $1,200. The amount rises by $300 for each additional child. Based on the qualifying children’s income, the minimum is $50. As per the Washington State Budget & Policy Center, community advocates have been working on the tax credit for more than ten years.
On Medium, Washington Governor Jay Inslee published a piece regarding the tax credit. According to a study from 2021, low-income Washingtonians pay 17% of their income in taxes, compared to 11% for middle-class workers. Taxes are paid by those in the highest income groups at an average rate of 3%. The refund scheme has a crucial element that makes it possible for taxpayers who submit their taxes using an Individual Taxpayer Identification Number (ITIN) to also be eligible for a refund. Undocumented immigrants as well as some visa holders are among those who file taxes using an ITIN. For persons who are not qualified for Social Security numbers, the Internal Revenue Service (IRS) provides ITINs to process income tax returns and payments.
How To Apply
Families that meet the requirements can register for the credit on the state website or by utilizing a federal income tax online preparer that is approved, such as H&R Block. Although the Department of Revenue cooperated with several tax preparers, some, like TurboTax, would not offer the choice. Following calls for the government to take action to fight inflation, several states have enacted various iterations of stimulus checks. Many other states offer similar income tax incentives programs, such as the Middle Class Tax Refund in California, the Colorado Cash Back program, and many others reports NEWSWEEK.
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