It's no secret that when it comes to doing your taxes as it's a major headache, but if you're the parent of a young child, you could be looking at receiving an extra $1,000 back. This is the first year people can claim California's Young Child Tax Credit. If you're the parent of a child that's under the age of six and you made less than $30,000, you can be eligible when you file a tax return. The Young Child Tax Credit is a refundable credit so you don't have to pay them back and the money is yours. If you owe income tax, this credit will go towards what you owe, if you file electronically then the direct deposit will take a few weeks, and if you send your taxes in by mail then it could take months.
If you get theYoung Child Tax Credit, you'll also qualify for the state's Earned Income Tax Credit so you could get even more money back.
You must also:
- Be at least 18 years old (or if you're younger, have a child)
- Have a valid social security number
- Have lived in California for at least half the year
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