💡 California Parents: You May Qualify for the Young Child Tax Credit (YCTC)! 💰
The Young Child Tax Credit (YCTC) can put up to $1,154 back in your pocket for tax year 2024. This credit either reduces your taxes owed or gives you cash back—a huge help for families with young children!
Who Qualifies?
✅ Earned income of $31,950 or less OR a net loss of up to $34,602✅ Have a qualifying child under 6 years old by the end of the tax year✅ Meet CalEITC requirements (with one exception)
Can You Qualify Without Earned Income?
Yes! Unlike prior years, starting in 2022, you can qualify even if you have zero earned income, as long as your net loss does not exceed $34,602. This is great news for self-employed individuals, gig workers, and those with investment or rental losses!
How to Claim YCTC
✔ File your California state tax return✔ Claim YCTC using FTB Form 3514 (California Earned Income Tax Credit)✔ If eligible for prior years (2020 & 2021), you may still file or amend past returns!
💡 Don't leave money on the table! If you’re unsure whether you qualify, reach out today for expert tax guidance.
📞 Contact me to maximize your credits and lower your tax bill!
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