Up to $1,750 in Tax Credit in this U.S. State

A U.S. state is providing financial support through a tax credit of up to $1,750 to families in financial need.

It’s Minnesota, a region that announced the Working Families and Children Tax Credit (CTC), fully refundable and available to low-income individuals.

It’s estimated that more than 500,000 children will benefit from this credit in nearly 300,000 households across the state.

This credit will provide a maximum amount of $1,750 per child, regardless of the number of dependents, meaning more qualified children, more money.

It’s effective in the current 2024 tax season, although it establishes eligibility criteria to access it.

If you want to know who will be eligible and how to access the credit, continue reading this article.

Who is eligible for the Minnesota Working Families and Children Tax Credit?

While it’s a credit that will benefit families with low incomes, not everyone is eligible to obtain it.

The following eligibility criteria will be mandatory:

• Must have resided partially or totally in Minnesota during 2023
• If you are a single taxpayer, your income that year must have been less than $29,500
• If your tax return was filed jointly with your partner, your income must be less than $35,000
• The dependent for whom you claim the credit must be under 18 years old
• Cannot have been claimed as a dependent on someone else’s tax return

How to apply for the Minnesota Working Families and Children Tax Credit?

This credit can be claimed for several fiscal years, for example, for fiscal years 2022 and earlier, you can claim it with Schedule M1WFC, Working Family Credit.

For the fiscal year 2023 and later, it is claimed through Schedule M1CWFC, Minnesota Working Families and Children Credits.

You will receive your refund in just 21 days the same if you apply online

The deadline to receive your tax refund is 21 days for returns filed online and will have a direct payment method.

Those who requested it by printed check to a postal address, should expect to receive it between 6 to 12 weeks.

It’s important to remember that the 2024 tax filing season began on January 29 and will conclude on April 25, so you must file yours in that period if you do not request an extension to be able to carry out the procedure until October.