The Americans will start the New Year with a new one-time relief payment worth between $50 to $1,200, but only certain people are eligible.
The Americans will start the New Year with a new one-time relief payment worth between $50 to $1,200, but only certain people are eligible.
The New One-Time Relief Payment
The Washington Working Families Tax Credit provides assistance to help low-to-moderate-income Washington residents. The Earned Income Tax Credit, gives lower-income workers more money back at tax time or decreases the amount of federal taxes they credit.
The federal Earned Income Tax Credit has anticipated 5.6 million including three million children, to assist financially according to the 2018 statistic Center for Budget and Policy Priorities. According to the Seattle Times, Margaret Babayan, a policy analyst with the Washington State Budget & Policy Center said that “we have a regressive system that helps finally start to turn its right side to flip.”
The state sales tax is generally 6.5% but in certain areas like Seattle that can surge to more than 10%. These payments will help residents as they brave increasingly alarming rates of inflation in prices across all sectors.
How To Be Eligible?
To be eligible, you must be a resident in Washington for at least over half the year in 2022 ages 25 to 65 years old, or have a qualifying child. Moreover, a valid Social Security number or Individual Taxpayer Identification Number is the requirement, and have filed a 2022 federal tax return. Everyone who receives the cash must show they are qualified to claim the federal Earned Income Tax Credit on the 2022 return and cab provide income requirements.
For those who are single without a child, you must earn below $16,480 or $22,610 if filed jointly as a married couple. Those with one eligible child can make $43,492 or $49,622 for married couples with 1 child and for two children, the requirements are $49,399 or $55,529 a couple.
You may claim a maximum of three kids. The income cap for families with three eligible children is $53,057 for single filers and $59,187 for joint filers. Lastly, you do not have to be currently working to be eligible for the credit.
