The Working Families Tax Credit (WFTC), which is a credit that gives individuals and families USD 50 to USD 1,200 depending on several factors like qualifying children, family size, and income, was introduced by the Washington State Department of Revenue (DOR) in February. According to the DOR, the refund is based on the federal Earned Income Tax Credit program and provides Washington residents with a portion of the sales tax they pay annually.
The program’s objectives are to boost the regional economy, advance racial equity, and assist low-to-moderate-income Washingtonians in achieving financial stability. The maximum tax credit amount for an individual is USD 300, and for every qualifying child up to the maximum of USD 1,200 for a family with three or more children, the credit increases by USD 300. So here i am going to share How to Get a USD 1,200 Tax Refund? in this page so stay tuned.
What is Washington Working Families Tax Credit?
A recently implemented yearly cash tax refund, the Washington State Working Families Tax Credit (WFTC) is intended to assist low- and moderate-income households in the state. The tax credit will be based on the federal Earned Income Tax Credit (EITC) program starting in 2023. It is a tool for reducing poverty in the state by giving back a portion of the sales tax that qualified individuals and families have paid. In order to be eligible for the USD 1,200 stimulus check payment in Washington under the Working Families Tax Credit, you must fulfill certain requirements which i am mentioning below in this post.
Over 420,000 LI households in Washington state will receive up to USD 1,200 in cash back through the Working Families Tax Credit (WFTC), a new tax rebate. Working Families Tax Credit 2023 Application Form is live from February 1, 2023 and the Washington WFTC Application Form 2023 Last Date is December 31, 2023. As the first state without an income tax, Washington will assist families and begin to redress our unfair tax system by introducing a state tax credit similar to the WFTC.
Washington Working Families Tax Credit 2023 Details
| Credit Name | Washington Working Families Tax Credit |
| Name of Organization | Washington State Department of Revenue (DOR) |
| Last date to fill application form | 31 December 2023 |
| Country | USA |
| Official Website | dor.wa.gov |
Washington Working Families Tax Credit 2023 Eligibility
For individuals and families to be eligible for the Washington Working Families Tax Credit, they must fulfill the following requirements:
- Possess a Social Security number or ITIN (Individual Taxpayer Identification Number) that is currently valid.
- Required to have spent a minimum of 183 days living in Washington.
- Must be under 64 and at least 25 years old, or in 2022, have a qualifying child.
- Applicants had to have submitted a 2022 federal tax return.
- In order to file for the EITC with an ITIN, applicants must either be eligible to claim the federal EITC on their 2022 tax return or meet the requirements.
| Filing Status | Income Threshold |
|---|---|
| Single | USD 59,180 |
| Married filing jointly | USD 77,450 |
| Head of household | USD 70,350 |
| Qualifying widow(er) | USD 77,450 |
How does the Working Families Tax Credit work?
Except for one significant distinction, Washington Working Families Tax Credit 2023 Eligibility is partly determined by one’s eligibility for the federal Earned Income Tax Credit (EITC). The WFTC appropriately covers individuals who file their taxes using an ITIN and do not have access to a social security number. People’s eligibility for assistance depends on the number of qualifying children living in their homes as well as their income level.
USD 300 is the maximum amount for one individual. For each qualifying child, the amount rises by USD 300, with a family with three or more children being able to receive a maximum of USD 1,200. The amount that each person receives varies according to their income level. For qualifying households, the minimum amount is USD 50, regardless of the number of qualifying children.
How to Get a $1,200 Tax Refund 2023 Apply for Washington WFTC
- You can Apply Washington Working Families Tax Credit 2023 online, via tax preparation software, or on paper. The credit must be applied for by December 31, 2023, at the latest.
- In order to apply for the credit, you will require a copy of your federal tax return, your spouse’s and children’s dates of birth, your Social Security number or ITIN, your residential and mailing addresses, your bank account number and routing number (if you want direct deposit), and your federal tax return.
Impact of Working Families Tax Credit?
Similar to tax credits, flexible cash support has been demonstrated to have extensive advantages. LI individuals can benefit from state and federal tax credits, which have been demonstrated to lessen financial hardship, enhance physical and mental health and well-being, and enhance the educational and developmental outcomes of their children.
The tax system in Washington, where the wealthiest pay only approximately 3% of their income in taxes and the least fortunate pay approximately 17%, is another issue that the Working Families Tax Credit attempts to address. BIPOC communities pay a larger percentage of their income in taxes due to historical and ongoing policies that prohibit them from accumulating wealth.
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