In recent days, rumors of a $12,000 Stimulus Payment have been circulating everywhere on social media with both happiness and doubts among Californians. However, it is important to note that still there are no official announcements made by the government for this scheme. According to these rumors, California’s low-income families may get one-time $12,000 Stimulus checks. While there are some eligibility criteria to get the benefits.
In this article, we will understand the rumored Stimulus payment, key points, eligibility criteria, expected payment dates, how to claim for the amount, and reality check for this program
IRS $12000 Stimulus Payment October 2024 Californians
If rumors are believed, it is being said that a one-time $12,000 payment will be provided to families that belong to low-income groups. According to reports, funds would be handled by the Franchise Tax Board (FTB) of California rather than the federal government of the USA.
This financial support is only for those who are facing difficulties and challenges to fulfill their basic needs like house, food, and bills. They must be residents of California only, it is not for all US citizens. However, there are some eligibility criteria for the $12,000 Stimulus Payment mentioned in this article.
Important Points of $12,000 Stimulus Payment?
Here, we are going to mention some key points in terms of the $12,000 Stimulus Payment.
| Organization | California Franchise Tax Board |
| Benefit Type | One-time Stimulus Payment |
| Country/State | USA (Only for California) |
| Proposed Amount | $12,000 |
| Status | Unconfirmed |
| Official Website: California Franchise Tax Board (FTB) | https://www.ftb.ca.gov/ |
| Official Website: Internal Revenue Service (IRS) | https://www.irs.gov/ |
| Expected Payment Date | October 2024 |
| Category | Government aid |
- Franchise Tax Board (FTB): According to the rumors, this program will be managed and controlled by the Franchise Tax Board of California. This board is also responsible for managing other tax-related matters, tax returns, and refund distributions.
- One-time Payment: According to the rumors, this program of $12,000 stimulus checks is proposed to be a one-time payment, not monthly or yearly.
- State-Specific Program: This stimulus payment financial relief program is state-specific, which means it is expected to apply to the residents of California state only. Beneficiaries must be Californians to qualify for this funding program. However, in other states, they have their own tax and rebate programs.
- Status: If we come to the status of reality, still there are no official announcements or notifications by the government or FTB Department for the $12,000 Stimulus Payment in the country.
- Payment Amount: The figure of $12,000 which is circulating on social media is not for a single payment. It is being considered as a combination of tax credits and reimbursements, including the California Earned Income Tax Credit (CalEITC) and the Young Child Tax Credit.
What is the Eligibility for the $12,000 Stimulus Payment in 2024?
According to the talks, to qualify for this benefit, the applicant must possess the following eligibility criteria for the $12,000 Stimulus payment.
- Earning Limits
To be eligible for this stimulus scheme, your total earnings must be below $63,398 for 2023.
- California Residency
Applicant must be a resident of California state, it is noted that this Stimulus program is not for all US citizens.
- Income Tax Credit Eligibility
Applicants must qualify for the FEITC(Federal Earned Income Tax Credit) and Federal Tax Credit. Families whose income is below $30,931 per annum can also claim the CalEITC for additional relief.
- Family Members
The number of family members or children may impact the expected amount. For example, if you have children of more than three, you might receive the amount of $$3,529 from the EITC.
| Eligibility Types | Criteria |
| Income Limit(Yearly) | $30,931 |
| Income Tax Credit Eligibility | $30,931 |
| Families with three or more children | up to $12,000 |
| Families with two children | Up to $6600 |
| Single-child Families | Up to $4000 |
| Families without children | Up to $600 |
| Must be a Resident of | California(USA) |
How $12,000 Total?
The figure of $12,000 is not a single stimulus amount, it is a combination of many tax credits and tax refunds provided by the Federal and State Tax programs such as CalEITC, FEITC, and YCTC. Qualified persons can get more benefits by filing their 2023 tax returns and claiming the following. When these credits are combined, they provide a well enough financial relief to few-income families, totaling up to the figure of $12,000.
Let’s have a look at how this figure total adds up.
| California Earned Income Tax Credit (CalEITC) | Earning less than $30,931 |
| Federal Earned Income Tax Credit (EITC) | Additional support depends on family size and income. |
| Young Child Tax Credit (YCTC) | Further support for families with young children |
$12,000 Stimulus Payment Timeline: Expected Payment Dates
Payments for California’s Stimulus Relief program are expected to be processed after the October 2024 filing period for tax returns. Applicants who file their taxes online may receive their funds within 21 days. On the other hand, candidates who fill out returns on papers are expected to get the payment within 3 months of the application.
Is the $12,000 Stimulus Payment Real?: Fact Check
Although rumors are spread everywhere about the $12,000 Stimulus payment relief, there are no official announcements for the same. Let’s check the facts through these important fact-check factors:
No Single $12,000 Check
The amount of $12,000 is not a single check instead it is a combination of the other tax refunds or multiple credits.
Limited to California
The mentioned program is set only for Californians not for all US citizens. It is not a part of the federal stimulus initiative.
No IRS Confirmation
There is no official by the Internal Revenue Service(IRS) or any other agency or authorities.
| Home Page | https://www.easthamptonchamber.com/ |
Check Official Websites
Check the details through trusted official websites of the FTB and IRS to avoid falling victim to misinformation.
FAQs For IRS $12000 Stimulus Payment October 2024
No, this program is expected to be proposed only for the Californians.
No, the $12,000 figure is not a single, while a combination of multiple tax credits.
California resident families earning less than $63,398 in 2023, rely on the family size and tax credits.
Payments will be distributed after tax returns are filed, those who file their tax electronically, will be processed within 21 days. Who files tax with paper, can take up to 3 months.
Riya Claire is the Editor-in-Chief of the East Hampton Chamber Portal. She holds a degree in Mass Communication, an MBA in Finance, and a diploma in HR, making her a versatile professional for an online portal