- Personal Finance. How much is the Child Tax Credit for 2024 and when can you expect it?
- Personal Finance. Child Tax Credit Amount: How to calculate how much you may receive this year?
In an effort to bolster families and acknowledge their invaluable contributions to Arizona's prosperity, Governor Hobbs' 2023 bipartisan budget paved the way for a one-time Arizona FamiliesTax Rebate.
This initiative is more than just financial relief; it's a gesture of gratitude towards the backbone of Arizona's society.
Here's everything you need to know about the one-time payment:
To qualify for the Arizona Child Tax Credit, you must have filed a full-year resident personal income tax return for the tax year 2021.
Additionally, you should have claimed at least one dependent tax credit on your 2021 return.
Whether you filed individually or tly, and regardless of your tax liability for 2021, as long as you've got at least $1 in Arizona personal income tax liability in 2019, 2020, or 2021, you're in line for this rebate.
Claiming your Arizona Family Tax Rebate
The rebate amount is structured as follows: $250 per dependent under the age of 17, and $100 per dependent aged 17 or older, as claimed on your 2021 tax return.
However, there's a cap: a maximum of $750 for single, head of household, and married filing separately taxpayers, while those filing tly can receive up to $1,500.
Regardless of your filing status, the rebate cannot exceed three dependents.
Claiming your rebate is a breeze.
Simply head to familyrebate.aztaxes.gov, the official portal launched by the Arizona Department of Revenue, designed to streamline the process.
Here, you can check your eligibility, track your rebate status, file a claim, or update your mailing address.
Keep an eye on this platform for the latest updates and news regarding the rebate.
It's important to note that while the rebate is not subject to Arizona income tax, it is subject to federal income tax.
Therefore, it must be reported as part of your federal adjusted gross income on your 2023 federal income tax return.
ADOR will issue a Form 1099-MISC for this purpose.
If you've provided direct deposit information when filing your returns in 2021 or 2022, expect your rebate to arrive via direct deposit.
For those without direct deposit details on file, fear not - a paper check will be mailed to your last known address.
As with any tax-related process, patience is key.
Processing times for Arizona income tax refunds vary based on filing method (e-file or paper) and filing date.
To check the status of your refund, visit Where's My Refund on AZTaxes.gov.
While ADOR endeavors to process refunds promptly, it's advisable not to bank on receiving yours by a specific date.