Minnesota has several proposals active to help its residents with living costs. On the one hand, they have a stimulus check that can reach $1,300 dollars, which will be distributed starting in August 2023, and on the other hand, they have approved their own Child Tax Credit, through which Families can receive up to $2,100 dollars.
This money, which is given to families with dependents, is viable for those who file a Minnesota state tax return, the program is called Credit for child and dependent care.
This program seeks to “offset certain care expenses” for qualified beneficiaries. The credit is refundable, as explained by the Minnesota Department of Revenue. It is gradually eliminated when a household’s federal adjusted gross income exceeds $55,300.
What requirements do you need to meet to be eligible?
-You must file a 2023 tax return
-You must be a Minnesota resident at the time you file your return and during the tax year
-You must have documentation showing expenses paid by someone caring for a child or a qualified person or someone for domestic services
-Have an adjusted gross income of less than $79,300 dollars
-The dependent must be a maximum of 13 years old
Child care expenses will be eligible if you used them to pay for the care of a qualified dependent, so that the taxpayer can work or seek employment, or so that the taxpayer can perform domestic service. Costs such as food, clothing, education and entertainment are not eligible as qualified expenses. Expenses made by another person or a government agency on behalf of the taxpayer are also not qualified.
“The credits will be claimed when eligible taxpayers file their 2023 income tax returns. The deadline to file those returns is April 15, 2024,” explained a spokesperson for the Minnesota Department of Revenue, in an interview with The Washington Examiner.
If you want more information about this tax credit, You can enter the following link from the Internal Revenue Service (IRS).
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2023-09-29 17:09:22
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