Some good news for New York state residents: you’ll soon be receiving a tax refund that includes more money. In the fiscal year 2022-2023, the state of New York plans to send out two separate one-time payments to qualifying taxpayers.
The initial deposit is calculated using the child credit available in New York State. The New York State child credit is calculated relative to your taxable income, in case you were wondering.
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If your family’s annual income is less than $75,000 (single), $110,000 (joint), or $55,000 (married filing separately), each eligible child will receive at least $100. (source)
The Earned Income Tax Credit provides the second installment (or noncustodial parent earned income credit). In most cases, this is equal to 30% of the federal earned income credit that you are eligible to receive. (source)
To Get Your Hands on This Cash, What Exactly Must You Do?
The good news is that if you meet the requirements, you won’t have to do anything to get paid for either credit.
In New York, we will use a system to determine how much money you are owed and send it to you in a single check. Get a sense of what you can anticipate if you’re curious.
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