UPCOMING EVENTS

Tax Tips- Golden State Stimulus II

By Michael Aston, E.A., Alhambra Tax Center

Michael Aston is an Enrolled Agent engaged in his family business at Alhambra Tax Center, 1009 E. Main St., Alhambra. Tax questions, or any other questions, can be e-mailed to michael@alhambrataxcenter.com, or call 626-282-1084.

Tax Tips

Golden State Stimulus II

By Michael Aston, E.A.
Alhambra Tax Center

California has issued two different stimulus’ this year, the Golden State Stimulus I (GSS1) and Golden State Stimulus II (GSS II).  Assuming you are eligible for them, you must have a tax return filed by October 15, 2021. 

The Golden State Stimulus Iwas limited based on your earned income.  To be eligible your 2020 earned income is $30k or less and you have a Social Security Number (SSN) or $75k or less if you have an Individual Tax ID Number (ITIN).  If you filed your 2020 tax return and was eligible, the payment should have already been received.

The qualifications for the Golden State Stimulus IIare different.  Below is the information from the Franchise Tax Board’s website.

  • File your 2020 taxes by October 15, 2021.
  • Have a California Adjusted Gross Income (CA AGI) of $1 to $75k for the 2020tax year.

o  Line 17 on Form 540

o  Line 16 on form 540 2EZ

  • Have wages of $0 to $75k for the 2020 tax year.
  • Be a California resident for more than half of 2020 tax year.
  • Be a resident of the date payment is issued.
  • Cannot be claimed as a dependent by another taxpayer.

o  A dependent is a qualifying child or qualifying relative.

What you may receive if you have an SSN and meet all the GSS II requirements.

  • Qualified for GSS I and claimed a credit for 1 or more dependents, you may receive $500
  • Did not qualify for GSS I and did not claim a credit for 1 or more dependents, you may receive $600.
  • Did not qualify for GSS I and claimed a credit for 1 or more dependents, you may receive $1,100.
  • Qualified for GSS I and did not claim a credit for 1 or more dependents, you do not qualify for GSS II

What you may receive if you an ITIN and meet all of the GSS II requirements.

  • Qualified for GSS I and claimed a credit for 1 or more dependents, you may receive $1000.
  • Qualified for GSS I and did not claim a credit for 1 or more dependents, you do not qualify for GSS II

There is an estimator at www.ftb.ca.govthat you can use to see of you qualify.  Also, there are different rules if you file Married Filing Separate, you can find that information and any other information at www.ftb.ca.gov.  If you have questions or problems receiving your payment, you need to contact the Franchise Tax Board Directly at 800-852-5711. 

Tags:

stimuluswagesearned income

Nov 2021

SMTuWThFSa
123456
78910111213
14151617181920
21222324252627
282930

Copyright © 2014, Alhambra Chamber of Commerce. All Rights Reserved.