How about getting some of your tax dollars back in your pocket? We’d love that almost as much as we’d love to see zero political ads this fall!
But in Washington State there’s a new tax credit that a lot of people don’t even know they could have gotten. We love to save people money wherever we can, so let’s take a look and you can see if you’re one of those people.
Here are Five Fast Facts about the Working Families Tax Credit:
- ⏲️ The History - This tax credit to help low income families was signed into law waaaaay back in 2008, but the legislature didn’t fund it until 2021 (using COVID funds). Last year was the first year the tax credit was available to residents. How’s that for government efficiency?
- 🔍 The Projections - The experts thought that about 360k residents would qualify for the tax credit in the first year, delivering them refund checks from $50 to $1,225 each depending on their income level and the number of kiddos in the household.
- ☝️ The First Year - The state actually had about 45% of eligible households claim it in its first year (which actually beat the goal of 40%). Of those who claimed it, 86% were approved, and 56% were processed within 30 days. A total of just over 163k refunds were issued, for a total of about $117 million given back.
- 👀 Get Retroactive - You can check if you’re eligible for this tax credit by visiting the Washington Department of Revenue’s website. You can apply for prior years if you’d like, and you can check any time of year.
- 🤔 The Seedy Underbelly - It seems there are some concerns with the number of undocumented immigrants potentially getting tax credits, identified by using a Taxpayer Identification Number (because they can’t get a Social Security number) to apply. But don’t worry, about 6% of applications were denied as fraudulent. Even so, about 10% of those who actually received the tax credit last year used a TIN. Hmmm…
🔥Bottom line: Hey, if you can get some of your tax dollars back, more power to ya’! Go to that website and check it out.
Are you eligible?
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