Rossen Reports: How to get an extra $5,000 on your tax return (2024)

Rossen Reports: How to get an extra $5,000 on your tax return

Hi, let's get right to the rundown. First up tax season has started a new parents. You can actually cash in on an extra $5000 on your refund. I'm going to tell you how then a popular social media app is adding an extra safety feature for teenagers and finally hidden amazon prime perks you probably aren't using but you should be. I'm gonna give you the inside scoop and walk you through it first. New parents can get an extra payday, this taxis and the I. R. S. Says if you welcomed a new family member in 2021 whether you had a baby or you adopted a child where you became a legal guardian, you could be eligible for an extra $5000 in your refund. Here are the three ways you'll know if you're eligible one. If you didn't get the advanced child tax credit for that child last year, which is worth $3600 for kids under the age of six if you didn't get it. That's one of the ways you know, to that new family member did not get the $1400 stimulus check last year and three you don't exceed the income guidelines. So how do you get this $5000 payment, Whether you're required to file your taxes or not file them in the process, you can claim the money through what's called the recovery rebate credit. I'm going to put more details on how to do this, Where to find this on the forms on my website. Rawson Reports dot com but it's worth it. It's worth 5000 bucks. Next up Snapchat is making its app safer for teenagers, You know this section of the app right over here, it's called the quick add. You can see people who have added you on. The app gives you a list of people for you to add In. A new safety feature, Snapchat says it's going to limit these friend suggestions for teenagers to prevent them from coming into contact with a stranger. Kids from 13 to 17 years old will now only see suggestions that have a certain number of friends in common with that person. Think Facebook mutual friend thing. They're not saying how many mutual friends they need to have in common for it to pop up. But the app does promise teens will have to actually know the person in real life for them to pop up here, we're going to keep an eye on that. And finally, if you're a prime member on amazon you could be missing out big on some exclusive deals here are just a few I found that about, I wanted to share these with you first. There's this whole section right here dedicated to deals just for prime Members. So here's what I want you to do. Go up to the search bar up here, click all then on this little dropdown do just for prime check out the discounts on everything from wireless earbuds, two chargers to stuff for the house. Even tools. Next up, need an unlimited place to store your pictures and in cloud storage usually cost you extra. We all know that. But for Prime members you get unlimited storage space for photos. You can even set it up to auto, save all the pictures on your phone as a backup. It's free. Finally you can save money on prescriptions with one of these perks. It's called Prime R. X. You have to go click into its Prime Rx on the website. It offers discounts on medications that may not be covered under your insurance or if you don't have insurance at all, just type in the Medicaid. Once you're in the Prime Rx area, type in the medication, you can check out how much you're going to save. You can also use pre max at your local pharmacy. You've got to sign up for a card, will show you how to do that on my website or amazon's online pharmacy. I'm gonna put all of this on my website, Rawson Reports dot com so you can walk through it nice and easy. That's all for today. Back to you

Rossen Reports: How to get an extra $5,000 on your tax return

Jeff Rossen

Chief National Consumer Correspondent

New parents could get an extra payday this tax season. The IRS says if you welcomed a new family member in 2021, you could be eligible for an extra $5,000 in your refund. This is for people who had a baby, adopted a child, or became a legal guardian. But you must meet these criteria:You didn’t receive the advanced Child Tax Credit payments for that child in 2021. For children under the age of 6, that’s worth $3,600. The new child didn’t receive the $1,400 stimulus check in 2021 either. Your family doesn’t exceed the income guidelines. For the Child Tax Credit; the income guideline for single filers is $200,000 or less. For couples filing jointly, the income guideline is $400,000 or less. For the stimulus payments; the income guidelines for single filers is $75,000 or less, $112,500 or less for heads of households and $150,000 or less for couples filing jointly. How do you get the payment? Financial experts say, even if you’re not required to file your taxes, file them. That’s how you’ll get this money. You’ll know if you need to add in the Child Tax Credit and you’ll file a Recovery Rebate Credit on the tax form for that remaining money. Remember, if you’re income is $73,000 or less, the IRS actually provides a way for you to file online for free with its Free File Program. Need more information? The IRS posted a helpful guide on how to file your taxes and what’s new this tax season. Click here to read it.

New parents could get an extra payday this tax season.

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The IRS says if you welcomed a new family member in 2021, you could be eligible for an extra $5,000 in your refund. This is for people who had a baby, adopted a child, or became a legal guardian. But you must meet these criteria:

  • You didn’t receive the advanced Child Tax Credit payments for that child in 2021. For children under the age of 6, that’s worth $3,600.
  • The new child didn’t receive the $1,400 stimulus check in 2021 either.
  • Your family doesn’t exceed the income guidelines. For the Child Tax Credit; the income guideline for single filers is $200,000 or less. For couples filing jointly, the income guideline is $400,000 or less. For the stimulus payments; the income guidelines for single filers is $75,000 or less, $112,500 or less for heads of households and $150,000 or less for couples filing jointly.

How do you get the payment?

Financial experts say, even if you’re not required to file your taxes, file them. That’s how you’ll get this money. You’ll know if you need to add in the Child Tax Credit and you’ll file a Recovery Rebate Credit on the tax form for that remaining money. Remember, if you’re income is $73,000 or less, the IRS actually provides a way for you to file online for free with its Free File Program.

Need more information? The IRS posted a helpful guide on how to file your taxes and what’s new this tax season. Click here to read it.

Rossen Reports: How to get an extra $5,000 on your tax return (2024)

FAQs

How to get $7000 tax refund? ›

Requirements to receive up to $7,000 for the Earned Income Tax Credit refund (EITC)
  1. Have worked and earned income under $63,398.
  2. Have investment income below $11,000 in the tax year 2023.
  3. Have a valid Social Security number by the due date of your 2023 return (including extensions)
Apr 12, 2024

How can I increase my tax return amount? ›

Here are four simple ways to get a bigger tax refund according to the experts we spoke to.
  1. Contribute more to your retirement and health savings accounts.
  2. Choose the right deduction and filing strategy.
  3. Donate to charity.
  4. Be organized and thorough.
Mar 4, 2024

How do I get the biggest refund on my taxes? ›

How to boost your tax refund (or lower your tax bill)
  1. Work with a tax professional. ...
  2. Claim all eligible tax credits and deductions. ...
  3. Don't overlook deductible expenses. ...
  4. Choose the right filing status. ...
  5. Maximize your contributions. ...
  6. Adjust your W-4. ...
  7. File at the right time.
Mar 2, 2024

Is it possible to get a $10,000 tax refund? ›

You could end up with a $10,000 tax refund if you've paid significantly more tax payments than you owe at the end of the year.

Is it possible to get a 5k tax refund? ›

Some people in California who have been left out will finally be getting their inflation relief payments this month. The Franchise Tax Board confirmed that 5,000 payments will be issued by the end of September for those who were never issued a payment.

How are people getting $10,000 tax returns? ›

These changes include: More workers and working families who also have investment income can get the credit. Starting in tax year 2021, the amount of investment income they can receive and still be eligible for the EITC increases to $10,000. After 2021, the $10,000 limit is indexed for inflation.

Is it better to claim 1 or 0 on your taxes? ›

Claiming 1 on your tax return reduces withholdings with each paycheck, which means you make more money on a week-to-week basis. When you claim 0 allowances, the IRS withholds more money each paycheck but you get a larger tax return.

What is the average tax refund for a single person? ›

States with the largest/smallest average refunds for tax year 2021
RankStateAverage refund
7Connecticut$4,877
8Texas$4,753
9California$4,671
10Louisiana$4,617
6 more rows
Mar 11, 2024

What is the average tax return for a single person making $60,000? ›

If you make $60,000 a year living in the region of California, USA, you will be taxed $13,653. That means that your net pay will be $46,347 per year, or $3,862 per month.

What deduction can I claim without receipts? ›

What does the IRS allow you to deduct (or “write off”) without receipts?
  • Self-employment taxes. ...
  • Home office expenses. ...
  • Self-employed health insurance premiums. ...
  • Self-employed retirement plan contributions. ...
  • Vehicle expenses. ...
  • Cell phone expenses.
Nov 10, 2022

What is the Earned Income Tax Credit for 2024? ›

Earned income tax credit 2024

For the 2024 tax year (taxes filed in 2025), the earned income credit will range from $632 to $7,830, depending on your filing status and the number of children you have.

Can I claim my girlfriend as a dependent? ›

You can claim a boyfriend or girlfriend as a dependent on your federal income taxes if that person meets certain Internal Revenue Service requirements. To qualify as a dependent, your partner must have lived with you for the entire calendar year and listed your home as their official residence for the full year.

How to get 20k back in taxes? ›

Follow these six tips to potentially get a bigger tax refund this year:
  1. Try itemizing your deductions.
  2. Double check your filing status.
  3. Make a retirement contribution.
  4. Claim tax credits.
  5. Contribute to your health savings account.
  6. Work with a tax professional.
Mar 22, 2023

How to get money back on taxes with no income? ›

If you qualify for tax credits, such as the Earned Income Tax Credit or Additional Child Tax Credit, you can receive a refund even if your tax is $0. To claim the credits, you have to file your 1040 and other tax forms.

How to get a big refund self-employed? ›

To get the biggest tax refund possible as a self-employed (or even a partly self-employed) individual, take advantage of all the deductions you have available to you. You need to pay self-employment tax to cover the portion of Social Security and Medicare taxes normally paid for by a wage or salaried worker's employer.

Who qualifies for $7000 tax credit? ›

The California Constitution provides a $7,000 reduction in the taxable value for a qualifying owner-occupied home. The home must have been the principal place of residence of the owner on the lien date, January 1st.

What is the $7,000 tax benefit? ›

You have to meet certain requirements to be eligible for the Earned Income Tax Credit (EITC) refund of up to $7,000. These requirements include earning income, being a citizen or resident alien of the United States, having a valid Social Security number, and meeting certain income limits.

How much money can you get from a tax refund? ›

The average tax refund last filing season

According to filing season statistics reported by the IRS, the average tax refund in the 2023 tax season—for tax year 2022—was $2,753. The average direct deposit tax refund was slightly higher than the overall average, at $2,827.

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