Living Advantage, Inc. urges California foster youth to use tax credit

LOS ANGELES - Dec. 22, 2022 - PRLog -- Living Advantage, Inc. is excited about a first of its kind Foster Youth Tax Credit in the state of California. The tax credit provides up to $1,083 to eligible individuals or up to $2,166 if both the taxpayer and spouse qualify. The credit is available to former and current foster youth, ages 18-25, who file their state tax return.

The funding comes from Governor Gavin Newsom's 2022-23 California state budget and is estimated to benefit 20,000 residents in the 2022 tax year.

Living Advantage and other foster care organizations want to make sure that this financial opportunity is not missed, as the tax credit is going into effect this tax filing year. However, there are many barriers that could prevent this money from being used. For example, many foster youth don't have family who can help them file their taxes or lack the money to be able to hire someone to guide them through the process. Living Advantage will be hosting a workshop in the New Year and is working with the mayor's office to get the word out.

According to the state, you must meet the following qualifications to be eligible:

• Were ages 18 to 25 at the end of the tax year
• Were in California foster care at age 13 or older and placed through the California foster care system
• Claim the credit on the 2022 FTB 3514 form, California Earned Income Tax Credit, or follow the instructions on your tax software

LA, Inc. is committed to serving youth in the foster care system. LA, Inc. evolved from an organization nurturing foster youth in group homes to addressing a larger social problem that includes transition aged youth (TAY). Visit us at: https://www.livingadvantageinc.org/