California Residents To Receive FTB Stimulus Payments Starting Oct. 7

While Californians continue to pay the highest gas prices in the country, relief may be on the horizon for some.

More than half of California’s population, or 23 million people, will receive a direct payment of $350 to $1,050 under the state budget signed by Governor Gavin Newsom in June. The California Franchise Tax Board confirmed to Forbes Advisor that payments will begin on October 7.

The state has released a page with details about the “Middle-Class Tax Refund,” along with a calculator to help you determine how much money you can expect to receive.

When And How Will Payments Be Made?

The Franchise Tax Board (FTB) of California will be responsible for dispersing stimulus funds through electronic transfers and debit cards.

Your Middle-Class Tax Refund will be deposited into the same account from which you received the first of the two previous Golden State Stimulus payments between October 7 and October 25.

If you filed your California income tax return electronically and selected direct deposit as your refund option, then you can anticipate receiving your refund between October 28 and November 14.

ftb stimulus
ftb stimulus

The remaining funds will be dispersed via debit cards. The Middle-Class Tax Refund will be distributed by debit card between October 25 and December 10 to those who received the Golden State Stimulus by card. The deadline for debit card payments is January 15, 2023.

According to the Franchise Tax Board, most refunds will be distributed in the month of October.

The FTB informed that a more comprehensive payment schedule for debit card recipients will be made available in early October.

Middle-Class Tax Refund Eligibility

It is estimated that 23 million U.S. citizens will receive a Middle-Class Tax Refund. To be eligible, you need to have been a resident of California for at least six months in 2020 and file your 2020 state tax return by October 15, 2021. You must be a legal resident of California on the date that your payment is issued, and you cannot claim anyone else as a dependent for the 2020 tax year.

A sliding scale of payments will be made available, depending on a person’s income and tax filing status. Those with low incomes and at least one dependent are the ones most likely to benefit.

Individuals with incomes over $75,000 will not receive the full benefit, as was the case with the first two installments of the Golden State Stimulus, but there are some important differences.

Below is a rundown of who is eligible for the maximum payout:

  • $350: Individuals who earn less than $75,000 per year
  • $700: Couples who file jointly and earn less than $150,000 per year
  • $350: Additional payout for the above families who have at least one dependent

Income limits to qualify for the minimum payout:

  • $200: Individuals who earn up to $250,000 per year
  • $400: Couples who file jointly and earn less than $500,000 per year
  • $200: Additional payout for the above families who have at least one dependent

I hope you found the information presented above to be of use. You can also look through our news section, where we normally cover all of the most recent news and happenings around the world. Visit our website if you’d like to learn more about this topic.

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