Middle Class Tax Refund Payments Have Started Going Out. Here’s Everything You Need To Know
Beginning on October 7, millions were distributed to California taxpayers as part of an inflation relief program. The so-called “Middle-Class Tax Refund,” which varies by the individual based on factors such as income, residency, filing status, and household size, can be as high as $1,050.
It’s part of a $12 billion relief effort that Gov. Gavin Newsom said: “prioritizes getting dollars back into the pockets of millions of Californians grappling with global inflation and rising prices.” Find out who qualifies for California’s inflation relief checks, how much they’ll receive, and when they’ll be dispersed below.
Who Is Qualified For An Inflation Relief Payment?
The rebate plan, which has been divided into three tiers based on your adjusted gross income for the year 2020 on your California state tax return, is available to around 23 million California residents. Residents who filed as single and made less than $250,000 or married couples who filed jointly and made less than $500,000 are eligible for a refund.
In addition to meeting the income criterion, recipients must have filed their 2020 tax return by October 15, 2021, have been a California resident for at least half of the 2020 tax year, and be a current California resident on the payment‘s issuance date.
Payments will not be provided to single filers with incomes over $250,000 or married filers with incomes over $500,000 in 2020. Nobody else can claim you as a dependent for the 2020 tax year, either.
What Is The Amount Of My Check?
If you are a single taxpayer with a modified adjusted gross income of less than $75,000 or a married couple filing a joint return with a modified adjusted gross income of less than $150,000, you will receive $350. Therefore, a family of four might receive up to $1,050. According to KCRA, almost 80% of beneficiaries fall into this category.
Taxpayers with annual incomes between $75,000 and $125,000 (or $150,000 and $250,000 as a couple) will receive $250, while those with dependents will receive a further $250. A total of $750 might be given to any household with children.
If you filed as an individual and made between $125,000 and $250,000, or if you filed as a married couple and made between $250,000 and $500,000, you would receive $200. Up to $600 could be given to a family with little children.
I’m currently on hold to the California Franchise Tax Board as their process for registering online and paying them is catastrophically inept even by global tax authority standards, but rather joyously they are advertising a ‘Middle Class Tax Refund’. pic.twitter.com/tkqjkstL3n
— Chris Howell (@ChrisHowellACA) October 13, 2022
When Can I Expect To Get My Tax Refund?
The Franchise Tax Board reports that the first installments were sent out on October 7 and that the final installments will be sent by January 15, 2023.
Direct installments for Californians who received money from either round of the Golden State Stimulus payments are expected to begin between October 7 and October 25. The final round of direct deposits will be made from October 28 to November 14.
On October 25th, if you haven’t already done so, a Money Network debit card will be mailed to you with your payment.
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