California Will Start Handing Out $1,050 Stimulus Payments To Residents This Week To Combat Inflation

One-time stimulus payments were initiated by the Golden State on Friday, and as many as 23 million California residents will soon receive tax refunds of up to $1,050 each. The $9.5 billion in payments represents the largest program of its kind in the history of the state.

The Middle-Class Tax Refund program is being implemented at a time when national inflation rates are at all-time highs. When the final budget including the payments was approved earlier this year, California had a record surplus of $97.5 billion. Democratic California Governor Gavin Newsom said in a statement, “We know it’s expensive right now, and California is putting money back into your pockets to help.”

“We’re sending out refunds worth over a thousand dollars to help families pay for everything from groceries to gas,” he said.

Who Is Eligible To Receive A Refund?

You must meet the criteria in order to be eligible for a payout.

You must be a current resident of California and have lived there for at least six months during the 2020 tax year.

By the 15th of October 2021, you must have filed your 2020 tax return and have an adjusted gross income that falls within the specified range.

Moreover, you cannot be dependent on anyone else’s tax return.

stimulus check october 2022 california
stimulus check october 2022 california

What Is The Sum That I Can Expect To Receive?

Payments for qualifying married couples filing jointly may be between $800 and $1,050.

Persons who meet the requirements could receive a sum between $ 200 and $ 700.

Two factors—income and number of dependents—determine the total amount of each check.

Joint filers with less than $150,000 in income and one dependent receive the maximum amount ($1,050). If they have no children, a couple in that income bracket will get $700.

If your income is $75,000 or less and you file as an individual taxpayer, you may be eligible for a $300 tax refund if you have a dependent, or a $175 refund if you do not.

Those with an annual income of $500,000 for a married couple or $250,000 for an individual will begin to see their payments phased out. Anyone living in California who makes more than the specified amounts will not qualify for a stimulus check.

Line 17 of your 2020 Form 540 or line 16 of your 2020 Form 540 2EZ will show your adjusted gross income for California.

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