News Alert: California: Millions of qualifying Californians will begin today receiving their California’s Middle Class Tax Refunds Payments directly depositing into their bank accounts.

By: Zachary Lopez (ZachNews)

Sources: Office of the Governor Gavin Newsom and California’s Franchise Tax Board (Information)

California: Millions of qualifying Californians will begin on Friday, October 7th, 2022 receiving their California’s Middle Class Tax Refunds Payments directly depositing into their bank accounts.

In a press release from the Office of the Governor Gavin Newsom, $9.5 billion in Middle Class Tax Refund payments will begin going out to Californians, with refunds of up to $1,050 that will benefit millions of eligible Californians under the largest such program in state history.

This unprecedented refund program to get money back in the pockets of Californians builds upon last year’s Golden State Stimulus, which distributed $9 billion to California families, and the billions that went to help folks pay their rent, cover overdue utility bills and support small businesses.

“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,” said California Governor Gavin Newsom.

Payments will range from $400 to $1,050 for couples filing jointly and $200 to $700 for all other individuals depending on their income and whether they claimed a dependent. Refunds are available for ITIN filers, in addition to those who file tax returns with a SSN.

In regards to Californians who are on social security, disability or other sources of public assistance as their source of income, you are qualified for the Middle Class Tax Refund Payments even people who reported $0 of AGI on their 2020 taxes.

According to the California’s Franchise Tax Board, an individual who relies exclusively on social security or disability as their income, and therefore had a CA AGI or $0 in 2020, will receive $350 if they do not claim a dependent, or $700 if they have at least one dependent.

A total of 18 million payments will be distributed, benefitting up to 23 million Californians.

An estimated 8 million direct deposits will start arriving in bank accounts from Friday, October 7th, 2022 through Monday, November 14th, 2022, and an estimated 10 million debit cards will be delivered from Tuesday, October 25th, 2022 through Sunday, January 15th, 2023.

“Inflated costs for everyday necessities have forced many to cut corners or make impossible choices, and pain at the pump has been compounded by the return of the commute for many Californians. “As the holidays approach, my team members are thrilled to be able to get these payments into the hands of those who have been struggling, so they can enjoy a measure of relief,” said State Controller and Franchise Tax Board Chair Betty T. Yee.

– How much can you receive?

Payment amounts will be based on the CA AGI on your 2020 California state income tax return, as well as your filing status and whether you claimed a dependent. For more information, including a complete breakdown of payment amounts and a tool to estimate your payment, visit the Franchise Tax Board’s (FTB) Middle Class Tax Refund (MCTR) website at: https://www.ftb.ca.gov/about-ftb/newsroom/middle-class-tax-refund/index.html

– How you’ll receive your payment?

Californians will receive their MCTR payment by direct deposit or debit card. Direct deposit payments will be made to eligible taxpayers who e-filed their 2020 CA tax return and received their CA tax refund by direct deposit. In general, other MCTR payments will be issued on debit cards.

Debit cards will be mailed to eligible taxpayers in an envelope prominently displaying the following wording: “Not a bill or advertisement. Important information about your Middle Class Tax Refund.” For more information regarding MCTR payments, visit: https://www.ftb.ca.gov/about-ftb/newsroom/middle-class-tax-refund/index.html

– When you’ll receive your payment?

Direct deposit MCTR payments for Californians who received Golden State Stimulus (GSS) I or II are expected to be issued to bank accounts from Oct. 7 through Oct. 25, with the remaining direct deposits occurring between Oct. 28 and Nov. 14. FTB expects about 90% of the MCTR direct deposits to be issued in October.

MCTR debit cards are expected to be mailed between October 25 and Dec. 10 for Californians who received GSS I and II, with the balance mailed by Jan. 15, 2023.

About 95% of all MCTR payments – direct deposit and debit cards combined – are expected to be issued by the end of this year. For more information, including the most recent updates on payment schedules, visit: https://www.ftb.ca.gov/about-ftb/newsroom/middle-class-tax-refund/index.html

In regards to debit card information, the FTB is working in partnership with Money Network Financial, a Fiserv company, to assist in the distribution of MCTR debit card payments. For more information, including how to activate your card, how to check your balance, and to view images of the MCTR envelope and debit card, visit: https://www.mctrpayment.com/

*** Help with the Middle Class Tax Refund: ***

For a complete list of requirements and other MCTR information, visit: https://www.ftb.ca.gov/about-ftb/newsroom/middle-class-tax-refund/index.html or call: 1(800)542-9332.

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