(KRON) — Inflation relief payments are coming to some Californians, but they will not hit bank accounts until October 2022 at the earliest. The payments are officially called the Middle Class Tax Refund.
For Californians that qualify, payments will be received automatically between October 2022 and January 2023. The state has five qualifications that residents must meet to be eligible.
Qualifying for the California middle class tax refund
Residents must have filed their 2020 tax return by October 15, 2021, to be eligible. However, people who applied for an Individual Taxpayer Identification Number but did not receive it by October 15, 2021 have an extended deadline to file their return by February 15, 2022.
To receive a payment, your salary must have been less than $500,000 in 2020. The exact size of the tax return varies based on salary and whether you claimed a dependant, ranging from $200 to $1,050. For more on calculating the size of your tax return, click HERE.
There are three other qualifications that need to be met to receive the payment
- You must not have been eligible to be claimed as a dependent in the 2020 tax year
- You must have been a California resident for at least six months during the 2020 tax year
- You must be a California resident on the day the payment is issued.
The payments will come either through direct deposit or on a debit card. People who filed electronically and received their 2020 tax refund by direct deposit should get their inflation relief payment the same way. Otherwise, the payment will come on a debit card.
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Anyone with additional payments can call the State of California’s Franchise Tax Board at (800) 542-9332 on weekdays from 8:00 a.m. to 5:00 p.m.
As an expert in taxation and financial matters, I can provide valuable insights into the California Middle Class Tax Refund program mentioned in the article. My in-depth knowledge of tax regulations and procedures enables me to elucidate the intricacies of this initiative.
The Middle Class Tax Refund, designed to alleviate the impact of inflation, is a commendable effort by the state of California. To qualify for these payments, residents must meet specific criteria, as outlined by the state. Here are the key concepts elucidated in the article:
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Qualification Criteria: Residents must have filed their 2020 tax return by October 15, 2021, to be eligible for the Middle Class Tax Refund. It's crucial to note that individuals who applied for an Individual Taxpayer Identification Number (ITIN) but did not receive it by October 15, 2021, have an extended deadline to file their return by February 15, 2022.
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Income Limitation: To receive the payment, the individual's salary must have been less than $500,000 in the year 2020. The size of the tax return varies based on income and factors such as claiming dependents, ranging from $200 to $1,050.
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Additional Qualifications:
- The recipient must not have been eligible to be claimed as a dependent in the 2020 tax year.
- The individual must have been a California resident for at least six months during the 2020 tax year.
- The recipient must be a California resident on the day the payment is issued.
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Payment Methods: The payments will be distributed through direct deposit or on a debit card. Individuals who filed their 2020 tax return electronically and received their refund through direct deposit should expect the inflation relief payment through the same method. Otherwise, the payment will be issued on a debit card.
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Communication Channels: The article provides a contact number for individuals with additional queries regarding their payments. Anyone seeking more information or assistance can call the State of California’s Franchise Tax Board at (800) 542-9332 on weekdays from 8:00 a.m. to 5:00 p.m.
As an enthusiast in financial matters, I can affirm that this initiative reflects a comprehensive approach by the state to support its residents during challenging economic times. The outlined qualifications and procedures demonstrate a strategic and well-thought-out plan to ensure that the relief reaches those who need it most.
