Following a worldwide pandemic, record-high inflation has caused havoc on the majority of Americans’ money accounts. Because of this, some governments have decided to keep helping their citizens financially by giving them a round of inflation relief checks this year.
Record-high inflation after a global pandemic has wreaked havoc on most Americans’ bank accounts. Recognizing this, some states are continuing to provide financial assistance to their residents, sending a round of inflation relief checks this year. (Photo via LifestyleVisuals / Getty Images/iStockphoto)
If you reside in California and haven’t received your Middle Class Tax Refund (MCTR) or the California Inflation Relief check. The state has reportedly extended the deadline for direct payments to residents, giving them until February 14 to get the money into the correct hands, according to the Los Angeles Times.
Read More: Will Californians Receive Additional Inflation Relief Cheques Or Middle Class Tax Refund?
According to the Times, the Middle Class Tax Refund is a significant state-wide initiative that has given working class households in California access to $9.5 billion. The amounts paid out range from $200 to $1,050 based on the data on the 2020 tax returns. The potential payout will depend on the adjusted gross income, filing status (single, joint, head of household), and any reported dependents.
According to the California Franchise Tax Board, the state is currently processing and mailing unpaid invoices because some situations required additional scrutiny. Additionally, due to longer processing times, anyone who has moved since filing their 2020 return may be missing payments. Payment delivery to qualified recipients in the two aforementioned categories is planned for February 14.
Direct deposits have been made to 7 million Californians to date, and 9 million more have gotten debit cards. Depending on their AGI and the number of dependents they claimed, couples who filed jointly will receive anywhere between $400 and $1,050, while single filers would receive between $200 and $700. The one-time payout is only available to residents who submitted their 2020 tax returns before October 15, 2021, and who earned less than $500,000.
California reveals when inflation relief checks will be sent out (Getty Images)
To be qualified for the MCTR, you must:
- Be a resident of California at the time the payment is made.
- Have a minimum of six months of California residency during the 2020 tax year
- Have submitted your 2020 tax return by October 15, 2021, or earlier
- Not have been qualified to get a dependent claim in 2020
- Make $250,000 if you’re filing alone or $500,000 if you’re filing jointly.
Two groups are anticipated to receive payments before February 14, 2023, despite the fact that the majority of MCTR payments have already been made. You can anticipate receiving a payment on or before January 14, 2023 if you are eligible for direct deposit but have changed your banking details since completing your 2020 tax return.
Additionally, you can anticipate receiving your payment in the mail between January 30 and February 14, 2023, if you are a debit card beneficiary who has moved since completing your 2020 tax return. To calculate your expected tax refund, utilize the Middle Class Tax Refund Calculator.
Read More: How To Apply For 2023 California Inflation Relief Funds.
