SAN DIEGO COUNTY, Calif. — Millions of Californians will see a boost in their bank accounts starting October 7 and lasting through the 25th, as the State's Franchise Tax Board begins doling out 8 million direct deposit payments into taxpayer bank accounts.
The Middle-Class Tax Refund is a one-time payment of up to $700 for individuals and $1,050 for married couples meant to help California residents offset rising housing costs, record-high gas prices, and skyrocketing costs for food and other items.
Who Gets Inflation Relief Payments?
So, what are the requirements, and who will be getting the relief payments?
According to the state website, 18 million payments will be sent out to 23 million people in California. To be eligible, residents must meet the following criteria:
- Filed a 2020 tax return no later than October 15, 2021
- Were not eligible to be claimed as a dependent in 2020
- Were a California resident for six months or more
- Are a California resident on the date the payment is issued
Those who filed jointly or are the head of the household need to make less than $500,000 a year whereas residents who are single or married and filing separately need to make less than $250,000.
How Much Will You Get?
The relief amount varies depending on your filing status - married or single - and the number of dependents you have, however, payments range from $200 to $1,050.
The amount is based on your adjusted gross income from your 2020 California State Income Tax return.
To find out how much you qualify for, you can use the state's handy tool here.
When Will You Get Your Payment?
The first wave of direct deposits will be sent out beginning today, October 7 through October 25.
A second wave will go out beginning October 28 through November 14.
Those who did not file taxes electronically will receive a debit card in the mail.
The Franchise Tax Board estimates that 90 percent of payments will be made during the month of October.
To find out more head over to California Franchise Board website.