Millions of Americans are set to get a one-time direct payment of up to $1,050.
California taxpayers have been receiving direct payments since October, and more are on their way in the form of debit cards through the Christmas break.
The Middle-Class Tax Refund (MCTR) is a one-time payment designed to help Californians.
Eligible taxpayers will get the payment automatically.
The state began providing the money, which ranges from $200 to $1,050, in October and will continue into the new year.
Payments are made via direct deposit or by mail in the form of a debit card.
If you match the following criteria, you are eligible:
- You must have filed your 2020 tax return by October 15, 2021.
- Meet the California AGI (adjusted gross income) restrictions.
- In the 2020 tax year, you were ineligible to be claimed as a dependent.
- You must be a resident of California on the date the payment is granted.
When Will You Get Your Money?
Payments are still being made.
You will receive a debit card if you are an MCTR direct deposit beneficiary and have changed your banking information since filing your 2020 tax return.
Between December 17, 2022, and January 14, 2023, debit cards will be mailed.
Meanwhile, Californians who got Golden State Stimulus checks one and two are projected to get MCTR debit card payments between October 24, 2022, and December 10, 2022.
By January 14, 2023, the remaining debit cards will be mailed.
Direct deposits are normally made within three to five business days of the issue date, but this can vary depending on the financial institution.
Recipients should expect up to two weeks from the date of issue to receive their debit card by mail.
The state anticipated that around 90% of direct deposits will be granted in October 2022.
They estimate that by the end of the year, 95 percent of all MCTR payments, including direct deposit and debit cards, would have been provided.
According to the state of California, Middle Class Tax Refunds benefit both taxpayers and their dependents.
So far, the following information has been released:
6,739,880 in direct deposits
2,556,729 debit cards
The total amount issued was $5,053,764,350.
Depending on your California-adjusted gross income, payments range from $200 to $1,050.
Millions of Americans are receiving one-time reimbursements of up to $800 in the form of direct deposits or paper cheques.
Furthermore, some households are still waiting for their $300 reimbursement, which could be their fault.