Estimate your “inflation relief” payment

Millions of Californians are set to receive what’s called an ‘inflation relief’ tax refund payment after state lawmakers reach a deal with Governor Gavin Newsom for the 2022-23 budget . (Video above: California lawmakers approve the budget; most taxpayers get a refund) But how much you get from the middle-class tax refund depends on several factors, including income level and people with disabilities. charge. | MORE | 23 million Californians will receive ‘inflation cut’ payments after the budget deal is reached, state leaders sayHere’s everything you need to know about the state tax refund.How to know if I am entitled to this refund? To begin, you must have filed your 2020 tax refund by October 15, 2021. Some new California residents will not be eligible for the refund, as they must live in the state for six months or more of the tax year. 2020, and still be a California resident on the payment issue date. You also cannot have been eligible to be claimed as a dependent in the 2020 tax year. How much money will I receive from this refund? The amount you receive will depend on your adjusted gross income in California, as well as the number of dependents you have. Taxpayers would receive either $350, $250 or $200 depending on their income level with an additional payment of the same amount if they have at least one dependant. Co-filers with an income of less than $150,000 would receive $700. If they have at least one dependent, they will receive an additional $350. So, for example, that means a married couple making $100,000 a year with one child would get $1,050. About 82% of state recipients are in this income level. Tier 2: Single filers earning $75,001 to $125,000 would receive $250. Co-registrants with income between $150,001 and $250,000 would receive $500. If they have at least one dependent, they will receive an additional $250. About 12% of beneficiaries belong to this level. Tier 3: Single filers earning $125,001 to $250,000 would receive $200. Co-filers who earn between $250,001 and $500,000 would receive $400. If they have at least one dependent, they will receive an additional $200. About 6% of beneficiaries belong to this level. The Franchise Tax Board has created a tool that allows you to estimate the amount you will receive. | MORE | Are you eligible? Find out how much you’ll get with the Franchise Tax Board’s refund estimatorWhen will I get my refund? Payments are expected to start going out by the end of October 2022 and are expected to end in mid-January 2023. How will I get my refund? Eligible individuals will receive either direct deposit payment or a debit card with payment. How you receive it depends on how you filed your 2020 tax return. Those who filed electronically and requested direct deposit will receive their return by direct deposit. Otherwise, they will receive a debit card payment. Are there multiple rounds of this payment? The Middle Class Tax Refund is a one-time payment to California residents who filed a 2020 tax return. What if I didn’t file a 2020 tax return? Most of those who did not file a tax return in 2020 are not eligible for payment. But the state is also increasing support for these programs: Supplemental Security Income/State Supplementary Payment (SSI/SSP) recipients: The SSI/SSP program is for people age 65 or older who are blind or disabled. The budget deal increases grants by about $39 per month ($470 for the year) for individuals and $100 per month ($1,200 for the year) for couples. In total, the increases would affect 1.1 million cases. CalWORKS Grant Recipients: CalWORKS is a program that provides money and services to eligible families with a child or children at home. Combined with previously announced increases, a family of three could receive up to $194 more per month. The increases affect approximately 369,000 households. Since my only source of income is Federal Social Security payments, I do not file taxes. Am I still eligible? Seniors who do not file taxes because they only receive Social Security payments are not eligible for the refund. However, they may still be eligible for other types of increased assistance like rent relief, utility assistance, and health care subsidies if these end up not being renewed by the federal government. , according to HD Palmer, spokesman for the California Department of Finance. | LEARN MORE | Here’s Why Some Seniors Won’t Get Payments From California’s ‘Inflation Reduction’ Programs

Millions of Californians are set to receive what’s called an ‘inflation relief’ tax refund payment after state lawmakers reach a deal with Governor Gavin Newsom for the 2022-23 budget .

(Video above: California lawmakers pass the budget; most taxpayers get a refund)

But how much you get Middle class tax refund depends on several factors, including income level and dependents.

| MORE | 23 million Californians will receive ‘inflation cut’ payments after budget deal is struck, state leaders say

Here’s everything you need to know about the state tax refund.

How do I know if I am entitled to this refund?

To get started, you must have filed your 2020 tax refund by October 15, 2021.

Certain new California residents will not be eligible for the rebate because they must live in the state for six months or more of the 2020 tax year and still be California residents on the date the payment is issued.

You also cannot have been eligible to be claimed as a dependent in the 2020 tax year.

How much money will I receive from this refund?

The amount you receive will depend on your California adjusted gross income, as well as the number of dependents you have.

Taxpayers would receive either $350, $250 or $200 depending on their income level with an additional payment of the same amount if they have at least one dependant.

Level 1: Single filers earning less than $75,000 would receive $350. Co-filers with an income of less than $150,000 would receive $700. If they have at least one dependant, they will receive an additional $350.

So, for example, that means a married couple earning $100,000 a year with one child would get $1,050.

About 82% of state recipients are at this income level.

Level 2: Single filers earning $75,001 to $125,000 would receive $250. Co-registrants with income between $150,001 and $250,000 would receive $500. If they have at least one dependant, they will receive an additional $250.

About 12% of beneficiaries belong to this level.

Level 3: Single filers earning $125,001 to $250,000 would receive $200. Co-filers who earn between $250,001 and $500,000 would receive $400. If they have at least one dependent, they will receive an additional $200.

About 6% of beneficiaries belong to this level.

The Franchise Tax Board has created a tool where you can estimate how much you will get.

| MORE | Are you eligible? Find out how much you’ll get with the Franchise Tax Board’s refund estimator

When will I receive my refund?

Payments are expected to begin disbursing by the end of October 2022 and are expected to end by mid-January 2023.

How will I get my refund?

Eligible individuals will receive either direct deposit payment or a debit card with payment.

How you receive it depends on how you filed your 2020 tax return.

Those who filed their return electronically and requested direct deposit will receive their return by direct deposit. Otherwise, they will receive a debit card payment.

Are there multiple rounds of this payment?

The Middle Class Tax Refund is a one-time payment to California residents who filed taxes in 2020.

What if I didn’t file a 2020 tax return?

Most of those who did not file a tax return in 2020 are not eligible for payment. But the state is also increasing support for these programs:

  • Supplemental Security Income/State Supplementary Payment (SSI/SSP) recipients: The SSI/SSP program is for people aged 65 or over who are blind or disabled. The budget deal increases grants by about $39 per month ($470 for the year) for individuals and $100 per month ($1,200 for the year) for couples. In total, the increases would affect 1.1 million cases.
  • CalWORKS Grant recipients: CalWORKS is a program that provides money and services to eligible families with a child or children at home. Combined with previously announced increases, a family of three could receive up to $194 more per month. The increases affect approximately 369,000 households.

My only source of income is federal social security payments, so I don’t file taxes. Am I still eligible?

Seniors who do not file taxes because they only receive Social Security payments are not eligible for the refund.

However, they may still be eligible for other types of increased assistance like rent relief, utility assistance, and health care subsidies if these end up not being renewed by the federal government. , according to HD Palmer, spokesman for the California Department of Finance.

| LEARN MORE | Here’s Why Some Seniors Won’t Get Payments From California’s ‘Inflation Reduction’ Programs


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Elaine R. Knight