CA Residents: Look Out for the Middle Class Tax Refund (MCTR)
Bernstein Financial Services
An accounting & tax firm that helps business owners meet their financial goals in their personal and professional lives.
As a part of the Middle Class Tax Refund (MCTR), California Franchise Tax Board has been issuing a one-time payment to provide relief to Californians, either as a direct deposit to taxpayer’s bank accounts or in the form of a debit card between October 2022 and January 2023.?The refunds range from a low of $400 married filing jointly?($200 for single and married filing separately)?to a high of $1050 married filing jointly ($700 for single and married filing separately), depending on the taxpayer’s income level and number of dependents.
Individuals who earned more than $250,000 in 2020 and couples who made more than $500,000 combined were not eligible for the MCTR, nor was anyone claimed as a dependent in the 2020 tax year.
If you believe you qualify for this refund but have not received it yet, you can contact the FTB customer service line, weekdays?between 8am and 5pm?at?800-542-9332.?There is also an online chat option available at “mctrpayment.com”.
You will likely receive a 1099 for this income at the end of the year in which it is received.?It may be taxable depending on your itemized deductions. If you are a client, please provide it to our tax office at filing time.