Beginning on Friday, October 28, stimulus check for the Middle-Class Tax Refund (MCTR), the subsequent batch of cash will be deposited into bank accounts.
For those who qualify for direct deposit payments but did not get a prior Golden State Stimulus Check, this most recent round is available. According to the California Franchise Tax Board, 95% of all MCTR payouts (direct deposit and debit cards) should be made by the end of the year, with around 90% of direct deposits expected to be given in October.
Stimulus Check: Hurry Before Deadline Approaches
According to the tax board, as of Friday, almost 4.5 million direct payments had been made and 905,000 prepaid debit cards had been mailed. In order to aid with rising gas costs and cost of living increases, the inflation stimulus check was announced earlier this year.
The state Legislature and governor agreed to provide rewards ranging from $200 to $1,050 to Californians who file state income taxes and earn less than $500,000 a year, depending on their income and family size. Recipients must have met specific income requirements (see below), not have been reported as a dependant during the 2020 tax year, and have resided in California for at least six months of the 2020 tax year in order to qualify. They must also have submitted their 2020 tax return by October 15, 2021. Additionally, you have to reside in California on the day the payment is made.
Individuals who requested an ITIN but did not obtain one by October 15, 2021, were required to file their 2020 tax returns by February 15, 2022.
The money will be dispersed by cash deposits and postal debit cards, according to a California Franchise Tax Board representative. Payments were made from October 7 through October 25 to eligible Californians who received the Golden State Stimulus, electronically submitted their tax returns, and got their tax refunds via direct deposit. State officials have stated that the remaining funds will be deposited between October 28 and November 14. Direct deposit payments may be delayed by up to five working days after they were issued.