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Tuesday, December 7, 2021

Stimulus Check: New Round Of Golden State Payments Maybe Worth Upto $1,100

A new round of stimulus checks will be sent to the residents of California as stated by the California Franchise Tax Board. The amounts will hit the bank accounts before Halloween.

The payments that will hit the bank accounts are a part of the Golden State Stimulus II payments. This is a part of the overall Golden State Stimulus check package.

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If you qualify, you will receive your payment by either direct deposit or check in the mail and you will receive this payment using the refund option you selected on your tax return. Most direct deposit stimulus payments will be issued between September 1, 2021, and October 31, 2021. Some payments may need extra time to process for better accuracy and completeness.

Stimulus Check Update: The Separate Golden State Stimulus Plans

 There are two separate payment programs. The latest, Golden State Stimulus II, is a one-time payment of either $500 or $1,100 payment per tax return for qualifying residents. The main qualifying credential is that a resident had to make $75,000 or under.

Beyond that was the previous Golden State Stimulus check I. The main difference for eligibility for this payment was that you must have been either a CalEITC recipient OR an ITIN filer who made $75,000 or less, total CA AGI.

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The new round of stimulus checks is meant to assist the low-income inhabitants and residents of California. Gov. Newsom rolled out this program during the last few months because of the progressive tax system of California. This basically means that you have to pay more taxes if you make more money. This allowed for a state surplus which has now been distributed to eligible residents. Over 3.3m payments have been distributed which has totaled to a whopping $2.3billion.

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