California approved an inflation relief package last month. The package includes sending inflation stimulus checks to Californians of up to $1,050. If you live in California, then detailed below is everything you need to know about the inflation stimulus checks, including eligibility requirements, how much money to expect and when to expect the money.
Inflation Stimulus Checks To Californians: Who Will Get Them?
Last week, Governor Gavin Newsom signed a $308 billion state budget, which includes a $17 billion relief package. The inflation stimulus checks to Californians are part of this $17 billion package. It is expected that about 23 million Californians will be eligible for the inflation stimulus checks.
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To get the stimulus money, a resident must have filed a 2020 California tax return by Oct. 15, 2021 (or by Feb. 15, 2022, if they are applying for an Individual Taxpayer Identification Number but didn't get it by Oct. 15, 2021).
Along with this, taxpayers must meet the income requirements (discussed later), must have been a California resident for at least six months in 2020, must be a resident of the state on the date when the state issues the payment and must not have been claimed as a dependent by someone else on their tax return.
California is expected to start sending the money between the end of October and the middle of January. Taxpayers, for whom the Franchise Tax Board (FTB) has their banking details, will get the stimulus money via direct deposit. Others will get a debit card.
How Much Money Should Be Expected?
Talking about how much money taxpayers can expect, it depends on their adjusted gross income (as reported on their 2020 California tax return) and the number of dependents.
For single filers with an AGI of $75,000 or less, the stimulus money will be $700 with a dependent ($350 without a dependent). Those with AGI of $75,001 to $125,000 will be eligible for $500 with a dependent ($250 without a dependent), and those with AGI of $125,001 to $250,000 will get $400 with a dependent ($200 without a dependent).
For married couples filing jointly, the stimulus amount will be $1,050 with a dependent ($700 without a dependent) if their combined AGI is $150,000 or less. Couples with an income of $150,001 to $250,000 will get $750 with a dependent ($500 without a dependent), and those with AGI of $250,001 to $500,000 will get $600 with a dependent ($400 without a dependent).
Those who file their return as head of household or surviving spouse, the income brackets are the same as married couples. The stimulus money, however, will be $400/$200 for the highest bracket, $500/$250 for the middle bracket, and $700/$350 for the lowest bracket.
For more details on the inflation stimulus checks to Californians, you can visit the web page set up by the FTB. The web page also includes a calculator that can help taxpayers estimate their payment.
Updated on Jul 6, 2022, 9:58 am
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