Information on this topic is accurate as of 8/15/2022. For the most recent information, please visit the California Franchise Tax Board website.
More than 20 million Californians can expect a new round of direct payments to hit their bank accounts this year, Governor Gavin Newsom announced. The state is issuing payments up to $1,050 in what the governor called a new “Middle Class Tax Refund.” The direct payments are part of an inflation relief package.
How Much Will People Get?
It depends. The size of the payment would be based on income and family size, but is subject to change. Please visit the State of CA website for most up to date information.
Single Filers
- Making less than $75,000: $350 payment
- Making between $75,001 and $125,000: $250 payment
- Making between $125,001 and $250,000: $200 payment
*Those making > $250,000 do not receive a payment.
Joint Filers
- Making up to $150,000: $700 payment
- Making between $150,001 and $250,000: $500 payment
- Making between $250,001 and $500,000: $400 payment
*Those making > $500,000 & filing taxes jointly do not receive a payment.
Those with dependents, whether they file taxes individually or jointly are eligible for an additional amount.
Single Filers with Dependents
- Making less than $75,000: additional $350
- Making between $75,001 and $125,000: additional $250
- Making between $125,001 and $250,000: additional $200
Joint Filers with Dependents
- Making up to $150,000: additional $350
- Making between $150,001 and $250,000: additional $250
- Making between $250,001 and $500,000: additional $200
The payments will be distributed starting in October until early 2023. For more information, please visit the California Franchise Tax Board website.
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*Logix Federal Credit Union is not affiliated with any of the external sources referenced in this article, and is a separate entity.
Please contact Logix at (800) 328-5328 or visit www.lfcu.com if you have any questions about this topic or would like to consider opening an account.
