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3 Million Middle Class Tax Refunds Is On The Way!

The California Franchise Tax Board has distributed around 15 million Middle Class Tax Refund (MCTR) payments to California taxpayers with adjusted gross incomes under $500,000 as of mid-December, with 8 million payments issued via debit card and 7 million via direct deposit, according to an article published by Press Telegram on December 26, 2022.

The state is providing $9.5 billion in inflation relief funds through the MCTR program, with payments ranging from $200 for certain high-income earners to $1,050 for two-filing households with a qualifying dependent.

The remaining 3 million payments will be issued via debit card or paper check between now and mid-January 2023. To qualify for the MCTR, recipients must be California residents and tax filers, and payments are based on adjusted gross income from 2020 tax returns.

Those who owed money to California on their 2020 tax returns will receive a debit card instead of a direct deposit.

Some people have expressed dissatisfaction with the terms of the debit cards being issued as part of the Middle Class Tax Refund (MCTR) program in California. The cards, which feature a Golden State grizzly bear, are being issued by New York Community Bank as part of a $25 million contract with card vendor Money Network Financial Inc.

For those who prefer to receive their Middle Class Tax Refund (MCTR) payment by check rather than debit card, they can opt-out by declining the terms and conditions of the cardholder agreement.

To do this, they can call Money Network at 800-542-9332 and decline the terms and conditions. This will cause the funds to be returned to the Franchise Tax Board (FTB), which will then issue a check. This option may take up to 12 weeks to receive a mailed check.

Alternatively, individuals can activate their MCTR debit card and request that Money Network send a check. To do this, they should call 800-240-0223 to activate the debit card and 800-542-9332 to request a check. This option may take up to 10 days to receive a check.

 

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