The Franchise Tax Board released two new updates for those expecting Middle-Class Tax Refunds.
Californians Set to Receive $1050 MCTR This Week
460,000 direct deposits are to hit bank accounts this week; these payments are for people needing additional reviews. Depending on the review results, it can take three to five days for payments to appear in bank accounts.
As stated in a published post by KCRA, there will be delays for those recipients with different addresses after filing their 2020 tax returns. According to the FTB, those payments will be issued between Jan. 30 and Feb. 14.
The FTB has also delayed the timeline for when debit card recipients whose address has changed since filing their 2020 tax return. Those payments will be issued between Jan. 30 and Feb. 14.
Franchise Tax Board Gives Out Dates to Remember
FTB expressed they can’t give specifics on the exact date but the MCTR payment will be issued by the end of January. The number of payments after Jan. 31 will be minimal as it will be due to uncommon circumstances.
FTB repeated that most of the MCTR debit cards will be issued by Jan. 14, 2023. The latest group set to receive their payments reflect the uncommon scenarios that require additional review before a payment can be issued.
According to the Franchise Tax Board, more than 30 million California taxpayers have benefitted from the payments. In relation, $8.7 billion has been issued through direct deposit and debit cards.