California residents struggling to beat inflation rates can soon expect a stimulus payment worth as much as $1,050, depending on their situation.
The checks will start going out to qualifying residents in about two weeks. The expected date to receive payments is October 7.
Details surrounding the stimulus payments in California to help residents fight inflation
According to Marca, the payments are going out via the Franchise Tax Board in the state of California. The payments are set to go out through direct deposit. There will be different phases depending on how you got your other stimulus payments.
Those that filed their taxes in 2020 electronically that received a direct deposit refund will see this refund the same way. It is known as the Middle Class Tax Refund.
The first ones expected to receive payments are those that got the first round of Golden State Stimulus checks. Those who saw those payments first through direct deposit can expect their inflation refund on October 7.
Payments will be sent all the way through October 25. All other payments will be between October 28 and November 14. If you do not have the option of receiving it through direct deposit, you will see the payment through prepaid debit cards. The debit cards will be mailed between October 25 and December 10.
The final phase for sending inflation payments will be January 15, 2023. Around 90% of the payments are expected to be sent out in October, and 95% of people will see their payment before 2023. About 23 million residents will see stimulus checks.
Who will qualify for the stimulus payments?
Married filing jointly will see $1,050 if they have a dependent or $700 if they do not. Their income cannot exceed $150,000.
If their income is between $150,001 and $$250,000, they will see $750 with a dependent and $500 without.
Joint filers earning between $250,001 and $500,000 will see $600 with a dependent or $400 without one.
For head of household filers the amounts are different. Those with an income of $150,000 or less will see payments worth $700 with a dependent and $350 without. If these filers make between $150,001 and $250,000 they can see $500 with a dependent and $250 without. Finally, anyone making between $250,000 and $500,000 that files as HOH will see $400 with a dependent and $200 without.
For single filers, anyone making $75,000 and under will see $700 in inflation payments with a dependent and $350 without. Incomes between $75,001 and $125,000 will see $500 with a dependent and $250 without. Those with an income of $125,001 and $250,000 will see $400 with a dependent and $200 without. Finally, anyone who makes between $250,001 and $500,000 that files this way will see $400 with a dependent and $200 without.