Inflation has neared record highs in the last year. To help Californians deal with climbing prices, the state announced it will send eligible residents “inflation relief” tax refund payments.
The state says payments will be distributed starting in October. The exact timeline depends on how residents filed their taxes, whether they received the Golden State Stimulus, which was issued during the depths of the pandemic, and other factors. The last batch is expected to go out by the middle of January 2023.
In order to receive a payment, you must have filed a 2020 California tax return and made less than $250,000 annually, or $500,000 if you filed jointly.
INFLATION RELIEF | California will send you hundreds of dollars next month, see if you qualify. https://t.co/lFv4WGfQfG pic.twitter.com/txJCNgYoxg
— KSBW Action News 8 (@ksbw) September 15, 2022
The exact figure Californians will pocket depends on several factors including adjusted gross income (AGI), filing status, and dependents.
Single people who make less than $75,000 per year will receive $350 and joint filers who make less than $150,000 per year would get $700 plus an extra $350 for a dependent.
As many as 23 million Californians will get a payment.
Joint returns
AGI of $150,000 or less: $1,050 with dependent or $700 without
AGI $150,001 to $250,000: $750 with dependent or $500 without.
AGI of $250,001 to $500,000: $600 with dependent or $400 without.
Head of Household
AGI of $150,000 or less: $700 with dependent or $350 without.
AGI of $150,001 to $250,000: $500 with dependent or $250 without.
AGI of $250,001 to $500,000: $400 with dependent or $200 without.
Those who file single
AGI of $75,000 or less: $700 with dependent or $350 without.
AGI of $75,001 to $125,000: $500 with dependent or $250 without.
AGI of $125,001 to $250,000: $400 with dependent or $200 without
Inflation checks could be coming to help Californians
Californians could see checks ranging from $200 to $350 as part of the state’s $17 million inflation relief package.
To check exactly how much money, you will receive you can check the state’s estimator.
If you filed your tax return electronically, the state says you will receive your payment via direct deposit. If you filed by mail, you will receive a debit card in the mail.
The state will send out an estimated $9.5 billion dollars in refunds. The money will come out of the state’s 2022-2023 budget surplus.
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