Are you among the 3 million California taxpayers who have not yet received their state tax liability? middle class tax refund?
Fufu, I see!
This inflation-stimulated payout update is marked with a holiday asterisk. The latest data from the Franchise Tax Commission was last updated on December 16th. The FTB usually updates its distribution numbers every Wednesday, but last week it probably didn’t update the data due to the pre-Christmas holidays.
As of mid-December, the state reported issuing payments of 14,967,941 MCTR through either direct debit or debit cards. Interestingly, debit card distribution now outstrips direct deposit flows with 8,011,510 money cards issued and 6,956,431 electronic transfers.
Since October, we have been updating our readers with the MCTR program. Here’s a quick summary:
The state is transferring $9.5 billion in inflation relief funds to approximately 18 million California taxpayers with adjusted gross incomes of less than $500,000. Payments range from $200 for certain high-income earners to her $1,050 for her two filing households with eligible dependents.
It’s similar to Pandemic-Related Golden State Stimulus Payments Program, to be eligible, the MCTR recipient must be a California resident and taxpayer. The state will make relief payments based on your adjusted gross income on your 2020 tax returns.
The remaining 3 million payments will reach taxpayers in the form of debit cards (or checkbut details will be described later) From now until mid-January 2023.
So why so many debit cards and direct debits? Taxpayers had to get a refund to get an electronic MCTR. If you owe California on your 2020 tax returns, you will be issued a debit card.
Currently, some people are not very happy with the terms of debit cards. This card (stamped with the Golden State Grizzly Bear) is issued by the New York Community Bank. $25 million deal with card vendor Money Network Financial Inc.
Reader concerns include:
Card activation: NYCB opens an account for the user when the user calls and activates the card.
FTB Answer: The account is only linked to MCTR and will be closed once the card is exhausted.
Readers were very concerned about data containing social security numbers being sold to third parties.
FTB Response: An agreement between FTB and Money Network permits the use of information received from the State of California for marketing purposes for issued middle class tax refund debit cards.
But reader Johanne G. was not relieved by the answer. Her FACTS section on the first page of the NYBC notice states, “Even if you are no longer a customer of ours, we will continue to share your information as described in this notice.”
The bank’s privacy notice also states: This information may include your social security number and income. Account balance and payment history. Transaction history and credit history. ”
The back of the form states that the bank “does not share” personal information with affiliated or unaffiliated companies. However, there are “formal agreements” to sell financial services with unaffiliated financial companies.
If you’re a debit card recipient and want to skip all the financial giant jumbo, you can opt out by triggering a paper check, hopefully by next Christmas.
Here are some reminders on how to do this.
— Rejecting the terms and conditions of the Cardholder Agreement will result in the funds being returned to the FTB and a check issued.
— If an individual calls Money Network (800-542-9332) and declines the terms of the Cardholder Agreement, no contact with the FTB is required. This option may take up to 12 weeks to receive your mailed check.
Persons who agree to the terms of the Cardholder Agreement must activate their MCTR debit card and request to send checks to Money Network. This option may take up to 10 days to receive your check. You must call 800-240-0223 to activate your debit card and 800-542-9332 to request your check.
When calling the customer line at 800-542-9332, it is important to hear all options before selecting the correct option. (After listening to the first message for about 2 minutes, the caller can press 9 on the agent.)
And let us know too. You can email your concerns, experiences, and general MCTR concerns to email@example.com. Happy holidays, taxpayers!
https://www.ocregister.com/2022/12/26/3-million-middle-class-tax-refunds-still-in-the-pipeline/ 3 million middle-class tax refunds still pending – Orange County Register