Here’s the distribution schedule, courtesy of the FTB website: ![]() So ask yourself, “Did I owe California money in 2021?” If you did, your payment will come later in the MCTR distribution cycle. Why not the more recent 2021 returns? Because those tax filings were still being processed this fall when the refund distribution began. Remember: the Franchise Tax Board is using 2020 tax returns as its MCTR qualifier. Here’s what most of them had in common: They owed money to the state in their 2020 tax returns. We’ve received a number of emails from readers who say they should’ve received their payments by now. (Courtesy of Money Network) Where’s my payment, you ask? Eligible California taxpayers will get one Middle Class Tax Refund debit card between October and January 2023. In that case, we’d suggest buying 2 gallons of 87-octane gas (take that, gas rebate) or spending it at the grocery store on overpriced eggs and butter. You’ll wind up with a balance on your debit card. (Think of those small money machines you see near the entrance of stores aimed at helping those of us who forgot to bring cash or can’t use a certain credit card, say, at Costco.) The closest one in our Orange search was at Walgreens less than a quarter-mile from the home office.Īlso worth noting: If you receive an MCTR in an odd amount, say $350, watch out for machines that don’t provide $5 or $10 bills. Using a ZIP code in Orange, we found that most of the ATMs in the list were located inside drugstores or supermarkets. So, to cash the card after activating it and assigning a PIN number (call 1-80), you’ll need to get online and look up an in-network ATM in your neighborhood. (At least one reader told us US Bank would not transact the MCTR card over the counter.) A traditional bank branch or credit union also could charge a fee for a bank teller (over-the-counter) transaction. Any non-network ATM will likely charge a fee, too. Transferring or withdrawing outside of those two networks will cost cardholders at least $1.25 per transaction. Instead, the automatic teller machines operate under the networks Allpoint and MoneyPass. The fee-free “in-network” ATM providers are not traditional banks such as Bank of America, Wells Fargo or US Bank. For anyone who prefers to withdraw cash from the card and stash it in a bank account or wallet, there are some extra steps necessary to avoid the fees mentioned above. The MCTR payment card comes with some caveats.įor those who will tuck the card into their wallet and use it like any other Visa debit card, the process carries no fees. The Middle Class Tax Refund debit card must be cashed at certain in-network ATMs to avoid a transaction fee. The remaining 6.53 million payments also will reach taxpayers in the form of a debit card between now and January 2023. The state says it has issued 4,516,246 debit cards as of Nov. Nearly 7 million taxpayers already have gotten their refunds via direct deposit. To review: The state is sending out $9.5 billion in inflation relief funds to roughly 18 million California taxpayers with adjusted gross incomes of less than $500,000. ![]() You might have noticed that cashing the card comes with some hurdles. So, you’re one of the 4.5 million California taxpayers who got a debit card loaded with a Middle Class Tax Refund.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |