Tuesday, October 26, 2021

Stimulus Checks

California Golden State Stimulus II: Most Direct Deposit Payments to be Issued by this Week

Still waiting for a Golden State Stimulus payment? You could be getting yours by the end of the week.

The Franchise Tax Board said it expects to issue "the vast majority" of Golden State Stimulus II direct deposit payments by Oct. 31. and all payments by the end of the year.

Gov. Gavin Newsom's administration said that two out of every three Californians are eligible for a share of $12 billion in Golden State Stimulus payments. The original program aimed at Californians with low incomes was expanded in July to cover people making $75,000 or less. Most Californians who qualify don't have to do anything to receive the payments as long as they have filed their 2020 tax return.

About 400,000 direct deposits will be issued on Friday, Oct. 29, and another 750,000 checks will begin going out in the mail on Monday, Nov. 1, according to the FTB.

California has issued about 4.5 million Golden State Stimulus II payments so far -- about 3.3 million direct deposit payments and 1.2 million mailed checks, the FTB said. The value of those payments is about $3.2 billion.

The Oct. 15 deadline for filing 2020 state personal income tax returns was also the deadline to qualify for the stimulus payments.

"There will still be direct deposit payments over the next few months because of, among other things, the processing times associated with tax returns filed close to the Oct. 15 filing deadline, and because certain ITIN filers have until Feb. 15 to file their returns and still be eligible for GSS I and II," the FTB said.

Here's what else to know about the Golden State Stimulus II program, including who qualifies, how to expect payments and track how much money you'll get.

What are the Golden State Stimulus qualifications?

  • You must have filed your 2020 taxes by Oct. 15.
  • Have a California adjusted gross income of $1 to $75,000. Those who received a check for the first round of Golden State Stimulus aimed at Californias with lower incomes won't get another check for Golden State Stimulus II unless they have dependents.
  • Be a California resident for more than half of the 2020 tax year and also a state resident on the date the payment is issued.
  • Cannot be claimed as a dependent by someone else.

How much will I get from Golden State Stimulus II?

Parents who have a Social Security number and who got money from the first round of Golden State Stimulus (aimed at people who earned less than $30,000) will get another $500. Undocumented parents who have an ITIN number, which means they were left out of federal stimulus programs, get $1,000.

Adults earning between $30,000 and $75,000 will get $600 if they do not have children and $1,100 if they do.

Again, people without kids who received a check from the first Golden State Stimulus program will not receive another check.

If you are married filing separately, here is where you can find information on how much you can get.

I'm still confused. Where can I check if I qualify?

California's FTB has a Golden State Stimulus II estimator online to help you see how much to expect.

When can I expect the Golden State Stimulus II payments?

The FTB said direct deposits typically show up in bank accounts within a few business days. A paper check could take up to three weeks to arrive.

Payments won't be scheduled until your tax return has been processed. You can review overall wait times for tax returns and refund processing timeframes here.

If you filed your tax return after Sept. 1 expect up to 45 days after the return has been processed, the FTB says.

Paper checks go out by the last three digits of your ZIP code on your 2020 tax return. Look at the "when you'll receive your payment" section of the program's website here on "paper check timeframes" for the specifics.

The schedule is based on the state's ability to validate eligibility and protect against fraud.

What if I'm an ITIN filer and haven't received the number yet?

People who use an individual taxpayer identification number to file their income taxes are mostly those who don’t have Social Security numbers, including immigrants. There are an estimated 600,000 people who file their taxes with ITIN numbers in California.

You must have applied for your ITIN before Oct. 15, 2021, to be eligible for the Golden State Stimulus I or II program. If you applied and are still waiting for your ITIN, do not file your tax return yet. The return must include your ITIN.

In such cases, you have until Feb. 14, 2022, to file your return.

Do I have to do anything to get my payment?

If you've already filed your 2020 tax return and qualify for the payments, you don't have to do anything else to receive a check in the mail or by direct deposit.

"Typically, you'll receive this payment using the refund option you selected on your tax return," the FTB says. "If you received an advanced refund through your tax service provider, or paid your tax preparation fees using your refund, you'll receive your payment by check in the mail."

I still have questions about the Golden State Stimulus. Where can I go for help?

You can visit the state's help page here.

Source: KCRA News