January 1, Coming Soon: $1,050 Inflation Relief Checks

California residents may soon receive a one-time payment to combat inflation.

The Middle Class Tax Refund (MCTR) is a one-time payment to provide relief to Californians. Eligible residents will automatically receive a payment. State government officials estimate that payments will be issued between October 2022 and January 2023.

In order to be eligible, residents must meet the following requirements:

• Filed 2020 tax return by October 15, 2021
• Earned less than $250,000 in 2020 for single filers or less than $500,000 for couples
• Were not eligible to be claimed as a dependent in 2020
• Were a California resident for six months or more in 2020
• Are a California resident on the date the payment is issued

Eligible Californians will receive an amount based on their income and the number of dependents.

Single tax filers with no dependents who earned between $125,001 and $250,000 will receive $200. Meanwhile, married filers who earned $150,000 or less and have a dependent will receive $1,050.

More information is available on the State of California’s website.

Sources: State of California | Washington Examiner