If you've received the California Middle Class Tax Refund (MCTR) payment of $600 or more, you might be wondering if you have to pay taxes on it.
Here's the deal: you don't have to worry about it being taxable for California state income tax purposes. So, you don't have to include it as income on your California income tax return.
In fact, the IRS recently confirmed that Californians don't need to report MCTR payments on their 2022 tax returns. And the best part? The IRS won't challenge the taxability of these payments for the 2022 tax year.
If you're an income-eligible individual or family and need help with tax preparation or assistance, don't sweat it. You can take advantage of free services provided by the IRS's Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs.
What If There's an Issue with Your 1099-MISC?
If you think the information on your 1099-MISC is wrong or lost it, don't worry. Just call FTB at 1-800-852-5711 and press 1 for personal income tax assistance. If you got the MCTR payment but didn't receive a 1099-MISC, you can call the same number to request one. If you got the 1099-MISC but didn't receive any payment, FTB can help you too.
Keep in mind that returning the payment to avoid the issuance of a 1099-MISC is not an option.
What About MCTR Payments Issued in 2023?
If you're expecting MCTR payments in 2023, you won't get a 1099-MISC until January 2024.
So, to wrap it up: the MCTR payment is not taxable for California state income tax purposes. If you run into any issues with your 1099-MISC, FTB can help you out. And if you're eligible, you can get free tax preparation and assistance through the IRS's VITA and TCE programs.
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April 02, 2023 at 11:27PM
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