The state of California this week began distributing 803,000 Golden State Stimulus payments worth approximately $ 563 million.
The breakdown of the latest distribution of payments of $ 600 to $ 1,100 is 800,000 paper checks mailed to eligible residents and 3,000 direct deposits, according to Andrew LePage, a state media liaison. Franchise Tax Commission.
The Golden State Stimulus II Program has been issuing these pandemic assistance payments since early September and will continue to do so until all eligible taxpayers have received their checks. Beneficiaries with eligible dependents will receive an additional $ 500.
The GSII program, funded by Federal and State Pandemic Assistance, is for those who have earned less than $ 75,000 in adjusted gross income as indicated on their 2020 tax returns. A similar program, Golden State Stimulus I, was created for low-income residents earning less than $ 35,000.
We have asked LePage to keep us updated on the status of the GSII program.
Q: When is the next round scheduled?
A: On November 29, the state began releasing a batch of approximately 803,000 GSS II payments – mostly checks that will be mailed between 11/29/21 and 12/17/21 – valued at approximately $ 563 million.
This package includes the mailing of approximately 800,000 GSS II checks valued at $ 561 million and approximately 3,000 direct deposit payments valued at approximately $ 2.4 million. Direct deposits typically appear in bank accounts within a few business days, depending on the financial institution, and we recommend that people allow up to three weeks to receive a paper check once it’s mailed.
As indicated on our GSS II site, the majority of GSS II direct deposits would have been made in mid-November, and those who haven’t received a direct deposit payment by then will likely receive a paper check.
Q: How much has been distributed to date?
A: Including the GSS II payments which started to be processed and mailed on November 29, the State has now issued or announced (i.e. the current batch going out by 12/17 /) a total of 3.5 million GSS II checks and nearly 3.8 million GSS II direct deposit payments. That total of nearly 7.3 million GSS II checks and direct deposit payments is valued at over $ 5.1 billion.
Q: Will there be an extension into the new year if the cast experiences slowdowns?
A: As you can see, the online delivery schedule is already calling for a mailout early next year (12/27/21 to 11/1/22), and some people who had requested, but not yet received, their ITINs before October 15 will have until October 15 February to file and still be eligible for ESG. Information on these ITIN reporters can be found on our Help with the GSS web page.
Q: Are GSS stimulus payments taxable by the state or the IRS?
A: GSS I and II are not taxable in California. You can check with the IRS to find out whether or not they are taxable for federal purposes.
Q: Can FTB tell us how many Californians in total have qualified for the GSSII and GSSI programs?
A: It is too early to say exactly how many GSS payments will be issued. We can only give you the most recent totals for the number of tax returns that received GSS I or GSS II in the most recent reporting period. We don’t know yet what the final total will be, as some returns still have not been validated by eligibility and fraud checks and we don’t know how many GSS-eligible ITIN tax returns will be filed by February 15.
Having said that, we don’t anticipate a large number of additional GSS I payments and we have given a very rough estimate of 9 million GSS II payments in total. Again, that’s a rough estimate, and it could end up being closer to 8.5 million.
Q: Also, what is the total amount that the state expects to distribute under the GSII and GSSI?
A: We can tell you that so far the roughly 4.4 million GSS I payments issued are valued at around $ 2.8 billion and the nearly 7.3 million GSS II payments announced so far are valued. to about $ 5.1 billion. As mentioned earlier, this grand total includes GSS II payments already issued and the last batch of checks issued which will be mailed by December 17th.
Check your numbers
Here are some things to consider for anyone who hasn’t received a payment:
Check your AGI: The tax administration reminds us that the IRS and California have different adjusted gross income eligibility requirements for stimulus payments. “Therefore, there are many instances where a taxpayer could receive the federal stimulus but not the California stimulus,” said the FTB.
Have you moved or changed banks? If any of these scenarios apply, you will likely end up with a paper check. See the postal code distribution list below for key dates.
Do you owe the government money (or break even)? The state notes that if you don’t get a refund, you probably haven’t provided bank account information for direct deposit. In this case, eligible residents will receive their GSS II payment by mail.
Recipients expecting a paper check can use their postal code to verify the delivery schedule provided by the state:
â376-584: 11/15/2021 to 12/03/2021
â585-719: 11/29/2021 to 12/17/2021
â720-927: 12/13/2021 to 12/31/2021
â928-999: 12/27/2021 to 11/1/2022
Here is the fine print
To benefit from payments, residents must:
- Report 2020 taxes by October 15, 2021;
- Have an adjusted gross income of $ 1 to $ 75,000 for the 2020 tax year;
- Be a resident of a state for more than half of the 2020 tax year;
- Be a resident of the State on the date the payment is issued;
- Cannot be claimed as a dependent by another taxpayer;
- A dependent is an eligible child or eligible parent.
As stated previously, excluded from payments are those whose income comes solely from benefits such as Supplementary Security Income (SSI) and State Supplementary Payment (SSP) and the Immigrant Cash Assistance Program (CAPI), Social Security, CalWorks , unemployment, state disability insurance (SDI) and VA disability.
For an estimate of your California stimulus payment, go to ftb.ca.gov