Millions of Californians got a middle class tax refund card this year. The one-time payment was meant to help residents pay high gas prices and combat inflation. The Franchise Tax Board has hired a company called Money Network to manage the distribution of the refunds and cards. The company says it will add security chips to each card. It will also send a letter to everyone who receives a payment asking them to verify their identity and address.
In addition to the new card distribution process, the FTB is reviewing the way it handles tax refunds. Previously, the agency distributed refunds through direct deposit and checks. It will now issue a single form of payment to taxpayers. The payment amounts will be based on filing status, family size and income.
However, many of the cards have gone missing or are drained of their funds. Consumers and media are reporting that the cards were shipped without security chips, making them vulnerable to hackers who steal money from their accounts. The company that issued the cards, Money Network, allegedly fails to notify consumers when their money has been stolen or their card balance has changed.
Those who received a middle class tax refund card should check the balance before they spend it. They should also make sure that the card is activated before use. If they need help with their card, they can contact the FTB California’s authorized website portal. They should also ensure that their address information is up to date with the FTB. This will prevent them from missing their payments. Moreover, they can use the tool to determine whether they are eligible for the payment.
Middle Class Tax Refund Eligibility
To be eligible to receive the MCTR, you must meet the following requirements. First, you must have filed your 2020 taxes. Second, you must have been a resident of California for six months or more during the year. You can use the payment estimate tool on the Franchise Tax Board website to find out if you are eligible for this payment. The MCTR is a one-time payment from the state of California to provide financial relief to millions of Californians. It’s expected to be distributed between October 2022 and January 2023. It is estimated that the MCTR will benefit over 32 million Californians.
The Franchise Tax Board is urging cardholders to use their funds quickly. It says hackers are stealing money from the cards, which were distributed as part of an $9.5 billion plan to ease the effects of rising prices. If you haven’t used yours, check its balance by entering the card number and PIN on this page. You’ll need to have a valid state-issued photo ID in order to use it. The cards are issued by Money Network and have a return address in Omaha, Nebraska. The cards will be valid until Jan. 2023. Many of the debit card payments are already reflected in bank accounts, and direct deposits will be posted by Oct. 25. The remaining payments will be mailed between Dec. 10 and Jan. 14.