Now if you’re still waiting for a Golden State Stimulus payment, you’ll be happy to know that 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 October 31st. They also expect to issue all remaining payments by the end of the year. Governor 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, which was 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, October 29th, and another 750,000 checks will begin going out in the mail on Monday, November 1st, according to the Franchise Tax Board. California has so far issued about 4.5 million Golden State Stimulus II payments, about 3.3 million direct deposit payments, and 1.2 million mailed checks. So without further ado, let’s get into this Q&A on what you should know about the Golden State Stimulus II program, including who qualifies, how to expect payments, and how to track how much money you'll get.
First of all, what are the Golden State Stimulus qualifications?
· Well you must have filed your 2020 taxes by October 15th.
· Have a California adjusted gross income of $1 to $75,000. For those of you on some form of Social Security or unemployment, the biggest limitation would be that you need have earned at least $1 in earned income. And unfortunately, as ridiculous as it is, this does exclude people receiving CalWorks or CalFresh, SSI, SSP, CAPI, veterans and disability benefits. However, even if you do receive benefits payments, many benefits recipients simply declared the minimum $1 needed to receive a Golden State Stimulus check, through some form of qualifying income including wages, tips, dividends, rental income, pension or retirement income, gains from a property sale, or even interest accrued from your savings account. So as long you declared at least that $1 in income, you should be fine, regardless of what benefits you receive.
· Keep in mind, those who received a check for the first round of Golden State Stimulus aimed at Californians 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.
· And lastly, cannot be claimed as a dependent by someone else.
I'm still confused. Where can I check if I qualify?
· California's Franchise Tax Board has a Golden State Stimulus II estimator online to help you see how much to expect. You can find the link to the estimator in the description.
When can I expect the Golden State Stimulus II payments?
· Direct deposits typically show up in bank accounts within a few business days.
· Paper checks 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 at the link in the description.
· If you filed your tax return after September 1st, you can expect up to 45 days after the return has been processed.
· Paper checks go out by the last three digits of your ZIP code on your 2020 tax return. Look at the paper check timeframes dropdown under the "when you'll receive your payment" section of the program's website at the link in the description to find out yours.
What if I'm an ITIN filer and haven't received the number yet?
· You must have applied for your ITIN before October 15th, 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 February 14th, 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. 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.