Stimulus News: Latest Round of Golden State Payments Worth Up to $1,100 Set to Hit On October 31
Written by
Georgina Tzanetos
Edited by
Emily Gadd
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
The California Franchise Tax Board recently stated that for qualifying residents, the next round of state stimulus money is set to hit bank accounts by Halloween.
Stimulus Update: Petition for $1,400 for Seniors, Golden State Check Delays & October’s Child Tax CreditFind Out: Californians Could See More Money By Way of Car Insurance Refunds
The payments hitting bank accounts by October 31 are part of the Golden State Stimulus II payments, which are part of the overall Golden State Stimulus.
“If you qualify, you will receive your payment by either direct deposit or check in the mail and, typically, you’ll receive this payment using the refund option you selected on your tax return,” the California Franchise Tax Board stated. “Most direct deposit stimulus payments will be issued between September 1, 2021 and October 31, 2021. Some payments may need extra time to process for accuracy and completeness.”
The next payment in the Golden State Stimulus is the latest in a round of first-of-its kind stimulus payments coming directly from a state’s own budget. There are two separate payment programs. The latest, GSS II, is a one-time payment of either $500 or $1,100 payment per tax return for qualifying resident. The main qualifying credential is that a resident had to make $75,000 or under.
Beyond that was the previous GSS I. The main difference for eligibility for this payment was that you must have been either a CalEITC recipient OR an ITIN filer who made $75,000 or less, total CA AGI. Those who qualify for CalEITC have taxable earned income up to $30,000, do not used “married/RDP filing separately on their taxes if they are married or RDP and meet all other qualifications for the payment, as well.
Stimulus Alert: Manchin Wants Child Tax Credit Earnings Limit at $60K — Is It a Realistic Threshold?
Social Security Update: New Bill Could Benefit Seniors Immensely by Improving Cost-of-Living Formula
The latest round of GSSII checks are specifically meant to continue to support low-income residents and families of California. Governor Gavin Newsom was able to roll this program out during the last couple of months because California operates under a progressive tax system. This means that the more money you make, the more you pay in taxes. This, along with thrifty budgeting, allowed for a state surplus, which has now doled out several payments to eligible residents. To date, over 3.3 million payments have been sent out, totaling $2.3 billion.
More From GOBankingRates
- 5 Things Most Americans Don’t Know About Social Security
- 10 Reasons You Should Claim Social Security Early
- 5 Reasons Why You Need a Cash-Back Card in Your Wallet
- When Social Security Runs Out: What the Program Will Look Like in 2035
Last updated: October 25, 2021
