Taxpayers in California are about to get money back for Gas

Now, funds will be received as gas prices continue to tick down closer to the $5 mark. According to AAA, the average price for gas is $5.439 per gallon in California as of Thursday.

Californians Get Gas Rebates. The Facts
Californians Get Gas Rebates. The Facts

To be eligible, residents must have filed their 2020 tax returns by Oct. 15, 2021, lived in the state for six months or more in 2020 and could not be claimed as a dependent in 2020. Recipients must also be a California resident on the date the payment is issued. Payments are automatic if you qualify; residents do not need to apply.

Individuals whose adjusted gross income in 2020 was up to $75,000 will receive a $350 refund, which doubles to $700 for joint filers earning as much as $150,000. Households will receive another $350 if they claimed any dependents, for a maximum of $1,050.

Single filers who earn up to $125,000 will receive $250, doubling to $500 for joint filers earning as much as $250,000. Households with dependents will get an additional $250, making families in this income bracket eligible for as much as $750.

Individuals earning up to $250,000 will get $200, and joint filers with income up to $500,000 will receive $400. Dependents will qualify taxpayers in this bracket for another $200, for a maximum payment of $600.

Individual or separate filers who made $250,000 or more are ineligible, as are heads of household or joint filers making $500,000 or more.

The Franchise Tax Board has launched a “Middle-Class Tax Refund Estimator” for residents to check how much money they could be eligible for.

Payments will be received in a similar form to tax refunds. Residents who filed electronically and received a 2020 tax refund by direct deposit should get their gas rebate the same way. Otherwise, payments will be received on a debit card.