WebJan 18, 2024 · The Middle-Class Tax Refund (MCTR) is a one-time payment to provide relief to Californians. It is not taxable on your California State return, but it may be required be reported on your Federal Income Tax Return. The IRS has not issued final guidance on the reporting the Middle-Class Refund on your Federal Income Tax Return. WebThe MCTR payment is not taxable for California state income tax purposes. You do not need to claim the payment as income on your California income tax return. You should seek guidance from the IRS regarding federal taxability. The MCTR payments may be considered federal income. As such, 1099-MISC for MCTR payments of $600 or more will be issued.
2024 Form W-4R - IRS
WebFeb 9, 2024 · The MCTR payment may be considered federal income. You should consult IRS Publication 525, Taxable and Nontaxable Income, or your tax professional regarding … WebFeb 8, 2024 · A spokesperson for the Franchise Tax Board (FTB) told Nexstar that as far as California state taxes are concerned, the MCTR is not taxable income, but noted that it “may be considered federal... chippy chess
2024 Michigan Individual Income Tax Return MI-1040
WebFeb 10, 2024 · I simply treat MCTR as a tax refund. If the FTB had sent out 1099-G's (like some other states), there wouldn't be this gusty wind in the tax teacup. The practical matter is this: IF the IRS doesn't specially mark the FTB 1099-MISC's and instead simply put them in the pool of 1099-MISC and follows up, it could trip up inquiries or some form of ... Web2 days ago · The move came after California lawmakers had called on the IRS to give clarity. In addition to that, a group of Republican lawmakers sent a letter to President Joe Biden asking that MCTR payments ... WebBut the MCTR isn't based on if you had income reported to the IRS, it's based on whether or not you filed a 2024 California tax return and the CA AGI on that return. powerofneptune • 3 mo. ago I understand that. But OP says that he only filed 2024 taxes. And was on peuc for 2024 and didn’t file taxes. chippy chasers