Did you receive the Middle Class Tax Refund (MCTR) from the Franchise Tax Board (FTB) yet? If not, you should call the Money Network Customer Service number at (800) 542-9332, to report that you have not yet received any payment. Representatives are available Monday through Friday, 8 a.m. to 5 p.m. (PST).
Also, you may receive a Form 1099-MISC in the mail from the FTB. If you received more than $600 for the MCTR, the FTB is issuing this form to taxpayers. It is NOT taxable on the California tax return; however, we do not yet know if it will be taxed on the federal level. The Internal Revenue Service (IRS) has not yet issued guidance on these payments. There are many ways to interpret the tax code as to what type of payment this is.
We are waiting for the IRS to issue guidance on this matter. In the meantime, keep this form available for tax time.
As always, if you have questions, please call us anytime.
See you soon!
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