California inflation relief payments: Here's when you'll get the money

Inflation has neared record highs in the last year. To help Californians deal with climbing prices, the state announced it will send eligible residents "inflation relief" tax refund payments.

The state says payments will be distributed starting in October. The last batch is expected to go out by the middle of January 2023.

In order to receive a payment, you must have filed a 2020 California tax return, make more than $250,000 annually, or $500,000 if you filed jointly. 

RELATED: California inflation relief fund: Here's who qualifies for payments

The exact figure Californians will pocket depends on several factors including adjusted gross income (AGI), filing status, and dependents.

Single people who make less than $75,000 per year will receive $350 and joint filers who make less than $150,000 per year would get $700 plus an extra $350 for a dependent. 

Joint returns

  • AGI of $150,000 or less: $1,050 with dependent or $700 without
  • AGI $150,001 to $250,000: $750 with dependent or $500 without.
  • AGI of $250,001 to $500,000: $600 with dependent or $400 without.

Head of Household

  • AGI of $150,000 or less: $700 with dependent or $350 without.
  • AGI of $150,001 to $250,000: $500 with dependent or $250 without.
  • AGI of $250,001 to $500,000: $400 with dependent or $200 without.

Those who file single 

  • AGI of $75,000 or less: $700 with dependent or $350 without.
  • AGI of $75,001 to $125,000: $500 with dependent or $250 without.
  • AGI of $125,001 to $250,000: $400 with dependent or $200 without

To check exactly how much money you will receive you can check the state's estimator

If you filed your tax return electronically, the state says you will receive your payment via direct deposit. If you filed by mail, you will receive a debit card in the mail.

The state will send out an estimated $9.5 billion dollars in refunds. The money will come out of the state's 2022-2023 budget surplus. 

CaliforniaMoneyInstastories