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People also ask
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Is the California middle class tax refund taxable income?
Taxable income The 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.
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What does TPG Products SBTPG LLC stand for?
Who is Santa Barbara Tax Products Group? Santa Barbara Tax Products Group is used to process your refund when you elect to have your tax preparation fees deducted from your refund.
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Is the California middle class tax refund taxable in Turbotax?
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.
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Why do I have a deposit from TPG Products SBTPG LLC 2024?
When your tax refund is processed, rather than receiving it directly from the IRS, it goes through TPG who then transfers the money to you after any applicable fees are subtracted. This is why you may see a deposit from TPG Products SBTPG LLC in your bank account instead of a direct deposit from the IRS.
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Is a California state income tax refund taxable?
If you chose state and local income taxes, your state refund is taxable. However, it's only taxable to the extent that it's more than the refund you would have received by choosing the larger refund from these: Standard deduction. General sales tax.
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Is the FTB MCT refund taxable by IRS?
As of 2/10/2023 the IRS has changed their guidance on these state tax refunds including the California Middle Class Tax Refund. You can review that IRS notice here. This income is no longer taxable and you will not report the amount on your federal return.
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Why is my federal refund on hold with Santa Barbara Tax Products Group Sbtpg )?
The IRS may request more information in order to complete the review and release the refund. The IRS or BFS may have offset the refund to pay off an outstanding debt - The IRS and/or the Bureau of the Fiscal Service (BFS) will mail a letter within a few weeks with details about the debt and amount collected.
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What does FTB MCT refund mean?
The Middle Class Tax Refund payment from the State of California Franchise Tax Board gives qualified income tax filers a one-time payment.
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