Tax and financial advice from the Silicon Valley expert.

California Middle Class Tax Refund isn’t taxable

The IRS has announced that certain state tax payments, including the California Middle Class Tax Refund, aren’t taxable. (IR-2023-23, February 10, 2023.)

The nature of the payments are excludable general welfare and disaster relief payments.

The IRS has made a chart of state payments that are excluded from federal taxable income. Here’s a URL for the chart. https://www.irs.gov/newsroom/state-payments

California issued Form 1099-MISC for California Middle Class Tax Refund payments made during 2022. To create a trail for the IRS, you can report the amount reported on Form 1099-MISC on the “Other Income” line at Schedule 1, line 8.z. and then subtract the same amount with the description, “Tax exempt, IR-2023-23.”

Tax and financial advice from the Silicon Valley expert.