Casttaxrfd (2024)

FAQs

What does franchise tax BD CastTaxRFD mean TurboTax? ›

That would be your California refund only.

The deposit stands for Franchise Tax Board California State Tax Refund.

The Middle Class Tax Refund (MCTR) was a one-time payment issued to eligible recipients between October 2022 and January 2023, to provide relief to Californians.

All or part of your refund may be offset to pay off past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support, or other federal nontax debts, such as student loans.

If you owe money to a federal or state agency, the federal government may use part or all of your federal tax refund to repay the debt. This is called a tax refund offset. If your tax refund is lower than you calculated, it may be due to a tax refund offset for an unpaid debt such as child support.

Meet the California adjusted gross income (CA AGI) qualifications (listed below). Have been a California resident for six months or more of the 2020 tax year. Not have been eligible to be claimed as a dependent in the 2020 tax year. Be a California resident on the date payment is issued.

Unlike state income taxes, franchise taxes are not based on a corporation's profit. A business entity must file and pay the franchise tax regardless of whether it makes a profit in any given year. State income taxes—and how much is paid—on the other hand, are dependent on how much an organization makes during the year.

The IRS has issued all first, second and third Economic Impact Payments. Most eligible people already received their Economic Impact Payments.

The average 2024 tax refund is 3.8% higher than a year ago, at $2,948, according to the latest IRS data. Luckily, there are a few easy ways to track the status of your refund, such as the IRS' "Where's my refund?" website or its IRS2Go mobile app, which can be used on mobile phones and other similar devices.

If your refund was less than you expected, it may have been reduced by the IRS or a Financial Management Service (FMS) to pay past-due child support, federal agency nontax debts, state income tax obligations, or unemployment compensation debts owed to a state.

Your federal return is for national income tax, and almost everyone in the country who receives some type of income has to file a federal return; your state return, on the other hand, reports on income taxes specific to that jurisdiction, so it's entered on a separate tax return.

Why is my refund less than what TurboTax said? ›

Treasury offset adjustment

Different federal and state agencies, such as the Department of Education and the Office of Child Support Services, submit delinquent debts that need to be collected. These debts are then paid off with tax refunds, which results in a lower tax refund amount.

There are lots of reasons why this might happen. In most cases, the IRS takes part of your refund to pay for outstanding government debts you might owe. These include: Overdue federal tax debts.

The IRS can usually assess tax, by law, within 3 years after your return was due, including extensions, or – if you filed late – within 3 years after we received your return, whichever is later.

If you make $40,000 a year living in the region of California, USA, you will be taxed $7,507. That means that your net pay will be $32,493 per year, or $2,708 per month.

We issue orders to withhold to legally take your property to satisfy an outstanding balance due. We may take money from your bank account or other financial assets, or we may collect any personal property or thing of value belonging to you but in the possession and control of a third party.

You may have received a direct deposit to the bank account you received your 2020 California tax refund that states "FTB MCT REFUND MCT REFUND." The majority of direct deposits posted to bank accounts between October 2022 and January 2023. Before contacting FTB, check your bank statements for these months.

If a taxpayer has a California income tax debt and is entitled to a federal income tax refund, we are authorized to withheld from that refund, or offset it, to pay the balance due. As you can see, our partnership with other state and federal agencies help resolve either delinquent income taxes or other government debt.

If you owe state income tax and do not pay the full amount due with your tax return, we send you a bill for the amount you owe. Or, if you made an error on your tax return, we correct it and send you a notice explaining the change.