I filed my taxes already and just received a 1099MISC form for my and my wife's $700 MCTR. Do I still need to somehow file it as well? The FATCA filing requirement box is not checked so I was hoping I can just ignore it.
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The middle class tax refund (MCTR) is a deduction from your California income tax. As such, it would only be taxable if you itemized your deductions on your previous year federal tax return and the state income taxes you deducted as itemized deductions reduced your federal taxes.
So, if you took the standard deduction on your federal tax return, the MCTR is not taxable and you don't need to report it on your federal or state tax return. If you did itemize, you need to go back and recalculate your federal tax in the previous year by reducing your state tax deduction, if applicable, to see if it reduces your tax. If yes, than you would need to amend your return to include the MCTR payment.
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