2018 Filing season update July 2018 Tax News

At the June 5th Franchise Tax Board meeting, our Filing Division provided its first update for the 2018 Filing Season. Here are some of the highlights for returns, payments, and refunds as of the end of May:

• We have processed just over 17 million personal income tax (PIT) and business entity (BE) returns.
• 16.2 million PIT returns were filed, with 91 percent being e-filed.
• 894,000 BE returns were filed, with 85 percent being e-filed.
• 6.9 million payments (PIT and BE), totaling $28.7 billion.
• We issued 10.9 million PIT refunds totaling $10 billion and 76,000 BE refunds totaling $363 million.
• The average PIT refund was $917, while for BE’s the average refund was $4,776.
• 92 percent of the PIT refunds were received by taxpayers within 14 days of filing, increasing to 99 percent of refunds being received within 30 days of filing.
• We received over 1.3 million California Earned Income Tax Credit claims, allowing $292 million in credits/refunds.

Next month, we’ll have an article featuring some of our customer service contact numbers for 2018.