I checked my bank account today and noticed that over $2,000 had been withdrawn for Franchise Tax Bo Payments. After some research, I discovered that this is related to the California Franchise Tax Board. I am confused as to why they took this money from me since I don’t own any businesses. Can anyone explain why this might have happened?
You’re right, if it’s still 2023, you wouldn’t typically file a tax return for that year yet. Normally, you file taxes in the following year to report income and claim any refunds or pay any taxes owed.
If something happened with your employer regarding your paycheck, you might need to check your pay stub or directly ask your employer for clarification. The FTB (Franchise Tax Board) usually doesn’t take your wages directly unless there’s a specific legal reason, like a garnishment for unpaid taxes. Instead, they typically adjust any owed taxes from your refund if you’re due one when you file your tax return. It’s good practice to keep track of your pay stubs and any correspondence from your employer or tax authorities to understand what’s happening with your finances.
It is possible that your account number was entered by mistake or on purpose when filing a tax payment.
Tell your bank that there has been an unauthorized electronic withdrawal if you are certain that you did not approve any payments to the FTB.