Nearly two-dozen states issued payments to combat inflation last summer. The tax status of those payments will vary by state, and depends on the program's stated purpose, tax professionals say.
The Internal Revenue Service is telling taxpayers - including more than 16 million in California - to hold off filing their taxes until the agency can issue guidance on state-issued inflation payments.
"For taxpayers uncertain about the taxability of their state payments, the IRS recommends they wait until additional guidance is available or consult with a reputable tax professional," the agency said. "For taxpayers and tax preparers with questions, the best course of action is to wait for additional clarification on state payments rather than calling the IRS."
The tax status of those payments will vary by state, and depends on the program's stated purpose, tax professionals say.
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