Millions of taxpayers were asked to delay filing their 2022 tax returns after questions arose over whether or not specific rebates should be included as taxable income, and now the Internal Revenue Service has given their answer.
after questions arose over whether or not specific rebates should be included as taxable income, and now the Internal Revenue Service has given their answer.residents in most states, including Illinois
, will not be required to report rebates on their federal tax returns, and that filing of those returns can continue. There were limited exceptions, including Alaska’s Permanent Fund Dividend, but for the most part all states that were included in the original notice will not require their taxpayers to report the rebates as income.
Illinois was included in a large group of states whose residents were advised to potentially delay filing their taxes after questions arose about the reporting of rebates given to taxpayers and property owners.Those rebates, passed as part of the state’s fiscal year 2023 budget, were given to individuals who made less than $200,000, or couples who made less than $400,000. Those rebates returned $50 to each taxpayer.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IRS says California, most state tax rebates aren't considered taxable incomeThe IRS on Friday said that taxpayers in 'many states' won't need to report tax rebates on their 2022 tax returns, which are due by April 18 this year.
Read more »
After Telling Millions of Taxpayers to Hold Off Filing, IRS Says Go AheadMost Americans won't owe taxes on state rebates and refunds from 2022 related to the pandemic, the IRS said
Read more »
Inflation relief checks: Millions eligible for tax rebates, stimulus paymentsWhile inflation has fallen somewhat following record-high levels not seen since the early 1980s, consumers are still experiencing sticker shock.
Read more »
Opinion: Californians told to delay filing their taxes should expect much more from the IRSOpinion: Californians told to delay filing their taxes should expect much more from the IRS [Opinion]
Read more »
IRS Says Many State Rebates Aren't Taxable at the Federal Level. Some May Face Filing Struggle, Tax Pros WarnThe IRS on Friday issued state rebate and payment guidance for millions of filers urged to pause federal filings. Here’s what taxpayers need to know.
Read more »
Get your taxes done for free by IRS-certified students in Klein ISDIRS-certified students in a new Klein ISD program are helping residents prepare their...
Read more »