Citizens of Massachusetts who have previously received refund payments on their tax returns as part of the state’s new return bill worth up to $2 billion. These returns were sent out last November and according to the federal government, taxpayers are asked to pay taxes on these stimulus check payments.
Massachusetts Residents Under Tax Repayments For Stimulus Checks Received
Since last November it is reported that over a million residents from Massachusetts received an approximately whopping amount of over $2 billion for payment under the bill of Chapter 62F rebate. This federal law acts as a tax cap that requires the state government to refund nearly $3 billion worth of excess revenue in form of stimulus checks back to the taxpayers.
Last Friday, 10th February the IRS agency released a notice clarifying that the state of Massachusetts has been included on the list. The listed states are informed to acquire federal tax from their recipients on state-level taxation of stimulus check repayments individuals have received over 2022.
Although there’s a catch, if any recipient is found to have received the Mass. tax rebate and claims to itemize the deduction or standardize their deduction, but has forfeited to receive any tax benefits as such in 2022, then the individual is granted an exemption from paying for their tax refund.
The checks were allegedly $250 and $500, the state introduced over a million essential workers with low income to the stimulus checks over the span of 2022. However, they are yet to get included in the IRS tax memo but they might get subjected to the income tax return. Taxpayers will be given until April of 18, 2022 submission to their return filings on tax.
