In the previous week of February, IRS made a good announcement for the people of the United State of America. IRS has officially made it known that the taxpayers of the US who already got their stimulus check from the state during the year 2022 should not file their returns at the moment. The taxpayers must hold off on tax filing because the agency is currently working out a way to calculate the payment. IRS also further informed that this payment is going to be treated as a tax.
IRS Stimulus Check Benefit
IRS gave confirmation about the fact that US taxpayers do not necessarily require to report their stimulus check amount received from the state as part of their income source while filing the 22022 tax. It is already known that the federal government has not provided any additional stimulus payment to the citizens despite the worsening inflation. People all over the US have been struggling to stay afloat amid the rising prices of essential goods and buy basic items. Meanwhile, several US states came forward to lend a helping help to the residents by sending additional stimulus payments as tax refunds.
Relief Payments For Americans
IRS is still uncertain whether to include stimulus checks as a taxable source of income hence filers are asked to not hold off on their filing. Stimulus payments to residents of Rhode Island, Pennsylvania, Oregon, New York, New Mexico, New Jersey, Maine, Indiana, Illinois, Idaho, Hawaii, Florida, Delaware, Connecticut, Colorado, California, and Alaska are not taxable.
However, stimulus funds to people of Virginia, South Carolina, Massachusetts, and Georgia are eligible for the standard deduction. Since the stimulus aid might not be taxable, IRS may change its funding for 2023 as well. Americans who received relief payments must consult a professional tax expert before reporting or filing their taxes.
