With the filing for tax deadlines just around the corner, the IRS has already come up with quite an important message for those who would be filing early. According to the IRS, some of the recipients of the stimulus check payments should consider filing for amended returns. The agency’s announcement does relate to the recent decision of the IRS to not tax the special payments from the states. The year began with a lot of confusion amongst the taxpayers regarding the payments that they had received from their state last year. The confusion was regarding the taxability of the payments.
IRS Has Asked People To File For Amended Returns For Stimulus Check Payments
Initially, the IRS had asked the taxpayers to hold off on filing the tax returns until they had decided on this matter. In time, the agency also determined that most of the state payments were also not taxable if they were distributed as stimulus check payments. However, by the time the IRS had already come out with this decision, quite a few people had already filed their tax returns.
Some of the early filers had reported the special payments as taxable income- and now were eligible for a refund. Such recipients of stimulus payments should ideally consider filing for the amended returns. In the decision, the agency provided details wherein it clarified the federal tax status that involved special payments that were made to taxpayers by 21 states in 2022.
The IRS has asked its taxpayers who filed for the return before the 10th of February to check out the guidelines and ensure that the return was in line with the guidelines. In case they had already paid the taxes on the stimulus check payments, then the recipients should consider filing for amended returns as they might be eligible for multiple refunds.
