Most taxpayers in the 21 states that sent out stimulus checks or tax rebates in 2022 don’t need to pay taxes on those payments on this year’s federal tax return, the Internal Revenue Service announced.
Alaska also is included in this group, except for those who received the annual payment of Alaska's Permanent Fund Dividend. That is considered taxable income on federal tax returns, the statement said. Any other payments that states provided as compensation for workers are also taxable on the federal level.
According to the IRS, taxpayers in Georgia, Massachusetts, South Carolina, and Virginia who also received payments don't have to report these on their 2022 federal tax returns if they meet the following criteria:Either the taxpayer claimed the standard deduction or itemized their deductions but did not get a tax benefit.
The IRS did not provide instructions for taxpayers who don't meet those requirements, whose payments are still federally taxable, and who have already filed their federal tax returns.The determination comes almost three weeks after the tax-filing season began and after millions of Americans already filed their federal returns. A week ago, the
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former Ohio State Wide Receiver Garrett Wilson Named 2022 AP NFL Offensive Rookie of the YearFormer Ohio State wide receiver Garrett Wilson is the AP NFL Offensive Rookie of the Year after catching 83 passes for 1,103 yards and four touchdowns in his first season.
Read more »
Former Ohio State Defensive End Nick Bosa Named 2022 AP NFL Defensive Player of the YearNick Bosa is the AP NFL Defensive Player of the Year, becoming the first former Ohio State player to win the award since Randy Gradishar in 1978.
Read more »
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 »
IRS won’t tax most state inflation relief paymentsThe Internal Revenue Service will not collect federal taxes against state-issued inflation relief payments or tax refunds, the agency announced Friday, a reprieve for tens of millions of taxpayers who received the subsidies.
Read more »
'Not acceptable:' IRS watchdog calls out agency's latest misstepThe watchdog for the Internal Revenue Service blasted the agency for failing to provide timely guidance on state stimulus payments, creating unnecessary complexity for millions of American taxpayers this tax season.
Read more »