Connect with us

Hi, what are you looking for?

Finance

Gov. Healey on Tax Rebate: Massachusetts Tax Return Checks Still Unknown Until January

Gov. Healey on Tax Rebate: Massachusetts Tax Return Checks Still Unknown Until January
Many people are unsure of what to do if their tax returns from the previous year are still being processed by the IRS. (Photo: https://www.usatoday.com/)

The potential of releasing new state stimulus checks was brought up during the first leadership meeting that newly elected Massachusetts Governor Maura Healey had with legislators, but she did not confirm or deny it. Millions of eligible taxpayers have received from Massachusetts tax return.

Gov. Healey on Tax Rebate: Massachusetts Tax Return Checks Still Unknown Until January

The government’s stimulus check programme is now over. But, you might be able to submit your 2021 federal income tax return and get those payments if you did not receive your third $1,400 COVID stimulus payment or your 2021 child tax credit. (Photo: Getty Images)

You’ll be eligible to get a portion of the almost $3 billion in tax refund “stimulus” money that Massachusetts tax return has been disbursing to eligible taxpayers if you paid personal income taxes in Massachusetts in 2021 and file your 2021 Massachusetts tax return by September 15, 2023.

The majority of refunds have already been given out, but if you’ve already submitted your Massachusetts tax return for 2021 and haven’t yet received your 62F refund, probably it’s on the way. If you haven’t submitted your Massachusetts tax return for 2021, you still have time to do so and get your refund, provided you qualify.

You might also be asking if a Massachusetts tax return you received will be taxable on your federal income tax return if you received one. The majority of the special state payments that were paid to citizens throughout 2022 won’t be subject to federal taxation in 2022, according to an announcement made by the IRS on February 10. It has been difficult for the IRS to give taxpayers clarity in the past due to the diversity of state stimulus check programmes and the intricacy of the many schemes.

2022 Tax Refund for Massachusetts

This Massachusetts tax return for 2022 is part of a recent pattern where governments, flush with cash from post-pandemic budget surpluses, have been giving their citizens tax refunds, inflation relief payments, and state “stimulus” payouts.

For instance, nearly all of the payments for the California Middle Class Tax Refund have been sent. Also, qualifying Virginia residents who submitted their 2021 tax returns before November 1 were eligible to receive tax “stimulus” rebates of up to $500.

Why did Massachusetts give eligible taxpayers a return of almost $3 billion?

Voters in Massachusetts approved Chapter 62F as a law in 1986. Massachusetts must reimburse taxpayers for any unused funds under this law.

The 2022 fiscal year saw Massachusetts earn $41,812,654,358 in state tax income, which was the first time in a while that the statute was activated.  As a result, Massachusetts gave the qualified taxpayers their money back totalling more than $2.9 billion in 2022 in order to comply with state law.

When did Massachusetts’ tax refunds start to arrive?

Early in November 2022, the refunds were first issued. Following that, Massachusetts began to send millions of refunds every week. Most refunds at this time have been delivered to those who previously submitted their Massachusetts tax forms for 2021. Millions of refunds reportedly went sent via check, while another million or so tax refunds allegedly went out via direct deposit.

Who can get a Massachusetts tax refund in 2022?

If you paid personal income taxes in Massachusetts in 2021 and filed your 2021 Massachusetts tax return by October 17, 2022, you should have already received or will soon receive a 2022 Massachusetts tax rebate. On December 15, almost all of the refunds were supposed to be sent out. But you still have time to file your Massachusetts tax return if you haven’t already. State officials say that you can still get the 62F Massachusetts tax refund as long as you file by September 15, 2023 and are eligible.

Gov. Healey on Tax Rebate: Massachusetts Tax Return Checks Still Unknown Until January

Many people are unsure of what to do if their tax returns from the previous year are still being processed by the IRS. (Photo: https://www.usatoday.com/)

 

How much tax refund money do people in Massachusetts get?

Most Massachusetts taxpayers who qualified got a tax refund in 2022 equal to about 14% of their Massachusetts income tax bill for 2021. But if you owe taxes or child support and haven’t paid them yet, the amount of your refund might have been cut by the amount of the taxes or child support you still owe.

When did you expect to get your tax refund from Massachusetts?

Around November 1, 2022, Massachusetts taxpayers who were eligible started getting their tax refunds. By December 15, 2022, most of the refunds should have been sent to taxpayers who had already filed their 2021 Massachusetts tax returns. (This is because you didn’t have to do anything else if you filed your Massachusetts tax return by October 17 to get your 2022 62F Massachusetts tax refund.)

Most tax refunds in Massachusetts were sent by check in the mail. Also, if Massachusetts had your bank account information, they sent your refund directly to your bank account. The label for direct deposits is “MASTTAXRFD.”

If you haven’t gotten your tax refund yet and want to know how much to expect, you can use a calculator on the state’s website to get a rough idea. The website also has answers to questions that are often asked about the Massachusetts tax refunds for 2022.

Are taxes due on Massachusetts tax return?

Tax refunds, including the 62F refunds for 2022, will not be counted as taxable income in Massachusetts. It’s good to hear. But if you got a Massachusetts 62F tax refund payment, you may have been wondering if the amount will be taxed on your federal income tax return. Well, on February 10, the IRS said that most special state payments sent to residents in 2022 won’t have to be reported on their federal tax returns. Because each state’s stimulus check programme is different and each programme is complicated, it has been hard for the IRS to explain things to taxpayers until now.

Don’t fall for fake calls about Massachusetts tax refunds

The Massachusetts Department of Revenue has made it clear that they will not get in touch with you by phone, email, or social media about this 62F tax refund for 2022. If someone calls, texts, or sends you another message asking you to make a payment, that is a scam. Also, no one from the Massachusetts government has given anyone else permission to speed up the process of getting a tax refund. So, if someone tries to get in touch with you and say they can help you get your 62F refund faster, that is also a scam.

Do wealthy Bay Staters benefit more from the 62F tax refunds?

Some people have said that the Massachusetts tax return 62F are unfair because they help people with more money. Part of the reason for this is that the amounts of the refunds are based on a flat percentage.

A study by the Massachusetts Budget and Policy Center says that the average Massachusetts taxpayer will probably get a tax refund of about $529. But data from 2018 shows that people with lower incomes could get tax refunds of less than $10, and data from 2020 shows that people with incomes over $1 million could get on average more than $28,000.

Overall, the Massachusetts Budget and Policy Center found that almost 75% of the nearly $3 billion in tax refunds will go to people whose incomes are in the top 20% of Massachusetts.

Will the government send out more checks?

It’s important to know that the 2022 Massachusetts tax return and other 2022 state tax rebate checks and state stimulus payments are different from the three COVID-19 stimulus payments you may have received from the federal government in recent years.

The federal stimulus check programme is over. But if you didn’t get your third COVID stimulus payment of $1,400 or your 2021 child tax credit, you might be able to get those funds by filing your 2021 federal income tax return.

Read More: 

2023 Tax Season Guide: How to Get Better Tax Refund This Year

IRS for Inflation Relief: Wait Filing Your Taxes If You Get A Cheque in 2022.

Tax Return on E-Bike: Get up to $1,400

Copyright © 2022 Pro Claimers. Theme by MVP Themes, powered by The Santa Clarita Valley.