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Here’s What You Need to Know About Inflation Relief on March 2023

Several states are still sending out inflation relief checks as late as the end of March.
Several states are still sending out inflation relief checks as late as the end of March. (Photo: Nasdaq)

IRS: Taxpayers won’t Need to Report Middle-Class Tax Refund as Income – The Santa Clarita Valley Proclaimer (proclaimerscv.com)As the 2023 tax season kicked off two months ago, many taxpayers might have difficulty dealing with state stimulus payments received in late 2022. Some taxpayers are still waiting for additional stimulus funds, which were extended into the new year.

If you are one of them and don’t know how it will affect your taxes, here is what you need to know about inflation relief in March.

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

Some Stimulus Funds May Not Have to be Reported

Residents from the states of California, Colorado, Delaware, Connecticut, Florida, Hawaii, Idaho, Indiana, Illinois, Maine, New Mexico, New Jersey, New York, Pennsylvania, Oregon, and Rhode Island – do not have to report their 2022 COVID relief funds on their federal income tax returns.

Meanwhile, taxpayers from Alaska need to include the Permanent Fund Dividend when filing, but not the Energy Relief Payment.

Taxpayers in Georgia, South Carolina, Massachusetts, and Virginia do not need to include state payments as income if the payment was claimed as a standard deduction or itemized deduction (but did not receive a tax benefit).

See: IRS: Taxpayers won’t Need to Report Middle-Class Tax Refund as Income

The IRS announced that taxpayers from several states do not need to report the COVID relief funds received in 2022 on their federal income tax returns.

The IRS announced that taxpayers from several states do not need to report the COVID relief funds received in 2022 on their federal income tax returns. (Photo: Getty Images)

Taxpayers Might Receive an Inflation Relief in March (or Later)

According to GOBankingRates, the following states are still issuing inflation relief checks to residents who will arrive as late as the end of March:

Idaho

Idaho is issuing the 2022 Special Session rebates that are expected to be paid by the end of March.

Maine

Maine is sending residents $450 inflation relief checks to help cover heating costs. The payment is also expected by the end of March.

Michigan

Yahoo News reports the inflation relief check in Michigan is not a done deal yet. Gov. Gretchen Witmer and Democratic leaders proposed a bill where residents could receive $180 additional checks per household. The proposal is part of a tax overhaul and would be paid with some of Michigan’s budget surplus.

New Jersey

Homeowners are expected to receive inflation relief checks through property tax rebates based on income. Homeowners who earn up to $150,00 will receive $1,500, and $1,000 for those who earn more than $150,000 (but less than $250,000).

Meanwhile, renters who earn up to $150,000 are expected to receive $450 in May.

See: New Homeowners Tax Credit: See How You Can Get Your Money Back 

South Carolina

Eligible residents receive tax refunds of up to $800, which were started being mailed in November 2022. Residents who filed after October 17, 2022, until February 15, 2023, are expected to receive the payment in March.

Read More: 5 Updates for State Inflation Relief in 2023

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