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Wednesday, September 28, 2022

Stimulus Check 2022: Are They Taxable?

Stimulus Checks will start to be paid out to residents of Indiana, Chicago, New Mexico, and Maine this week.

A recently passed rule in Indiana mandates that any budget overages be made up for by offering tax credits to locals. Therefore, joint filers will get a $250 Stimulus Check as opposed to just $150 for single taxpayers. By the end of September, Indiana will have distributed all of the stimulus checks.

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According to Mayor Lori E. Lightfoot, the checks were given to over 3,500 Chicago families, and those who qualified for them began receiving payments at the beginning of this week. The payments do not qualify as gross income, thus they have no effect on your 2021 tax refund. This amount is the Recovery Rebate tax credit for 2021.

Stimulus Checks Are Not Taxable

Those who meet the requirements will get $500 in UBI payments each year via direct deposit or prepaid debit card.

In New Mexico, payments of $250 would be made to single filers with combined earnings up to $75,000 and payments of $500 would be made to joint filers with combined incomes up to $150,000. Checks totaling double that amount have been sent to families in Maine, while checks worth 850 dollars have been provided to eligible individuals. According to the governor’s office, filers will get their compensation by mid-July.

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Delaware Delaware residents who filed their 2020 state taxes starting in May received a $300 “relief rebate.” Georgia

If you have filed both your 2020 and 2021 tax returns, you could be qualified for refunds depending on your filing status. 

Hawaii

State taxpayers will get $100 and $300 in refunds.

For 2020, residents of Idaho are entitled to the greater of a $75 refund or a 12 percent state tax reduction.

Illinois

Sales taxes will be temporarily reduced in Illinois, along with income and property tax refunds.

Indiana

All residents of Indiana will get $125 refund checks, regardless of their economic level.

Maine

A budget surplus has resulted in checks for households of up to $850.

Massachusetts

The Massachusetts State Legislature is attempting to provide one-time tax refunds of $250 and $500 to qualified individuals and married couples, respectively.

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