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Tax rebate 2022 live updates – New Mexico, Georgia and more to get up to $850 as gas prices rise

MILLIONS of Americans will see huge reimbursements worth up to $1,000 this summer to fight rising inflation.

Two new tax rebates worth up to $500 and $175 will hit the bank accounts of New Mexico residents in July as one-time tax credits from the state’s economic aid packages.

One package called House Bill 2 will give single or married individuals filing separately a $250 tax rebate if they make less than $75,000 a year, while married individuals are eligible for a $500 rebate if they make less than $150,000 a year.

On the other hand, House Bill 163 is a child tax credit and ranges from $25 to $175 per child. Families with an income of less than $25,000 a year may receive $175 per child, while those making between $75,000 and $100,000 could receive $100 per child.

Meanwhile, Georgia residents who have filed their 2021 and 2022 tax returns can look forward to a one-time rebate payment based on the following tax filing status:

  • Single filers/married filing a separate return will receive $250
  • Head of household will receive $375
  • Married filing jointly will receive $500

In Maine, about 850,000 residents are set to get $850 rebate checks as part of the state’s $1.2billion surplus budget.

Read our Tax Rebate live blog for the latest news and updates…

  • What is the Recovery Rebate Credit?

    The Recovery Rebate Credit was enacted by the federal government to assist in jump-starting the US economy during a severe downturn.

    Congress expected that Americans would spend their checks right away, boosting the economy, Turbo Tax reported.

  • What is a tax rebate?

    According to Turbo Tax, a tax rebate, as defined by observers, is a reimbursement of taxpayer funds following a retroactive tax reduction.

    Because governments can execute these measures at any point during the year, they are more urgent than tax refunds.

  • More on New Mexico rebate, conclusion

    The way you get your rebate will be determined by how you paid your taxes in 2021.

    Your tax refund will be automatically delivered to your bank account if you supplied a direct deposit account number.

    A paper check will be mailed to you if you did not give account information.

    According to KRQE.com, the first direct deposit payments should arrive within a day or two.

    Checks will take longer, but they should begin to arrive in the coming weeks.

  • More on New Mexico rebate, continued

    The entire amount you could be eligible for will be divided into two installations.

    Most New Mexico residents will receive their first payment in May, according to the Governor’s Office, and it will likely continue throughout June.

    The second installment is scheduled for August of this year.

  • More on New Mexico rebates

    During a special session in 2022, the New Mexico Legislature authorized the tax rebates, KRQE.com reported.

    The governor signed the law, which aimed to share the state’s record-breaking oil and gas tax income with the people of the state.

    According to the Governor’s office, more than $200 million will be distributed to nearly half a million New Mexico residents.

    Heads of household, surviving spouses, and married couples filing joint returns will each get $1,000 in two installments. Individual filers and married couples filing separate returns will each get $500 in two installments.

  • Extra $250 in cash for New Mexico residents, part three

    Governor Michelle Lujan Grisham said in a press release: “Starting today and throughout the summer, we are putting nearly half a billion dollars back into the pockets of New Mexicans.

    “Across the country, Americans are grappling with the high costs of essentials. Here in New Mexico, we are doing all we can to provide relief to New Mexico’s families.”

    This is the first of two reimbursements that the state will distribute to most New Mexico residents in May, KRQE.com reported.

    Those who submit state taxes are likely to obtain funds automatically, but those who haven’t submitted their taxes yet are still eligible for the economic assistance payments as well.

  • Extra $250 in cash for New Mexico residents, continued

    The first payouts began arriving as early as Thursday, May 19, according to state officials.

    According to a news release from the Governor’s Office, taxpayers who get their tax rebates by direct deposit should receive at least $250 in relief the next day.

    According to the state, paper checks for additional 200,000 taxpayers would be mailed “in the following days.”

    Those physical payments will continue in the coming weeks.

  • Extra $250 in cash for New Mexico residents

    Hundreds of thousands of New Mexico residents will start seeing an additional $250 in their bank accounts, with some having already gotten them as early as Thursday, per KRQE.com.

    Just over a month after lawmakers authorized cash transfers to New Mexico residents to help offset rising living costs and rising gas prices, the state now says the first wave of funds is on its way to most eligible residents.

  • Could tax extensions delay return, part three

    The late-payment penalty is normally 0.5 percent per month of the unpaid tax due by the filing date, with a maximum of 25 percent, according to CNET.

    For each month or partial month that your tax return is late, the IRS can levy a late-filing penalty of 5 percent of the amount payable.

    The minimum late-filing penalty is $435 or 100 percent of the unpaid tax if your return is filed more than 60 days after the due date.

  • Could tax extensions delay returns, continued

    Extending your filing date does not postpone the payment of any taxes you may owe.

    To avoid late ends, the IRS recommends that you estimate and pay at least 90 percent of your tax amount by the deadline.

    Otherwise, you’ll have accumulated interest on your debt, which you’ll have to pay on top of your income taxes at some point.

  • Could tax extensions delay returns?

    The IRS has issued more than 45 million tax refunds to those who have filed their 2021 tax returns so far this year, CNET reported.

    If you were not able to file your taxes by the April 18 deadline, it’s acceptable, but you might be delaying thousands of dollars that are owed to you.

    When you submit your tax return this year, you may be eligible for a larger refund than you think, according to CNET.

    You may get back the remainder of your increased child tax credit, reimbursement for child care expenditures, and extra stimulus money.

    Remember that requesting an extension does not give you more time to submit your return; it just provides you more time to pay any taxes you owe.

  • Tax returns delayed due to staff shortage, continued

    More than one-fourth of taxpayer support centers, where people may book in-person sessions, are closed due to staffing shortages, per the report.

    Approximately half of the centers have only one or two personnel and are dependent on their availability.

    “Millions of tax returns are not being timely processed, refunds are not being timely issued, and taxpayers are not receiving timely assistance with their tax account issues” as a result of the shortfalls, according to GovExec.com.

  • Tax returns delayed due to staff shortage

    The Internal Revenue Service is failing to process millions of tax refunds on schedule owing to staffing shortages as it continues to struggle to hire badly needed staffers, GovExec.com.

    The IRS had onboarded just 9.5 percent of the approximately 5,500 submission processing workers it plans to hire for the filing season as of mid-March, according to a report released on May 5.

    In that role alone, the government is still short around 5,000 personnel.

    Despite this, the IRS is roughly 1,200 personnel shy of where it wants to be, according to the Inspector General.

  • When were taxes due?

    Taxes needed to be filed by most Americans by Monday, April 18.

  • New Jersey tax rebate eligibility

    To qualify for the New Jersey tax rebate, residents must:

    • Be a New Jersey resident for all or part of 2020
    • Submit to 2020 NJ-1040
    • Have at least one qualifying child claimed as a dependent
    • Have a balance of tax of $1 or more (found on line 50 of the NJ-1040)
    • Those with the status Married Filing Joint/Head of Household/Surviving Spouse must have an income of $150,000 or less (found on line 29 of the NJ-1040)
    • Those with a filing status of Married Filing Separate/Single must have an income of $75,000 or less
  • New Jersey tax rebates

    Last summer, middle-class tax rebates were mailed to eligible New Jersey residents filing a 2020 income tax return claiming at least one dependent child with a tax balance of $1 or more.

    The rebate was calculated automatically for those eligible after filing.

    New Jersey residents could receive a payment up to a maximum of $500.

  • Maine rebates on the way

    In Maine, about 850,000 residents are set to get $850 rebate checks.

    This is apart from the state’s $1.2billion surplus budget.

    To qualify, an individual’s income must not exceed $100,000, while heads of the household and couples can make up to $150,000 and $200,000 respectively.

    Also, these will be based on 2021 tax returns, which must be filed by May 31, 2022.

    The payments could arrive as soon as June.

  • Idaho rebates sent out, continued

    The rebates went out in March and will provide $75 or 12 percent of your 2020 Idaho state taxes.

    Rebates will be given to taxpayers who received refunds via direct deposit, then paper rebate checks will be sent.

    Idaho residents can check the status of their rebates here.

  • Idaho rebates sit out

    Earlier this year, Idaho approved a bill allocating $350 million for tax rebates.

    To qualify, you must be considered a full-time resident and have filed tax returns for 2020 and 2021.

    Additionally, full-time Idaho residents must have filed grocery-credit refund returns.

  • Colorado tax rebates, continued

    To qualify for the payments, you must be a “full-time” Colorado resident.

    They will be based on 2021 tax returns, which must be filed by May 31, 2022.

    Eligible taxpayers can expect to receive their money in the mail in August or September, according to the state.

    It’s unclear if they will go out in multiple batches.

  • Colorado tax rebates

    In April, Governor Jared Polis and state announced that 3.1million Coloradoans would get tax rebates.

    They are worth between $400 for individuals and $800 for joint filers.

    The rebates aim to offset inflation, which has taken a toll on many Americans’ wallets.

    “People are paying more for everyday items like gas, groceries, and rent through no fault of their own,” Mr Polis said in a statement.

  • How to claim EITC

    To claim it, you must file a tax return, even if you don’t owe any tax or aren’t required to file.

    The EITC is then paid out once a year as a lump sum.

  • Who claims EITC

    The earned income tax credit is available to low-income working families as well as low-income workers without children.

    The credit equals a fixed percentage of income from the first dollar until the credit reaches its maximum.

    The maximum credit is paid until earnings reach a specified level, after which it drops with each additional dollar until no credit is available.

    EITC is used to offset any taxes owed, or you’ll get a refund if it’s worth more than what you owe the IRS.

  • Earned income tax credit explained

    Known as the earned income tax credit (EITC), it is said to be the federal government’s largest refundable tax credit and has been available since 1975.

    While the majority of those eligible claim the EITC every year, the IRS estimates that one of five eligible taxpayers don’t claim the credit.

    Last year, almost 25million eligible workers and families received more than $60billion in EITC.

  • Tax refunds may be delayed

    If you made errors in your tax return or you didn’t file it correctly, you can also expect further delays.

    Moreover, if you filed your tax return at the last minute, you’ll have to wait a bit longer before you get a refund.

    The IRS has been dealing with a backlog of returns and staffing shortages this tax season, slowing down the refund process for some.

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