Attention Massachusetts residents: Have you received some money from the Bay State during 2022? Keep in mind, there were several different programs available that sent out one-time payments to residents as the corporate office in Boston sent out a one-time payment of 14% of your personal income tax liability in 2021, courtesy of The Chapter 62-F program which was implemented by former Governor Charlie Baker. For example if you had a liability of $2,000 you would receive a rebate in the amount of $280. You can obtain more information by going here.
For several weeks, the IRS wasn't sure about the status regarding these programs. They did not know if any received funds were taxable and mentioned that you should not file your taxes until they released an official statement. Well, the wait is finally over as the IRS finally detailed some valuable information telling you what to do.
Here is the deal: People in Massachusetts will not include state payments in income for federal tax purposes if they meet certain requirements. State payments will not be included for federal tax purposes if the payment is a refund of state taxes paid either the recipient claimed their standard deduction or itemized deductions, but they did not receive a tax benefit. Log on to this link as this detailed summary will assist taxpayers in this all-important matter.
If you are ever not sure about an IRS issue, it is advisable to talk to a certified professional or you can get more information by clicking here.
BOTTOM LINE: Simple arithmetic: Any extra MOOLAH, MOOLAH, MOOLAH is a welcome addition!
(Some information obtained in this article courtesy of www.original.newsbreak.com)
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