SOME Americans are still waiting on tax refunds this summer worth as much as $500 after delays.
The direct payment opportunity comes as part of a benefit for taxpayers who meet certain criteria.
Payments worth up to $500 are still going out to Americans this month (stock image)[/caption]
Around 50% of those eligible have already received a the money as part of the Georgia Surplus Tax Refund, per NBC affiliate WXIA-TV.
Funds went out between June 12 and June 26 through either a check in the mail or direct deposit in bank accounts.
That means an estimated $621 million has been distributed from the $1.2 billion pot set aside in the state’s budget.
Remaining cash will be sent out in July, and Georgia residents who haven’t gotten it yet are urged to look for a transaction in their accounts labeled “GASTTAXRFD.”
The acronym stands for Georgia State Tax Refund, and could be missed when looking through bank statements.
FIND THE FUNDS
Refunds can also be tracked through a special tool on the Georgia Department of Revenue website, but some crucial information is required to use it.
For the tracking benefits, taxpayers must provide their Social Security number (SSN) or Tax ID.
They must also note their adjusted gross income (AGI) for their 2023 tax return.
The tool will also confirm residents’ eligibility for the Georgia Surplus Tax Refund.
Officials outlines five crucial qualifying criteria that must’ve been met before a May 1 application deadline.
First, taxpayers must’ve filed both 2023 and 2024 Georgia state tax returns in their entirety, on time, and be either full-year or part-year residents.
They would’ve also not been dependents on another American’s tax returns for the same years.
Additionally, they must owe nothing to the Georgia Department of Revenue, otherwise the funds will automatically be used to pay any outstanding balances.
Lastly, residents must’ve had a tax liability in 2023.
Eligibility Criteria
To qualify for the one-time tax refund in Georgia, taxpayers must have:
- Filed Georgia income tax returns for both the 2023 and 2024 tax years
- Not been claimed as a dependent on someone else’s 2023 return
- Been a full-time or part-time Georgia resident
- Paid Georgia state income taxes in 2023 and have a tax liability greater than $0
- Not owe the Georgia Department of Revenue
Meeting those requirements would result in three payment tiers that all depend on filing status.
For example, those Georgia taxpayers who were single filers or married filing separately would get $250.
Head of household filers would get a bit more at $375.
To get the full $500, qualifying Georgia residents must’ve listed their filing status as married filing jointly.
More details can be found in the FAQ section on the Georgia Department of Revenue website.
RATE REDUCTION
Along with the rebate payments, Georgia Governor Brian Kemp (R) confirmed in a statement last month that the income tax rate would be lowered to 5.19%.
“We know that this is your money, not the government’s, and we know that you know best how to spend it,” Kemp said, per CBS affiliate WTOC.
“I’m proud to put this money back where it belongs and entrust hard-working Georgians with their own funds, especially as families deal with the high-cost environment that we have been in over the last several years.”
Michael Toma, an economics professor at Georgia Southern University, told the outlet that it’s not surprising these changes are happening in the state this summer, as it currently has an economy growing faster than the United States as a whole.
“The state has basically said: Oh, we’ve had some really good couple of years, we believe that the taxpayers in Georgia deserve to share in some of this surplus,” Toma explained.
Inflation-busting $400 checks are also being sent out to Americans in another state this year who meet select criteria.
Others who meet at least three requirements could get cash distributions worth up to $725.
