CERTAIN Americans are slated to receive checks worth up to $500 today and in the coming weeks as funds from a big pot are distributed.
Recipients will know the cash is part of the third round of tax refunds if they spot a specific marking on their bank statement.
Certain Americans will soon see payments worth up to $500 hit their bank accounts[/caption]
States often offer one-time tax refunds or rebates for a variety of reasons, from property tax exemptions and income tax credits to sales tax holidays.
For example, California sent out a one-time Middle Class Tax Refund payment a few years back to residents who met certain income limits in an effort to provide relief to Californians.
Michigan also sent out an Earned Income Tax Credit for Working Families, a payment meant to benefit working individuals and families with an income below a certain level.
Another state is taking strides to offer a financial boost to residents, beginning to issue one-time, special tax refunds at the start of June, and continuing to send them out in the coming days and weeks.
The Georgia Department of Revenue and Governor Brian Kemp announced news of the payments on June 2, which are the third round of such refunds under the governor’s leadership.
Made possible by the recent passage of House Bill 112, the tax refunds are the result of a strong state economy and a state revenue surplus.
“Because we’ve managed our state’s resources wisely, we’re again able to return money to hardworking Georgians who know how best to use it,” said Governor Brian Kemp.
“This latest refund is just one more way we’re working to support the people of our state, their families, and their businesses, because that’s not the government’s money, it’s theirs!”
To qualify for the payment, Georgia residents must have filed their 2023 and 2024 individual income tax returns in a timely manner and must not owe the state Department of Revenue.
Refund amounts vary based on an individual’s tax liability from the 2023 tax year and are maxed out at $250 for single filers and married individuals filing separately.
Head of household filers can receive a refund of up to $375, while married individuals filing jointly are capped at $500.
Part-year residents and nonresidents who paid income taxes to Georgia also qualify to receive the refund.
They will receive a prorated amount equal to their filing status – $250, $375, or $500 – multiplied by the portion of their income taxable in the state.
BANK ACCOUNT BOOST
Taxpayers in Georgia are beginning to receive their tax refund as the Georgia Department of Revenue sends out the payments in batches.
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 Georgia resident for tax purposes
- Paid Georgia state income taxes in 2023 and have a tax liability greater than $0
- Not owe the Georgia Department of Revenue
They’re being distributed in waves to make sure that the checks are being sent out accurately, per a local outlet.
Those who have yet to receive their payment may soon see their refund hit their bank account as a deposit marked as “GASTTAXRFD.”
If you’re uncertain if you qualify for the payment, the Department of Revenue advises checking your 2023 tax return.
Those who filed with a Form 500 should direct their attention toward line 16, while residents who filed using a Form 500 EZ will look at line four.
These lines indicate a taxpayer’s tax liability, or the total amount of taxes they owe to the state government.
Georgians must have a tax liability greater than or equal to the refund amount for their filing status to receive their refund.
Residents with a tax liability below the refund amount will receive that much.
Americans can check their eligibility for the Georgia tax refund via the Surplus Tax Refund Eligibility Tool by entering their tax year, Social Security Number or Tax Identification Number, and Federal Adjusted Gross Income.
Residents do not need to take any action in order to receive the payment, as the Georgia Department of Revenue will automatically distribute the money to the account a taxpayer listed on their latest tax return.
Other Americans are being sent “automatic” checks worth up to $500 – there’s no strings attached and even more are in the pipeline.
Others are set to receive another round of $725 stimulus checks – and you only need to meet three requirements.
