IRS Rebate 2022 SC: When will you get your $800 checks?

0


State lawmakers in South Carolina passed the state budget back in June and approved a rebate that would see an estimated 1 billion dollars be distributed to eligible US citizens through the end of the year.

Taxpayers who have filed their 2021 Individual Income Tax return by the deadline – which was set on October 17 – will receive the rebate soon.

How much will the taxpayers get?

The amount each eligible taxpayer will receive is based on their individual tax liability, with the maximum amount being 800 dollars.

“Rebates are based on your 2021 tax liability, up to a cap,” reads the South Carolina official website.

“The rebate cap – the maximum rebate amount a taxpayer can receive – is 800 dollars. If your tax liability is less than 800 dollars, your rebate will be the same amount as your tax liability. If your tax liability is over the 800-dollar cap, you will receive a rebate for 800 dollars.”

Rob Walden, who works with the South Carolina Department of Revenue, explained how eligible taxpayers can find out how much they will receive.

“You start at line 10 of your 2021 SC 1040, and if line 10 has nothing on it then you’re not eligible,” Walden declared.

“If there is something in the space, then go down to lines 21 and 22, those are credits for the year, you add those two numbers together, and you subtract that number from line 15.

“If that number is greater than zero then you are eligible for the rebate. If that amount is less than 800 dollars then you’re rebate amount should be the number that you calculated. If it is more than 800 dollars then you will receive the rebate cap of 800 dollars.”

When will you get your 800 dollar checks?

The South Carolina Department of Revenue (SCDOR) announced on Monday that they have begun sending out the first round of payments to taxpayers.

Taxpayers are expected to receive their rebates either by direct deposit or paper check. Those who updated their banking information by November 1 will receive the payment via mail.





Source link

Leave A Reply

Your email address will not be published.