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In a press release issued Feb. 10, the IRS clarified the tax status of special state-administered payments to millions of residents in 21 states, determining “that in the interest of sound tax ...
Most taxpayers in the 21 states that sent out stimulus checks or tax rebates in 2022 don’t need to pay taxes on those payments on this year’s federal tax return, the Internal Revenue Service ...
The Internal Revenue Service (IRS) finally issued guidance regarding the federal tax status involving special payments made by 21 states in 2022, determining that taxpayers in many states will not...
A taxpayer wanting to claim the Recovery Rebate Credit will need to file either a 2020 or 2021 tax return, depending on whether they missed the first, second or third stimulus check. As the IRS ...
In 2021, the IRS delayed the start of tax-filing season to February to issue a second round of stimulus checks. One last-minute provision in the ARP also applied to those returns even though the ...
The IRS is expected to provide more guidance on whether stimulus checks states issued in 2022 are considered taxable income on federal returns. The IRS is expected to provide more guidance on ...
The IRS says on its website that eligible individuals who did not receive the full amount of both economic impact payments may claim the Recovery Rebate Credit on their 2020 Form 1040 or 1040-SR.
As the pandemic raged in 2020, the Internal Revenue Service stumbled, according to a new watchdog report, resulting in underpayments of stimulus checks, delayed tax refunds, and other missteps.