Stimulus Payments: When will you receive the first rebate payments?

Wwith inflation still much higher than it was at the start of the year, several states in the United States have begun issuing payments of some kind to help ease the burden on the higher cost of living for its residents.

The state of South Carolina is one such state, offering its residents a tax rebate of up to 700 dollars from a trillion dollar pot. The state’s lawmakers approved the rebates this past June when they finalized the state’s budget. This rebate will be based on your tax liability up to a particular amount.

Stimulus checks Update: How do payments vary between states?MATT CANNON

The final amount however cannot be determined until after October 17, 2022, when all eligible returns have been filed.

“We are on schedule to issue rebates by the end of the year, said the South Carolina Department of Revenue (SCDR) Director Hartley Powell in a press statement.

“You must file your 2021 SC Individual Income Tax return by October 17 to be eligible. So even if you missed the due date in April, file your return with us by October 17.”

Who is eligible?

In order to be eligible to receive the tax rebate residents in the state must meet the following criteria:

  • They must have filed an SC Individual Income Tax return (SC1040) for the tax year 2021 by October 17, 2022.
  • They must have owed state Income Tax for the tax year 2021, what tax professionals term as tax liability. Specifically, that is the Income Tax you owe minus any credits.
  • They can be a South Carolina resident, part-year resident, or nonresident.

Those who have not filed an SC Individual Income Tax return by October 17, 2022 and taxpayers who have no state Individual Income Tax liability for the 2021 tax year will not be eligible.

How much will you get?

This will depend on your 2021 Individual Income Tax return (SC1040). If you have a balance online you will be eligible to receive a rebate. If you don’t, you will not receive a rebate.

When will you get the payment?

Payments will be disbursed by December 31, 2022.


Source link

Leave a Comment

Your email address will not be published.