The IRS on Friday said that taxpayers in 'many states' won't need to report tax rebates on their 2022 tax returns, which are due by April 18 this year.
Taxpayers in more than 20 states who received tax rebates last year got some guidance from the IRS after the agency had asked them to hold off on filing their tax returns. At issue was whether the IRS would consider those payments to be taxable income.
The IRS on Friday said that taxpayers in"many states" won't need to report the payments on their 2022 tax returns, which are due by April 18 this year. as their coffers were buoyed by strong economic growth and federal pandemic aid, with the goal of helping their residents offset inflation and the costs of the pandemic. But on February 3, the IRS asked people who had received a rebate to their taxes, citing the question of whether the checks needed to be reported as income.
On Friday, the IRS said that, for the most part, taxpayers won't have to report the rebates on their tax returns. "During a review, the IRS determined it will not challenge the taxability of payments related to general welfare and disaster relief," it noted.Alaska
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