With the help of your tax return, get $1,400 in stimulus checks
Taxpayers can receive up to $1,400 in stimulus checks through their tax returns at the start of this year.
Families of eligible kids can claim the Recovery Rebate Credit on their next tax return.
According to Marca, dependents must be under the age of 19 unless they are students or are of any age but permanently disabled.
Single taxpayers can receive the full amount if their income is $75,000 or less, while joint filers or married couples can receive the full amount if their income is $150,000 or less.
Payments made last year were based on tax returns filed in 2019 or 2020, which means that dependents who joined the family last year were not included in the stimulus checks.
The money is expected to be distributed to taxpayers when their taxes are filed this year. The federal government will provide states with a budget to distribute stimulus payments.
Indiana residents will also receive a $125 cash bonus when filing their taxes this year. Depending on how they file their 2021 tax returns, Americans will receive their check via mail or direct deposit.
Indiana residents last received an automatic tax refund in 2013.
State law requires officials to issue refunds to taxpayers if reserves, excluding education, surpass 12.5 percent of the general funding pot. The state has approximately $4 billion in reserves, which corresponds to nearly 23 percent of its general fund.
Indiana Governor Eric Holcomb said: “Despite a pandemic, Indiana exceeded all expectations and closed the state fiscal year with an unprecedented amount in reserves.
“We have an obligation to put this money back into the hands of taxpayers instead of living it in the hands of (the) government.”
In addition, the state will work with approximately 910,000 low-income Americans who pay taxes but do not file returns. Payments are available until April 20, 2022.