About three million taxpayers in Massachusetts who filed their income tax returns in 2021 will receive some extra cash before Christmas. The states will receive the budget from the excess tax revenue of approximately $3 billion.
Taxpayers to Receive 14% Refund
The state confirmed that taxpayers who filed their tax returns in 2021 should expect their refund by Dec. 15. Therefore, taxpayers will not need to take any action to receive this reimbursement, consisting of an explanation of the 1986 law and why they received their refund. People who included bank information on their 2021 tax return will receive their refund via direct deposit; otherwise, they will receive a check in the mail.
The refund will be 14% of the amount of state income tax paid by the taxpayer in 2021, less any credits, and married couples filing jointly will only receive one refund. Unpaid taxes, unpaid child support, and other debts may reduce the amount of a taxpayer’s anticipated refund, according to gazette.com report.
The state Department of Revenue has an online reimbursement estimator tool that allows taxpayers to see how much money they will receive. However, they will need their 2021 tax return to fill out the information required to calculate their refund.
Target Distribution
The distribution of tax refunds in Massachusetts began on Nov. 1 this year, with the Department of Revenue able to distribute approximately 500,000 refunds in the first week, totaling $2.941 billion in tax refunds following Chapter 62F. The Department of Revenue aims to distribute about one million repayments each week, a source posted.
Approximately 3 million taxpayers will receive a refund equal to 14% of their 2021 Massachusetts income tax liability. Refunds will be issued either by direct deposit or by check. Those with additional concerns or questions about the refunds can call the designated hotline which is open on weekdays from 9 a.m. to 4 p.m. Unpaid taxes, unpaid child support, and other debts may reduce the amount of a taxpayer’s anticipated refund.
