Here’s What You Need To Be Eligible For The MA 2022 Tax Refund
It is official: Starting in November, Bay State taxpayers from The Berkshires to Boston WILL be receiving hundreds of dollars in direct relief as they add a little extra money in their pocket thanks to an obscure law, best known as Chapter 62F that was implemented back in 1986 as a total of $3 billion will be issued for those who are eligible to receive this extra "MOOLAH, MOOLAH, MOOLAH".
Without further ado, let's give you the specifics on who can qualify for this extra cash which is welcoming news for those who can use these extra funds:
BOTH Massachusetts residents and non-residents will get their equal share along with fiduciary filers who also invested in trusts and estates. The good news is eligible taxpayers DO NOT need to file any extra paperwork as they will get what is deserved via a check in the mail OR through direct deposit at their financial institution.
The tax credit will likely be estimated at around 13% of the individual's personal tax liability from the previous year as earned income credit, senior circuit breaker, child care, and dependent credits will also play a significant role in the final total payment.
Single taxpayers with no children earning up to $50,000 could expect their refund to total $325.00 Those who made up to $75,000 will see a $488 payment, $650 if you made up to $100,000 and almost $1,000 if you were lucky enough to earn a $150,000 income (you can rule me out on the higher amount for sure)
Married couples with up to two children filing a joint return will see a $913 refund if they earned a combined total of up to $150,000. The final payout would rise to $1,238 if a $200,000 income was reported, $1,563 if the final amount does not exceed $250,000, and those with a joint income of $300,000 hit the jackpot as their total shoots up to $1,888. Not bad, if you ask a single guy like me as this group always reaps the benefits from Uncle Sam.
A call center has been launched as taxpayers can call 1-877-677-9727 on weekdays between 9 am and 4 pm if they have any questions regarding Chapter 62F. You can also head to this link as taxpayers can see for themselves exactly how much they can expect. In closing: Spend it wisely!
(Some information obtained in this article courtesy of www.MassLive.com)