You Have Until December 31 to Claim Idaho Tax Rebate of Up to $600

Idaho started sending the tax rebate to eligible residents in late September. This tax rebate is going to residents who have filed their tax returns for the last two years. If you are a resident of Idaho but haven’t yet filed the return, then you still have some time to claim the Idaho tax rebate.

How To Claim Idaho Tax Rebate

In September, Idaho lawmakers approved the rebate package during a special session. The objective of the rebate is to offer some financial relief to people struggling with inflation. Idaho’s State Tax Commission started sending the tax rebates to eligible residents in late September.

To qualify for the tax rebate, residents must have been full-year residents in both 2020 and 2021. Also, they must have filed individual income tax for both years by December 31. So, those who haven’t yet filed the return for both or one of those years can do so by the end of this year to claim the Idaho tax rebate.

Individual filers can get up to $300, while joint filers can get up to $600. The exact amount of the rebate that the filers get depends on their financial status. It must be noted that if any taxpayer has any outstanding tax payments to the state, they would be deducted from the tax rebate amount.

Eligible residents will get the rebate through a direct deposit or physical check. Those who provided their bank account details when filing their 2021 tax returns will get the rebate through a direct deposit.

All other taxpayers, including those who used a refund product (such as a refund anticipation loan) to file their return, will get a paper check mailed to the address that the tax department has on file.

The Idaho State Tax Commission is also sending emails to eligible residents on behalf of Governor Little and the Legislature. These emails are going to taxpayers who e-filed their 2021 income tax returns. So, if you get any such email, it means you will get a rebate.

When To Expect The Rebate Money

The Idaho State Tax Commission will send the rebate payment in the order it received the 2021 tax returns. Also, the rebate payment will be sent first to taxpayers who are eligible for a direct deposit, and then the agency will start mailing out the paper checks. The Idaho State Tax Commission estimates it will send about 75,000 payments weekly.

“We’ll continue to process payments throughout 2022 and early 2023 as taxpayers file their returns and become eligible for the rebate,” the Idaho State Tax Commission says in the tax rebate FAQs.

Taxpayers can use the Where’s My Rebate tool to track the status of their tax rebate.  For more information on the tax rebate, visit the Idaho State Tax Commission website. The Idaho State Tax Commission expects to send about 800,000 rebates worth $500 by the end of March 2023.

This article originally appeared on ValueWalk

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.

Source: Read Full Article