Wednesday, February 8, 2023
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HomeNewsBusinessOn Tuesday, tax refunds will begin to arrive

On Tuesday, tax refunds will begin to arrive

When the calendar changes to November on Tuesday, the first checks and direct deposits from a nearly $3 billion pot of extra tax money will be sent to taxpayers, the Baker administration announced on Friday.

According to the spokesman, nearly 3 million taxpayers will get back around 14% of what they paid in state personal income tax in 2021 in the form of a mailed cheque or a direct deposit. Up until December 15, the administration intends to disperse the refunds gradually. About 13% of the administration’s expected income tax liabilities were refunds.

Money will leave the country under the voter-approved tax cap rule known as Chapter 62F, which voters activated for the first time since 1987 by submitting astronomical sums of taxes, according to a representative for the Executive Office of Administration and Finance.

In order to collect their refunds, taxpayers who owed state personal income tax in the previous year and have already submitted their 2021 return are eligible and do not need to take any further action.

The Baker administration had previously stated that in order to qualify for a 62F refund, taxpayers needed to file a 2021 tax return by October 17, 2022. However, a spokesperson said on Friday that the administration had extended the deadline until September 15, 2023 — the latest date at which a 2021 tax return can be filed when extensions are taken into account — in order to accommodate taxpayers who may not have been aware of the earlier deadline.

Taxpayers can use a calculator on the administration’s frequently asked questions page to predict their upcoming refunds.

News Summary:

  • On Tuesday, tax refunds will begin to arrive
  • Check all news and articles from the latest Business news updates.
Patrick Huston
Patrick Huston
As a senior editor, Patrick is a professional who is in charge of putting out business news. As a senior editor, Patrick is likely to be in charge of the duties of junior editors and writers, make sure the content is correct and high-quality, and work with other departments to make sure the business news is published on time. Patrick knows a lot about business and the latest market trends. He uses this knowledge to choose and edit stories that are both interesting and useful to readers. He also works with reporters and analysts to come up with insightful pieces that help readers keep up with the latest business news. Patrick is a very important part of keeping the public informed and interested in important business issues. He is passionate about journalism and strives for excellence.
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