There are only three days left for Virginia residents to file their 2021 taxes if they wish to receive a tax rebate of up to $500.
The rebate will be given to eligible Virginia residents who received a tax liability from their 2021 taxes. Individual filers will receive up to $250 for their rebate, while joint filers will receive up to $500, according to the Virginia Department of Taxation.
“As Virginians face high inflation and prices coming from policies set in Washington, these one-time tax rebates will help families lower the cost of living,” said Gov. Glenn Youngkin in a press release. “Past administrations have overtaxed Virginians, and by returning taxpayer money to Virginia’s taxpayers, we are ensuring that hardworking Virginians get to keep more of their paycheck during these difficult economic times,” he added.
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An estimated 3.2 million taxpayers in Virginia are eligible for the tax rebate, according to the state. A portal for the rebate was opened on Sept. 19, and residents who are eligible and filed their tax forms by Sept. 5 can expect to collect their rebate payments by Halloween.
The Virginia Department of Taxation defines a tax liability as the amount of money owed in taxes minus any tax credits or deductions.
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A person who took a standard deduction on their 2021 tax return should not have the amount of their rebate taxed, according to Kiplinger. But if a filer itemized his or her deductions in the last tax year, the filer might be required to report the rebate amount on their federal income tax return.
The rebates will be delivered to eligible filers by direct deposit or paper check to those who file their 2021 taxes by Nov. 1. However, Virginia officials have stressed that the rebate will be used to fulfill any taxpayer’s outstanding debt to state or local government agencies before being given whatever remains for the rebate.
