A SPECIAL one-time tax refund will start being issued to some Americans this week, local officials say.
The legislation allows for an additional refund of income taxes for Georgia residents due to the state having a revenue surplus.
“Due to years of responsible, conservative budgeting and our measured reopening that prioritized protecting both lives and livelihoods, Georgia is in a position to issue these one-time refunds,” said Kemp.
“As hardworking Georgians face rising inflation caused by failed federal government policies, we are doing what we can to provide relief by returning their money back into their pockets.”
Single filers and married individuals who file separately could receive a refund of $250.
Filers who are the heads of their households can receive a maximum refund of $375.
Married individuals who file joint returns can receive a maximum of $500. The refund is based on an individual’s tax liability.
“I want to commend the entire team at DOR for their hard work and diligence in issuing these refunds in a timely manner to hardworking Georgians,” State Revenue Commissioner Robyn Crittenden said.
Because of the volume of refunds, the governor’s office said it might take some time for all of the refunds to be processed.
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All the refunds are excepted to be issued by early August for returns that were filed by April 18, 2022, according to the Department of Revenue.
The refund will not be issued until residents have had their 2021 tax returns processed.
What happens if you miss the tax deadline?
If you expect to get a refund back, there is no penalty for filing federal taxes after the deadline.
However, if you owe the IRS money, interest starts to collect on any unpaid taxes after the filing deadline.
The IRS calls this the failure-to-file penalty.
The fee is 5 percent of the taxes due for each month you are late in payment.
Fees can increase up to 25 percent if you are past 60 days due.
The IRS encourages filers to opt for direct deposit over mailed checks.
If you are using direct deposit, your return can be sent to a bank account, a prepaid debit card, or a mobile app, as long as the correct account and routing numbers are provided.
How soon will you get your refund?
If you file electronically and opt for direct deposit, the IRS says you can expect your return in three weeks, assuming there are no other issues.
Filers who are eligible for the child tax credit or earned income tax credit should be aware that the IRS couldn't issue those refunds before mid-February.
This is in an effort to prevent fraud.