Economy

One-Time Virginia Stimulus Check Coming Next Week: See If You Qualify

Some monetary relief is coming soon for taxpayers in Virginia. It is estimated that about three million taxpayers will get a one-time Virginia stimulus check of up to $250. This money from Virginia is actually not a stimulus check, but rather a one-time tax rebate.

Virginia Stimulus Check: Who Will Get It?

Earlier this year, the Virginia General Assembly passed a bipartisan bill to send a rebate from the state government. As per the Virginia Tax website, individual filers will get a one-time rebate of up to $250, while joint filers will get up to $500. The payment will be sent out starting September 19 and in batches of 250,000.

It must be noted that not all residents will be eligible for this one-time Virginia stimulus check. Only taxpayers who had a tax liability last year will qualify for the rebate.

“Tax liability is the amount of tax you owe throughout the year minus any credits (like the credit for taxes you paid to another state or the credit for low income individuals), deductions, or subtractions,” the Virginia Tax website says.

The state tax department will launch a tool next week so residents can find out if they are eligible for the rebate or not.

“We’ll have a lookup tool available Monday, September 19 so you can check if you’re eligible for the rebate,” the Virginia Tax website says.

A point to note is that the rebate amount of taxpayers who owe some money to government agencies and institutions, could be reduced. The tax agency is authorized to use the rebate money toward eligible debt and then send the remainder in a check.

In case the taxpayers owe more than the rebate amount, the department will send them a letter explaining that the rebate was used to pay the debt.

When To Expect The Payment

It is estimated that the state will issue about 3.2 million rebate payments by the end of the year. The authorities expect to send about 1.3 million rebate payments through direct deposit and about 1.9 million payments via paper checks.

Those who filed their taxes by July 1, 2022 and are eligible for the rebate, will be sent the payment by October 17, which means they should receive it by October 31. Others will get the payment by the end of the year. Those who haven’t yet filed their taxes should do so by November 1, to get the rebate.

Those who received their refund by direct deposit this year will likely get the rebate via direct deposit as well. The amount will show in bank accounts as “VA DEPT TAXATION VATXREBATE.” Other eligible taxpayers will get the rebate via paper checks.

Taxpayers whose bank account in which they received their Virginia refund is now closed, need to call the Virginia Tax Department at 804-67-8031 to inform about the same. Such taxpayers will get the rebate payment by a paper check in the mail.

This article originally appeared on ValueWalk

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