Virginia started sending tax rebate checks last month and so far has sent out about 3 million payments. To be eligible for the Virginia tax rebate checks, taxpayers must have filed their 2021 taxes. Those who haven’t yet filed their return still have about 10 days to file their return to claim the rebate.
You Can Still Claim Virginia Tax Rebate Checks
Earlier this year, Virginia approved a bipartisan bill to send tax rebates to eligible residents. The primary objective of this one-time rebate is to provide relief to taxpayers from high inflation and prices.
“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,” Gov. Glenn Youngkin said last month.
Individual filers are eligible for a tax rebate of $250 and joint filers will get up to $500. The state started sending out rebate checks on September 19. To get the rebate, taxpayers should have received a tax liability for their 2021 taxes, said the Virginia Tax Commission.
Most Virginians file their return by May, but the state allows for an automatic six-month extension. This means some people can file their return by the end of October.
Eligible residents who have filed their tax return by September 5 could get the rebate by the end of this month. Those who haven’t yet filed their return can still get the rebate if they file their return by November 1. Such taxpayers, however, will get the rebate by the end of the year.
How Will The Payment Arrive?
So far the state has sent about 3 million one-time income tax rebates, including around 1.2 million through direct deposit and 1.5 million via checks. Virginia is estimated to issue about 400,000 additional rebates to cover those who are filing now.
Taxpayers who received their refund through direct deposit this year will get the rebate via direct deposit, while others will get paper checks. The rebate amount will show up in bank accounts as “VA DEPT TAXATION VATXREBATE.”
If the bank account in which you got the tax refund is closed, then you need to contact the Virginia Tax Department. Such taxpayers are likely to get the rebate through a paper check in the mail.
It must be noted that the rebate amount could be reduced if the taxpayers owe some money to government agencies and institutions. For instance, the state could use the rebate money to pay eligible debt and send the remainder, if any, to the taxpayer.
“If you owe more than the amount of your rebate, we will send you a letter explaining the use of your rebate toward the debt,” says Virginia’s Tax Commission.
To get more information on eligibility, the rebate amount you could expect and when the payment could arrive, taxpayers can contact the Virginia Department of Taxation online or by phone.
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.