One-Time Stimulus Checks From Virginia Coming Soon: Here’s What You Need To Know
Some monetary assistance could be coming to Virginians soon to help them offset the rising prices. This monetary help will be in the form of a tax rebate. Eligible residents could get a rebate of up to $500 from Virginia. The Virginia Department of Taxation will start sending the stimulus checks to eligible residents in September.
Who Will Get The Stimulus Checks From Virginia?
According to the taxation department, the stimulus checks from Virginia will go to nearly anyone who had a tax liability in 2021. To be considered for the tax rebate, Virginians must file their tax return by Nov. 1.
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The taxation department defines a tax liability as 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.”
Individual filers will be eligible for up to $250, while married couples filing jointly can get up to $500. The tax rebates are expected to go out in late September. Those who filed their return before July 1 can expect the rebate by Oct. 17, while those who filed after that date but before Nov. 1 can expect their rebate later.
Taxpayers who received their tax refund this year via direct deposit are likely to receive their tax rebate via direct deposit in the same bank account. Other taxpayers will get their tax rebate via the regular mail.
Thus, it is important that the taxation department has your correct mailing address. If there is any change in your name, address or Social Security Number, you should update it with the taxation department by Aug. 15. Go to this link for more information on how to update your name, address or Social Security Number.
Virginia is using its budget surplus to fund this tax rebate. The state had a budget surplus of almost $2 billion at the end of the fiscal year.
Other States Sending Inflation Relief Payments
Residents in many other states will also be receiving inflation checks soon. For instance, individual Colorado residents who filed their tax return by June 30 will get a $750 check by September, while joint filers will get up to $1,500. Those who filed their return by October 17 will get their inflation check by the end of January.
Some Florida families will also be getting some stimulus money soon. Last week, Gov. Ron DeSantis announced plans to send checks of up to $450 per child to lower-income families. About 59,000 families are estimated to qualify for this stimulus money.
California Gov. Gavin Newsom also approved inflation relief checks of up to $1,050 for a married couple with at least one dependent. The first payments are expected to go out in September.
Georgians who filed their 2020 and 2021 tax returns will be eligible for a rebate of up to $500, depending on their tax-filing status.
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