2.75 million taxpayers have benefited from $856.5 million in tax refunds, and $90 million will be allocated over the following days, the Department of Revenue said.
The Distribution of Tax Refunds
According to recent reports released by 11Alive, the Georgia Department of Revenue is on its way to hitting its target of distributing the majority of the expected Georgia surplus tax refund cheques to recipients by the end of the month.
The information was disseminated in a Tuesday update from the Georgia DOR. The agency reports that as of June 15, 2.75 million Georgia taxpayers had received close to $856.5 million, with a further $90 million set to be dispersed to eligible individuals.
The governor and legislature of Georgia chose to revert $1 billion of the state’s very significant budget surplus to taxpayers in the form of tax refunds. Gov. Brian Kemp approved the legislation implemented into law in March, authorizing the Department of Revenue to distribute the payments, which will be made in the same manner as the tax refunds made to taxpayers last year.
Similar to last year, they are organized as follows: $500 for jointly filed returns by married couples; $375 for filers who are single and have dependents; $250 for single taxpayers.
Submission of Application for the Tax Refunds
One of the requirements includes Georgia employees who paid state income tax in 2021 and 2022. To guarantee that they would receive the most recent payment, taxpayers had to submit by the deadline of April 18 (the same deadline as federal Tax Day). Usually, payments are made by July 1st.
What if I haven’t received the payment yet?
If you are still waiting for your returns, Andrew Poulos, a financial expert with 11Alive, advised you not to panic and patiently wait. He is very certain that everything is moving forward, he remarked. “I’d give it a couple more weeks,” Poulos told the taxpayers who already submitted their tax returns by the deadline of April 15 but did not receive the returns yet. “The Department of Revenue is processing tax returns as a priority,” he continued. “That’s the top priority, and then they give the people who are eligible the budget surplus checks.”
An estimated 1.1 million Georgian filers paid their taxes on extension, according to the Department of Revenue. Refunds will not be compensated to them unless they will submit their application. You won’t be receiving the additional return until it has been processed, which might take until late October to December, according to Poulos. Poulos said that it’s crucial to remember that not everyone is eligible for a portion of the budget surplus cheques.
He clarified, “And you cannot receive more than your tax liability. If you submit a tax return and, on your state, return you have zero tax liability, then you will not receive any refund. You will be able to receive up to $250 if you are a single taxpayer; however, let’s assume that your Georgia tax obligation is only $100. You will receive a $100 reimbursement check for any budget surplus. Therefore, it cannot be greater than your liabilities. Poulos adds that you won’t be eligible if your 2021 tax return hasn’t been complied with.