The South Carolina Division of Income is issuing shut to 1 billion {dollars} in state tax rebates earlier than the top of the 12 months, however solely to those that have filed their 2021 SC Particular person Revenue Tax returns by October 17, 2022. That is the deadline that was set for extension filers, and the rebate is predicated on the taxpayer’s tax legal responsibility as much as a certain quantity.
Taxpayers who’ve filed their 2021 Particular person Revenue Tax return by the deadline will obtain the rebate quickly. The rebates will probably be issued earlier than December 31, 2022, and married {couples} submitting joint returns will obtain one rebate. Those that haven’t filed an SC Particular person Revenue Tax return by October 17, 2022, or taxpayers who haven’t any state Particular person Revenue Tax legal responsibility for the 2021 tax 12 months, is not going to be eligible for the rebate.
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The quantity of the rebate is determined on the 2021 SC1040 type by including the refundable credit, traces 21 and 22, and subtracting these credit, if any, from line 15. If that quantity is lower than the rebate cap decided by the SCDOR after October 17, the taxpayer will obtain that quantity. Whether it is better than or equal to the cap, the taxpayer will obtain the cap quantity in stimulus examine.
Stimulus Test Funds Are On-going
For many taxpayers, the SCDOR will challenge stimulus examine rebates in a lot the identical method they issued refunds this 12 months. If the taxpayer acquired a refund by direct deposit, the SCDOR will use the identical checking account to challenge the rebate by direct deposit. If the checking account has modified since receiving the 2021 direct deposit refund, the taxpayer should notify the SCDOR by November 1.
Hurricane Ian tax reduction has postponed the extension deadline from October 17 to February 15, 2023, and taxpayers can file by the prolonged due date and nonetheless be eligible for a rebate stimulus examine, however they won’t obtain their rebate till March 2023.
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The South Carolina legislature authorized the rebates in June as they finalized the state price range, and taxpayers don’t have to ship their self-calculation or any further data to the SCDOR to obtain their rebate.
For extra data, taxpayers can join with the SCDOR on Facebook, Twitter, and subscribe to ReveNews to remain up-to-date with the newest information, tax suggestions, and out there sources.
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