Virginia Releasing $500 One-Time Payments To Eligible Residents In October

Channelocity

With the unbelievable costs of inflation impacting many residents in Virginia, it comes as a welcome surprise that many residents may be receiving a tax rebate in October and the fall months.

According to the Virginia Department of Taxation, almost anybody who had a tax liability in 2021 will receive a tax rebate if they apply, with up to $250 available for individual filers and $500 for joint filters.

Although this rebate is not the same as a government stimulus payment, it's intended to lessen the burden on people who owe money. The term “tax liability” refers to the amount of tax that an individual owes to the state throughout the year, minus any credits, subtractions, or deductions. Anybody who owes the government money in Virginia, therefore, can use the tax rebates to offset that debt and reduce the amount that they owe. The rebates will be issued on October 16 and received by eligible recipients on October 31.

What You Need to Know About the 2022 One-Time Tax Rebate

The official Virginia Tax website states:

Not every taxpayer is eligible. If you had a tax liability last year, you will receive up to $250 if you filed individually, and up to $500 if you filed jointly

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. We’re unable to provide taxpayer-specific information about eligibility at this time.

We won’t start issuing tax rebates until fall 2022

If you're eligible and filed by July 1, we’ll send your rebate by October 17, which means you should receive it by October 31. 

You must file your taxes by November 1 to receive the rebate. See Individual Income Tax Filing for your filing options. 

Some taxpayers will receive the rebate by direct deposit and some will receive a paper check

If you received a refund by direct deposit this year, you’ll likely receive your rebate by direct deposit in the same bank account, with the description “VATXREBATE”. All other eligible taxpayers will receive their rebate by paper check in the mail. 

  • If you've moved in the last year and have a current forwarding order with the USPS, then your check will be forwarded to your new address.
  • We’re not able to update your bank account information. If the bank account where you received your Virginia refund by direct deposit is closed, call us at 804.367.8031, and we can mark it as an invalid account. You’ll receive your rebate by a paper check in the mail. 

Virginia is not the only state offering this benefit. For example, in Colorado, taxpayers will receive rebates of $750 for individual filers and $1,500 for joint filers in summer 2022. And in Florida, around 59,000 Florida families are receiving a one-time payment of $450 per child as part of the governor's new budget, spokeswoman Christina Pushaw explains in a tweet.  The one-time payments are going out to 59,000 eligible Florida families. Foster families, adoptive families, and single parents are eligible for the payments, Casey DeSantis said during a visit last week in Tampa.

Virginia residents, are you going to apply for this rebate? Let us know in the comments!

Comments / 57

Published by

News stories, relationship articles, scientific discoveries and more.

Virginia Beach, VA
10752 followers

More from Channelocity

Comments / 0