If you're a resident of Hawaii, here is some fantastic news for you. You can expect a refund as early as this week. Governor David Ige signed a measure providing one-time tax refunds called Act 115. Recently, Ige shared that refunds would be sent out in the next 48 hours.
Hawaiians should start seeing direct deposits of a one-time tax refund on Friday. Close to $300 million is being returned to taxpayers," Ige said. (source)
Those who earned less than $100,000 will get $300, while residents making more than $100,000 will receive $100. A qualifying family of four could receive $1,200.
How much will you be getting from the state?
Individuals who file a 2021 Resident Tax Return (Form N-11) on or before December 31, 2022 will get a refund. (source) The amount of the refund is calculated by simply multiplying the number of exemptions that a taxpayer is eligible to claim by the amount of $100 or $300.
The specific amount per exemption is based on the taxpayer’s federal adjusted gross income.
So, if you are an individual who earned more than $100,000 or a couple filing jointly who earned more than $200,000 the amount is $100 per exemption.For the individuals who earned less than $100,000 in 2021 and couples who earned less than $200,000 will get $300 per tax exemption. So if you have four people, that would mean a payment of $1,200.
What do you think about this news about tax refunds?
I'd love to hear your thoughts in the comments.
Disclaimer: Please be aware that this article is only for educational and informational purposes.