Chicago, IL

IRS makes official statement on stimulus payments in Illinois

Jake Wells

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Have you received some money from the state of Illinois or the city of Chicago during 2022? There were several different programs available that sent out one-time payments to residents. For example, the Chicago Resiliency Fund sent out payments of $500 to some individuals in Chicago.

For several weeks, the IRS wasn't sure about the status the money from these programs. The IRS did not know if the money was taxable and even said not to file your taxes until they released an official statement. Well, the IRS finally released a statement telling you what to do. In an update from the IRS, taxpayers in many states will not need to report these payments on their 2022 tax returns. The IRS determined it will not challenge the taxability of payments related to general welfare and disaster relief.

So this means that people in Illinois who received the $500 payment from the Chicago Resiliancy Fund or any other programs in the state related to welfare or disaster relief will not need to report that on their tax return.

What you can do if you have other questions

If you are ever not sure about an IRS issue, it is always best to talk to a certified professional or you can get in touch with the IRS directly here. There is a handy drop down menu with phone numbers that you can call.

What do you think about this story from the IRS? Please feel free to share your thoughts in the comments.

Disclaimer: Please note that the information in this article for NewsBreak is only for educational and informational purposes.

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# money# taxes# 2023# stimulus# economy

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