Indiana taxpayers are slated to receive a $125 state tax refund
Posted on January 10, 2022
Although it may sound a bit like a scam, this bit of good news is actually completely true, according to Teipen CPA Group Mike Poynter.
Indiana Governor Eric Holcomb announced last month that all Hoosier taxpayers will receive a $125 refund after they file their 2021 taxes.
“Despite a pandemic, Indiana exceeded all expectations and closed the state fiscal year with an unprecedented amount in reserves,” said Governor Holcomb. “We have an obligation to put this money back in the hands of taxpayers instead of leaving it in the hands of government.”
How much overage is in state coffers?
- An estimated $545 million will be given back to approximately 4.3 million Indiana residents.
- The Governor says he is working with the Indiana General Assembly to make an additional 910,000 taxpayers eligible.
- Once legislation passes, the Department of Revenue (DOR) will begin processing payments.
Since the average Indiana taxpayer liability is approximately $1000, this refund represents a 12-to-13 percent one-time tax cut.
Will you still get a refund if you need to file for an extension?
According to CPA Mike Poynter, the Indiana Department of Revenue states that taxpayers who apply for an extension will still receive the payment after they file their return.
The Department of Revenue says they expect to complete preparations of taxpayer refunds by the 2021 filing due date of April 18, 2022. Checks may begin to be mailed as early as May 1, 2022.