$128,000 in Tax Rebate Checks Reissued: Minnesota Residents Receive Second Chance at $1 Billion in Financial Assistance!

Minnesota Department of Revenue Reissues 128,000 Expired Tax Rebate Checks

Nearly 2.1 Million Direct Tax Rebate Payments Totaling Almost $1 Billion Distributed Under May 2023 Law

According to MARCA, to ensure Minnesota residents receive their entitled financial assistance the Minnesota Department of Revenue has reissued 128,000 one-time tax rebate checks that went uncashed last year and subsequently expired. These checks have been sent to the most recent addresses on file and will remain valid for two years. Originally nearly 2.1 million Direct Tax Rebate payments were distributed under a law passed in May 2023 amounting to almost $1 billion. The payments, determined based on 2021 income tax or property tax refund returns, were initially disbursed by direct deposit or paper check in August and September with subsequent reissues for unclaimed checks in November, December, February, and March. This reissuance ensures that residents who may have missed the initial disbursement still have access to their funds, reflecting the state’s commitment to financial support for its residents.

The rebate law offered up to $1,300 to eligible taxpayers with $520 for married couples filing jointly and earning $150,000 or less in adjusted gross income and $260 for single individuals earning $75,000 or less. An additional $260 was available for each dependent claimed up to three dependents for a maximum of $780. To qualify, individuals needed to be Minnesota residents for part or all of 2021 and file either the 2021 Form M1 or the 2021 Form M1PR by December 31, 2022. Recipients also had to ensure they were not claimed as dependents on someone else’s 2021 Minnesota income tax return. Deceased taxpayers before January 1, 2023, were ineligible except for surviving spouses from eligible married couples who could claim the full rebate. These criteria aimed to target the funds to residents meeting specific residency and income requirements.

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$128,000 in Tax Rebate Checks Reissued: Minnesota Residents Receive Second Chance at $1 Billion in Financial Assistance! (PHOTO: NCBlpc)

Minnesota Department of Revenue Ensures Clarity on Tax Implications of Rebate Payments

It is important for recipients to note that the IRS has determined these rebate payments are taxable on federal returns. All recipients will receive Form 1099-MISC for use when filing their 2023 U.S. individual income tax returns. This requirement means that recipients need to be aware of the tax implications of these payments. The initiative by the Minnesota Department of Revenue highlights the state’s commitment to providing financial relief to its residents and underscores the importance of ensuring such payments reach those who are eligible. By reissuing the uncashed checks and providing clear guidelines on eligibility and taxation, the state aims to maximize the benefit of the rebate program and support the financial well-being of its residents.

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