Look Out! A Check Might Be On The Way From Your State!

1 Nov 2022 · 3 min

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2:42

Donna Genie explains how states are sending refunds from excess federal COVID funding. South Carolina is giving about $700 per person to anyone who filed taxes and filed a state return by October 17. You'll get it by direct deposit or check by year-end.

Questions this video answers

October 17 (filed on time).

Approximately $700 per person (estimate).

People who filed a South Carolina state tax return by the deadline and who paid state taxes (refund based on taxes paid).

Direct deposit if direct-deposit info is on file; otherwise mailed checks by the end of the year.

me@donnaalculatedmoves.com

Chapters

There's some new trends with refunds from state governments that you ought to be aware of. Many states have now excesses in their budget because they received a lot of COVID funding from the federal government that they did not use. Some states, depending on their political position, are deciding to give that money back to its citizens, its taxpayers from the state. Now, each state may have different rules about how this works, but you should watch for this information. South Carolina is the latest state in the nation who is giving refunds back. Their rules were that you have to have your tax return filed by October 17th, so you have to be filed on time. And then after that is done, they're going to figure out how much their excess is and they will begin issuing refund checks or direct deposits back to their taxpayers in their state. To qualify, you have to have paid taxes. So it's not a refund that everybody in the whole state is going to get. It is specifically based on how much tax you paid. They're estimating that amount to be $700 per person right now. Now, what I don't know is if you're filing a joint return, is that 700 per taxpayer or per tax return? I believe it's probably per tax return and obviously it's probably not worth it to go through file married filing separately because you're just dwindling the amount of taxes paid in a lot of cases. So it's not really a tax plan planning move. It's more of an afterthought. So if you have a tax return filed in the state of South Carolina and you paid more than $700, you may be eligible for a refund coming in your mailbox soon. If you had a direct deposit of a refund, they are saying they will direct deposit this additional refund per citizen if you had a balance due or they don't have direct deposit information on file, they'll be mailing checks by the end of the year. So watch for other states. This trend is happening all across the nation. Please follow us on Facebook and Instagram. Please make sure to check out our blog and our website linked below. Subscribe to our YouTube channel and hit the bell. To be notified when we post, email me@donnaalculatedmoves.com.