Massachusetts taxpayers who haven’t yet claimed the 2022 tax credit need to hurry up, as the deadline to claim the credit is just days away. The deadline to claim this 2022 Massachusetts tax credit is September 15. So, if you haven’t yet filed your 2021 state tax return, you need to do so by the end of this week.
2022 Massachusetts Tax Credit: Who Will Get It And How Much?
Massachusetts started distributing the 2022 tax credit in November 2022. Residents who have already paid their personal income taxes in Massachusetts in 2021 by the extended deadline of Oct. 17, 2022, would have already received the credit.
However, if you haven’t yet filed the return, you can do so by Sept. 15, 2023, to claim the 2022 Massachusetts tax credit. It must be noted that the credit won’t be treated as taxable income.
Eligible taxpayers will get the credit through direct deposit or a physical check through the mail. You will only get it by direct deposit if the state has your banking information. The direct deposit will be labeled as “MASTTAXRFD.”
Eligible taxpayers can get about 14% of their state personal income tax liability for the tax year 2021 in the form of a credit. However, your credit could be reduced if you have unpaid taxes or owe child support. You can use the calculator on the state’s website to estimate your credit amount.
Anyone who has paid their state personal income taxes for the 2021 tax year and filed a 2021 state tax return, is eligible to receive the credit. It must be noted that both residents and non-residents are eligible for the credit.
Chapter 62F: What Is It?
The tax credit is not new; it was created in 1986 through Chapter 62F. It requires the government to approve a tax credit if the state revenue is more than the annual cap tied to wage and salary growth. Although it was created in 1986, it has been triggered twice (1987 and 2022). For the fiscal year 2022, revenue exceeded the set cap by about $2.9 billion.
Massachusetts’ Department of Revenue has warned taxpayers to avoid scams involving tax credits. The department has cleared that it never contacts anyone via phone, email or social media channels regarding the 2022 62F tax refund.
In case you receive any phone call, text, or email asking you to share information or make a payment to get your tax credit, it is a scam, the Department of Revenue said. Also, the department informed that it has not authorized any entity or person to help taxpayers in speeding up the tax refund process.
For more information on the 2022 Massachusetts tax credit, visit the state’s website, or contact the call center at 877-677-9727 (available Monday through Friday, from 9 a.m. to 4 p.m. EST).