New "Stimulus" 2022: Massachusetts Tax Refund Begins Kiplinger Kiplinger is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Here's why you can trust us.

New Stimulus Check 2022 Massachusetts Tax Refund Money is Being Sent Now

Massachusetts will return nearly $3 billion to eligible taxpayers beginning in November. (opens in new tab) (opens in new tab) (opens in new tab) Newsletter sign up Newsletter (Image credit: Getty Images) By Kelley R. Taylor last updated 9 November 2022 If you paid personal income taxes in Massachusetts in 2021, and file your Massachusetts tax return by September 15, 2023, you'll get a percentage of the nearly $3 billion dollars in tax refund "stimulus" money that Massachusetts is sending out in November. This Massachusetts tax refund for 2022 comes during a recent trend where states that are flush with cash from post-pandemic budget surpluses, are sending state "stimulus" checks and tax rebates to their residents. For example, a second round of California stimulus check payments of up to $1,050 are underway. And in Virginia, eligible residents who filed their 2021 Virginia tax return by November 1, could receive a Virginia tax "stimulus" rebate of up to $500.

You Can Still Claim $1400 Stimulus Checks, Child Tax Credits and File for Free Before November 17

Massachusetts Tax Refund 2022

But it's important to note that the 2022 tax refund program in Massachusetts is a little different than other state "stimulus" programs because eligible Massachusetts taxpayers will each receive a different amount of money in their tax refund checks. That's because Massachusetts will mail a check or provide a direct deposit that amounts to about 14% of each eligible taxpayer's state income tax liability from their 2021 tax return.

Subscribe to Kiplinger s Personal Finance

Be a smarter, better informed investor. Save up to 74%

Sign up for Kiplinger s Free E-Newsletters

Profit and prosper with the best of Kiplinger's expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of Kiplinger's expert advice - straight to your e-mail. Sign up So, why is Massachusetts returning nearly $3 billion to eligible taxpayers? Well, in 1986, Massachusetts voters approved a law known as Chapter 62F. That law requires Massachusetts to return excess revenue to taxpayers. The law was triggered for the first time in a while because during the 2022 fiscal year, Massachusetts collected state tax revenue totaling $41,812,654,358. (That exceeded the allowable threshold under Chapter 62F by more than $2.9 billion). So, this year, to comply with state law, Massachusetts will return the more than $2.9 billion in excess revenue to eligible taxpayers. When will the Massachusetts tax refunds begin? The first week of November, Massachusetts is expected to send about 500,000 refunds. After that, about a million refunds will be sent each week, until all of the excess revenue funds have been returned to eligible taxpayers.

Who s Eligible for the 2022 Massachusetts Tax Refund

If you paid personal income taxes in Massachusetts in 2021 and filed your 2021 Massachusetts tax return by October 17, 2022, you are eligible to receive a 2022 Massachusetts tax rebate by the end of the year. However, if you haven't filed your Massachusetts tax return, you still have time to do so. As long as you file by September 15, 2023, you can still receive the 2022 Massachusetts tax refund, according to state officials.

How Much Tax Refund Money Will Massachusetts Taxpayers Receive

Eligible Massachusetts taxpayers will generally receive a 2022 tax refund of about 14% of their 2021 Massachusetts income tax liability. However, if you have unpaid taxes or owe child support, the amount of your refund may be reduced by the amount of the outstanding tax liability or unpaid child support.

State Stimulus Checks in 2022-Will You Get One?

When and How Will the Massachusetts Tax Refunds Be Sent

State officials say that eligible Massachusetts taxpayers will start to see tax refund money beginning November 1. (About 500,000 refunds will go out this week, followed by about a million refunds each week after until all of the excess revenue funds are distributed). And if you filed your Massachusetts tax return by October 17, you don't need to do anything else to receive the 2022 tax refund. The Massachusetts tax refund will either arrive in a mailed check or be sent via direct deposit if the state has your banking information available. Direct deposits will be labeled "MASTTAXRFD". And state officials say that tax refund payments will continue to be sent on a rolling, but random basis through December 15. There is a calculator on the state's website to help you estimate how much your tax refund will be. The website also contains answers to frequently asked questions about the 2022 Massachusetts tax refunds. If you have questions about your Massachusetts tax refund, you can contact the call center that has been established at 877.677.9727. That call center is available Monday through Friday, from 9 am to 4 pm ET.

Do the 62F Tax Refunds Favor Wealthy Bay Staters

There has been some criticism and concern that the Massachusetts 62F tax refunds favor high income residents. That's in part because the refund amounts are based on a flat percentage. A Massachusetts Budget and Policy Center analysis puts the likely average amount of the tax refund at about $529 for an average Massachusetts taxpayer. However, data from 2018 indicate that lower income taxpayers could receive tax refunds that are less than $10, while 2020 data show that taxpayers with incomes over $1 million could receive more than $28,000, on average. Overall, the Massachusetts Budget and Policy Center concluded that almost 75% of the nearly $3 billion in tax refunds will go to people whose incomes are in the top twenty percent of Massachusetts' income distribution.

Are There More Federal Stimulus Checks for 2022

It's important to know that the 2022 Massachusetts tax refund and other 2022 state tax rebate checks and state stimulus payments are different from the three rounds of COVID-19 stimulus payments that you may have received from the federal government in the recent past. That federal stimulus check program has ended. However, if you did not receive your third COVID stimulus payment of $1,400, or your 2021 child tax credit, there's still time to file your 2021 federal income tax return and get those funds.

EV Tax Credits Are Changing: What's Ahead Explore More Tax Tips Tax Breaks Kelley R. TaylorTax Editor, Kiplinger.comWith more than 20 years experience as an in-house legal counsel and business journalist, Kelley R. Taylor has contributed to numerous national print and digital magazines on key issues spanning education, law, health, finance, and tax. Kelley particularly enjoys translating complex information in ways that help empower people in their daily lives and work. Latest This Week in Cannabis Investing: Weed Legalization Gains Ground in Midterms Maryland and Missouri became the two most recent U.S. states to legalize recreational marijuana use. By Morgan Paxhia • Published 11 November 22 Warren Buffett's Berkshire Hathaway Slashes Stake in U.S. Bancorp Warren Buffett's holding company continued to lower its exposure to financial stocks, more than halving its stake in USB. By Dan Burrows • Published 11 November 22 You might also like 15 States That Tax Military Retirement Pay (and Other States That Don't) retirement Taxes on military retirement pay vary from state-to-state. How generous is your state when it comes to helping retired veterans at tax time? By Sandra Block • Published 10 November 22 $2.04 Billion Powerball Lottery Jackpot Winner Will Have a Massive Tax Bill The $2.04 billion-dollar Powerball jackpot has its big winner and the federal government will get a big chunk of the prize from taxes. By Kelley R. Taylor • Last updated 11 November 22 What's the Standard Deduction for 2022 vs. 2023? Tax Breaks Most Americans claim the standard deduction on their federal tax return instead of itemized deductions. How much can you claim on your 2022 and 2023 returns? By Rocky Mengle • Last updated 9 November 22 What Are the Capital Gains Tax Rates for 2022 vs. 2023? capital gains tax The capital gains tax rate that applies to a capital gain depends on the type of asset, your taxable income, and how long you held the property sold. By Rocky Mengle • Published 3 November 22 Virginia 2022 "Stimulus" Tax Rebates Many eligible Virginians have received an up to $500 tax rebate check for 2022. By Kelley R. Taylor • Last updated 2 November 22 What Are the Income Tax Brackets for 2022 vs. 2023? tax brackets Depending on your taxable income, you can end up in one of seven different federal income tax brackets – each with its own marginal tax rate. By Rocky Mengle • Last updated 9 November 22 California Stimulus Checks: More Debit Cards Going Out This Week If your last name begins with F to M, a California stimulus payment debit card could be in your mailbox soon. By Rocky Mengle • Last updated 7 November 22 529 Plan Contribution Deadlines Coming Soon in Many States Year-end state deadlines for making 529 college savings plan contributions that can maximize state tax breaks, are coming soon. By Kelley R. Taylor • Last updated 28 October 22 View More ▸ kiplinger About Us (opens in new tab) Terms and Conditions (opens in new tab) Privacy Policy (opens in new tab) Cookie Policy (opens in new tab) Kiplinger is part of Future plc, an international media group and leading digital publisher. Visit our corporate site.
© Future US, Inc. Full 7th Floor, 130 West 42nd Street, New York, NY 10036.