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Submitted By: someone
Answered: March 17, 2023 2:46 am
Answered: March 17, 2023 2:46 am
In 2022, I received a middle class tax rebate from my state (California). Is this taxable?
No. The IRS recently said that special tax payments related to the pandemic made by states are not includible in gross income. The IRS looks at the payments as falling under either the general welfare exclusion or as nontaxable disaster relief payments.
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Tax Glossary
Carryback
A tax technique for receiving a refund of back taxes by applying a deduction or credit from a current tax year to a prior tax year. For example, a business net operating loss may be carried back for two years.
