Are you one of the many Hoosiers that does not know why you received a refund of $125? You probably just saw the deposit or check and did not question it since money coming into your account is always good. Don’t worry! That was not a mistake! Every taxpayer in Indiana should have received $125 through direct deposit or check. Here’s why…
At the end of Indiana’s fiscal year, it had almost $4 billion in reserves. A law in this state requires Indiana to pay back some of that money if its reserves are 12.5% of the general fund or higher. This year IN is returning $545 million to Hoosiers.
Every taxpayer that filed a 2020 tax return should receive a $125 ($250 if MFJ) refund from IN. If bank information was provided on the return, you should expect a direct deposit. If no bank information was provided, then a check will be issued. These refunds should be coming around May-June (checks could probably take longer). This is NOT a refund for your tax return, and you should definitely still file your 2021 tax return if you have not done so.
There might be a chance your refund does not get to you and will be withheld for some reason. Maybe you owe child support or have unpaid taxes to the federal or state, but if that is the case, IN will send you a letter explaining why you did not receive the refund.
Michael Salazar
The post IN Automatic Refunds – $125 ($250 MFJ) appeared first on SBS CPA Group, Inc..
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