Millions of Americans may soon receive so-called “inflation refund checks” — but there’s a big catch. Are you eligible?
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Here are more details on the refund checks, including who qualifies and how much they’ll be.
Who Qualifies?
The New York State Office of Taxation and Finance announced it’ll be giving inflation refund checks to New York residents for the first time. New York Gov. Kathy Hochul announced the payments were part of the state’s budget to combat inflation. “This is your money and we’re putting it back in your pockets,” Hochul said.
As noted by People, here are some things to know about qualifying:
- You must have resided in New York for a full year during 2023.
- You must have filed a New York tax return for 2023.
- Those who were only a part-time resident in New York as well as those who were claimed as a dependent by another taxpayer aren’t eligible.
The checks have just begun going out, so those who are eligible could receive one soon.
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How Much?
Speaking of taxes, according to New York officials, individuals who filed as single may receive up to $200. Married couples filing jointly or qualifying surviving spouses may receive up to $400. Married couples filing separately and heads of household may receive up to $200.
Eligibility for different amounts is based on income. Single filers making $75,000 or less will likely receive $200. Married couples filing jointly and qualified surviving spouses with incomes up to $150,000 may qualify for the $400 refund amount. Married couples filing separately and heads of household making $75,000 or less may qualify for a $200 check.
You don’t need to do anything to receive the refund checks, as they’ll be automatically sent to the address on your 2024 tax return. They’ll be sent over a multiple-week period through November, per the New York governor’s website.
Be Aware of Scams
Those eligible for an inflation refund check may be the target of scammers. As reported by CBS News, the New York governor warned New Yorkers that scams are coming in the form of texts, emails, voicemails and direct mail. As part of the scam, individuals are being asked to submit their payment information to receive the check.
However, residents who are eligible do not have to take any action to receive these checks, so be on the lookout for any scams.
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This article originally appeared on GOBankingRates.com: Over 8 Million People Could Receive an Inflation Refund Check This Fall: Are You One of Them?
