Friday, January 28, 2022

Is the U.S. Government Taxing Third Payments? Stimulus Checks 2022

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Outsiders, don’t be concerned. In 2022, your third stimulus check will not be taxed.

It’s tax season, which means that folks all throughout the country are getting ready to file their income taxes with Uncle Sam. And, with so many government changes taking effect this year, many Americans are looking into what income is and isn’t taxable, particularly as they approach their third stimulus check.

This payment was made possible by the American Rescue Plan, which was passed in March 2021. Individuals might receive up to $1,400, while married couples filing jointly could receive up to $2,800. Parents may be eligible for an additional $1,400 for each kid or dependent. The Internal Revenue Service had already made over 171 million payments by July of this year.

While many were concerned that the money would drive them into a higher tax bracket, the IRS has stated that the stimulus payments will not be included in their gross income.

“As a result, on your 2021 federal income tax return, you will not include the third payment in your taxable income or pay income tax on the third payment,” the IRS noted on its website. “When you file your 2021 Federal income tax return in 2022, it will not lower your refund or increase the amount you owe.”

Stimulus Checks 2022: Remote Workers in Vermont May Be able to Earn More Money
The state of Vermont is aiming to expand its remote workforce. It’s also willing to pay $7500 to anyone who is willing to relocate.

The “stimulus cheque” is essentially a grant for new remote workers. According to Think Vermont, it is also available to anyone who moves to Vermont while continuing to work for an out-of-state employer.

People can only apply for the program if they move to Vermont on or after February 1, 2022.

Remote employees must become full-time residents of the state to be fully qualified. Furthermore, they must be a full-time employee of their organization. The new resident can work from the out-of-state office on occasion, but they should do the majority of their work from home.

Grant recipients can work from a home office or a rented co-working location in Vermont. However, their earnings must meet the state’s liveable wage criterion of $13.39 per hour, or $26,780 per year. In addition, every remote worker in Vermont is required to pay the state’s income tax.

Furthermore, anyone desiring to relocate will have to pay for their own moving expenses before the state will provide the funds. Those fees might come from a variety of sources, including hiring a moving company, renting moving trucks, and purchasing packing goods, among others.

The New Remote Worker Grant application season begins on February 1st. To find out how to be notified when the application portal opens, go to Think Vermont’s website.

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