Although some Massachusetts taxpayers have started to receive their tax returns, there’s still plenty more green to distribute, according to the Department of Revenue.
According to the Department of Revenue, about 40 percent of the expected $2.9 billion has been refunded so far. Mass taxpayers have been awarded 1.3 billion refunds totaling $1.2 billion, according to a Dept. of Revenue spokesperson. All tax revenues are still expected to be returned by December 15.
An estimated 3 million taxpayers are expected to receive a refund.
The state says approximately 500,000 refunds were distributed during first week of November. This includes approximately 375,000 refunds via direct deposit and approximately 950,000 refunds issued via paper check. Refunds issued by direct deposit will be labeled “MASTTAXRFD”.
People who paid the most in taxes will see the biggest refunds, while those who paid the least in taxes will get the smallest refunds, according to the Executive Office of Administration and Finance.
According to the Department of Revenue, the average taxpayer will receive about $530. Taxpayers in the bottom 20% of incomes will get refunds of about $9.
It’s all thanks to the voter-approved tax cap law known as Chapter 62F which was passed in 1986.
Taxpayers who owed state personal income tax last year and already filed their 2021 return are eligible and do not need to take any additional steps to receive their refund.
The state published an online calculator to estimate how much money taxpayers can expect to receive.
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