When Will Indiana Taxpayers Receive Their Bonus $125 Automatic Refund?
If you haven't filed your 2021 taxes yet, spoiler alert, the deadline to file is April 18, 2022. It can be stressful and time-consuming, but it must be done. There is some good news for Hoosiers, though. We could be getting a little reward from the state, because of a surplus.
What's a Surplus?
Over 4 million Hoosier taxpayers will receive a little bit of a bonus this year. In a news release, Indiana Governor Eric Holcomb explains it like this;
“Despite a pandemic, Indiana exceeded all expectations and closed the state fiscal year with an unprecedented amount in reserves. We have an obligation to put this money back in the hands of taxpayers instead of leaving it in the hands of the government.”
That surplus adds up to an estimated $545 million dollars that will be returned to Indiana taxpayers. This equals $125 dollars for qualifying taxpayers. Yay! But, where is it?
When Will the Automatic Refund Arrive?
If you have already completed your 2021 tax returns, you are probably wondering where this extra $125 is. According to the Automatic Taxpayer Refund page at IN.GOV, we should see this one-time deposit in our bank accounts beginning in May 2022, and throughout the summer. Your timeline depends on when and how you filed your taxes.
Am I Eligible for the Refund?
You will receive an Automatic Taxpayer Refund if you filed an Indiana resident tax return for the 2020 tax year with postmark date of Jan. 3, 2022, or earlier. An Indiana resident tax return means you filed your state taxes using one of the following:
- Form IT-40, Indiana Full-Year Resident Individual Income Tax Return.
- Form IT-40PNR, Indiana Part-Year or Full-Year Nonresident Individual Income Tax Return, if you were married and filed jointly AND you were an Indiana resident for the entire year (2020).
- Form SC-40, Unified Tax Credit for the Elderly AND you resided in Indiana for more than six months in 2020.