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Arizona Families Rebate Recipients Required to Report Rebate Income on Tax Returns

tax-rebate

As the 2024 tax season commences, the Arizona Department of Revenue (ADOR) is advising taxpayers about important changes regarding the Arizona Families Tax Rebate. According to the Internal Revenue Service (IRS), this rebate, which was distributed to eligible taxpayers, is subject to federal income tax and must be included in the federal adjusted gross income.

It is crucial for taxpayers to understand that while the rebate is taxable at the federal level, it is not subject to state income tax in Arizona. As a result, when filing their 2023 Arizona individual income tax return, recipients of the rebate should subtract the amount from their federal adjusted gross income.

To facilitate accurate tax reporting, ADOR is preparing to send statements to affected taxpayers, directing them to access their Form 1099-MISC online. This form, which details the amount of the rebate received, is mandated by federal law to be issued to taxpayers as an informational statement. It plays a critical role in ensuring the correct reporting of income on tax returns.

Taxpayers are also encouraged to refer to their bank statements to verify the amount received from ADOR for the Arizona Families Tax Rebate. It is important to note that the statement provided by ADOR is not a bill, and no payment should be sent in response to it.

Starting January 31, ADOR is enhancing its online services by adding Form 1099-MISC to its portal. This will enable taxpayers to easily search, download, and print their 1099 forms via www.AZTaxes.gov. This addition aims to streamline the process for taxpayers and ensure compliance with tax regulations.

Form 1099-MISC, known for reporting miscellaneous compensation and other payments, will be issued to primary taxpayers who received the Arizona Families Tax Rebate in 2023.

For more detailed information and guidance on the Arizona Families Tax Rebate and associated tax reporting requirements, taxpayers are encouraged to visit the ADOR website.
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Friday, 19 July 2024

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