Up To $500 Checks In The Mail, Extra On The Method In NJ

NEW JERSEY – The state has sent out more than 200,000 rebate checks valued at up to $ 500 since the beginning of the month, officials said. More than half a million more will be sent in the coming weeks.

The checks go to around 760,000 families. Taxpayers are eligible if they meet the following criteria:

  • have at least one dependent child
  • Couples with incomes less than $ 150,000
  • Individuals or married couples who have filed individually with incomes less than $ 75,000
  • income taxes paid in 2020

The first batch came out on July 2, days after Governor Phil Murphy put the $ 46.4 billion state budget into effect. The budget was an estimated $ 319 million for the rebate program, which is roughly what the state estimates millionaires would contribute due to their higher tax rate.

Here are some other things you should know:

What is the authorization based on?

The criteria are based on the gross income – income before taxes and deductions – of the 2020 tax returns.

When do I get the discount?

The state started mailing checks two weeks ago and will be mailing about 100,000 a week.

Do I have to apply?

No. Eligible persons who have filed a tax return for 2020 will automatically receive one.

Can I make a direct deposit?

No. The state sends paper checks.

How much do i get?

Not everyone gets $ 500. Those who have paid less than $ 500 in income tax will receive an amount equal to their amount paid. For example, an eligible family who paid $ 200 in taxes will receive a $ 200 rebate check.

The discount is also prorated for part-time residents based on the number of months they have lived in New Jersey.

What if you have more than one child?

The discount does not take into account the number of dependent children of each parent or couple.

Do I pay tax on the discount?

No. Much like the federal economic checks, you don’t pay any tax on the New Jersey discount checks.

Can the discount be seized for back tax payments?

The checks are subject to individual liability offsetting, withholding tax refunds and benefits from those who owe federal taxes, traffic fines, child support, or other debts.

Comments are closed.