Payments of $250 and $500 will be sent to millions but only if you file taxes before the summer deadline

• Payments of $250 to $500 will be sent to millions of Americans.
• Millions of residents could benefit from direct payments.
• You must file your taxes before the summer deadline.

Extra income that nobody wants to miss out on. Millions of residents in one state could be entitled to receive tax refund payments worth up to $500, but they have to file taxes before the summer deadline, according to The Sun on July 3.

Many state governments have tried to provide extra help to residents since the Covid-19 pandemic hit. In this sense, the General Assembly of Virginia approved a tax refund for residents who meet the requirements.

Payments of up to $500 for those who meet the requirements

Virginia residents who filed their taxes before July 1, 2022 will likely receive their refund during September or October of this year. A resident’s tax liability, which is the amount of tax they owe minus any credits throughout the year, will determine whether they receive the lump sum payment, The Sun explained.

Individual taxpayers in this state can get a payment of up to $250, reported WJLA. Meanwhile, couples who filed their taxes jointly can receive a payment of up to $500, according to The Sun.

Money will be sent via check or direct deposit

Residents who think they may qualify for the tax refund should file their taxes by Nov. 1, according to the Virginia Department of Revenue. The tax refund is expected to be sent via check or direct deposit, depending on how the individual received their tax refund.

Residents should also make sure their information, such as mailing address, name or Social Security number, is up to date with the state tax department. Anyone who needs to update their information has until August 15 to do so, WJLA said.

Help to fight inflation

The reimbursement is funded by a state budget surplus of $1.2 billion. Virginia joined other states in issuing tax refund checks this year as lawmakers work to deal with skyrocketing prices and a rising cost of living.

Some states are sending residents money in the form of tax refunds and Colorado plans to do so in the fall. Under the revised tax refund program, individuals will get $750 and joint filers will get $1,500. While Governor Jared Polis urged residents to file by June 30, they can still receive a payment if they file before the extended filing deadline of October 17, The Sun reported.