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Submitted By: someone
Answered: March 17, 2023 2:46 am
Answered: March 17, 2023 2:46 am
In 2022, I received a middle class tax rebate from my state (California). Is this taxable?
No. The IRS recently said that special tax payments related to the pandemic made by states are not includible in gross income. The IRS looks at the payments as falling under either the general welfare exclusion or as nontaxable disaster relief payments.
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Tax Glossary
Deferred compensation
A portion of earnings withheld by an employer or put into a retirement plan for distribution to the employee at a later date. If certain legal requirements are met, the deferred amount is not taxable until actually paid, for example, after retirement.
