2023.02.11 Broadcast - IRS Issues Important News Regarding State Tax Payments
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IRS Issues Important News Regarding State Tax Payments
The Internal Revenue Service has issued guidance clarifying the federal tax status involving special payments made by 21 states in 2022. The IRS has determined that taxpayers in many states will not need to report these payments on their 2022 tax returns. See IRS News Release IR-2023-23 for complete details resolving this unique situation.
This content is intended for general information purposes only, and should not be construed as legal, tax or other professional advice.
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The following table is adapted from the IRS announcement. Review the IRS guidance and state instructions for details.