MONEY COMING: Relief payments of $200 arriving to millions of Americans in DAYS – the exact date they will arrive by

MILLIONS of Indiana residents have $200 on the way to their bank accounts. The payments are part of the 

state

’s Automatic Taxpayer Refund law signed by Governor Eric Holcomb earlier this month. This legislation allocates an additional $200 per qualifying individual and $400 for those filing jointly. The state began 

issuing

 the 1.5million direct deposits for the $200-per-taxpayer rebates earlier this week.

Payments should appear in bank accounts around August 24, according to the Indiana Department of Revenue. But some taxpayers could receive the checks as early as August 18 if there are no delays. If Hoosiers have not received their $200 checks by November 1, they can contact the Indiana Department of Revenue with questions. All Indiana taxpayers who have not seen their initial $125 payments because of the state’s shortage of paper supplies should expect to see $325 checks by early October.

Who qualifies?

Every Indiana taxpayer who qualified for the $125 Automatic Taxpayer Refund earlier this year is eligible for the $200 Automatic Taxpayer Refund. However, some taxpayers who were not eligible for the initial $125 will qualify for the $200 Automatic Taxpayer Refund. This includes those who have received Social Security benefits during the calendar year 2022 and who have not been claimed as a dependent on a 2022 Indiana income tax return. These taxpayers must file a 2022 Indiana resident tax return to claim the $200 before January 1, 2024. But instead of a direct payment, they will receive a $200 tax credit toward any additional taxes or refund due.

Other states giving refunds

Indiana isn’t the only state offering residents tax rebates to offset inflation. Colorado residents will also receive refund checks in late August if they filed taxes. Meanwhile, 60,000 eligible Floridians are set to receive $450 if they are foster parents or fit a special list of criteria.

Hawaii is also planning to send out rebate checks this month. If you're hit with a surprise tax bill, it's important to know what steps to take.

*Source: Sun