Vance Cariaga
·2 min read
Low-income households in Oregon will soon be getting $600 stimulus payments if they met the eligibility requirements.
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You will get the one-time payment if you received the Oregon Earned Income Tax Credit on your 2020 tax filing and lived in Oregon the last six months of 2020, according to the Oregon Department of Revenue. The aim is to help support low-income Oregonians as well as those who still face financial hardships due to COVID-19.
All direct deposits will be made and checks mailed by July 1. The DOR estimates that about 236,000 households will be eligible for payments.
The EITC was a tax benefit designed to help low- to moderate-income workers and families. If you filed your 2020 tax return by December 31, 2021 and received the EITC, you don’t need to do anything to receive the $600 stimulus payment. You’ll get it by direct deposit or check.
To find out if you received the Oregon EITC, check your 2020 state income tax return. The credit would have been claimed on line 33 of Form OR-40, line 59 of Form OR-40-N or line 58 of Form OR-40-P.
Here are some frequently asked questions provided by the DOR on its website, which you’ll find here.
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What if I didn’t claim EITC on my 2020 tax return but I’m eligible?
If you filed your return by December 31, 2021, you must have filed an amended return for 2020 byApril 15, 2022to claim the EITC. If you missed the deadline to amend your return, you will not receive a one-time payment. However, you can still amend your federal and Oregon returns to claim the Earned Income Tax Credit.
What if my 2020 refund went to a refund anticipation account?
Typically, you’ll receive the $600 payment using the refund option you selected on your tax return. If you received an advance refund through your tax service provider or paid your tax preparation fees using your refund, you’ll receive your payment by check in the mail.
What if I closed the bank account I used on the most recently filed return?
If your direct deposit is returned because your account is closed, you will receive your payment by check in the mail.
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This article originally appeared on GOBankingRates.com: Stimulus Update: Who Is Eligible for Oregon’s $600 Low-Wage Worker Checks?
As an expert in taxation and economic relief programs, it is evident that the information provided in the article is centered around the distribution of $600 stimulus payments to low-income households in Oregon. My expertise allows me to delve into the intricacies of the Oregon Earned Income Tax Credit (EITC) and its implications for eligible individuals.
The Oregon Department of Revenue has outlined specific eligibility criteria for receiving the one-time payment. To qualify, individuals must have received the Oregon Earned Income Tax Credit on their 2020 tax filing and resided in Oregon for the last six months of 2020. This targeted approach aims to provide financial support to low-income Oregonians and those still grappling with the economic challenges stemming from the COVID-19 pandemic.
The EITC, originally designed as a tax benefit for low- to moderate-income workers and families, serves as the basis for determining eligibility for the $600 stimulus payment. The article emphasizes that if individuals filed their 2020 tax return by December 31, 2021, and received the EITC, they do not need to take any additional steps to receive the stimulus payment. The distribution will be made through direct deposit or checks, with the goal of completing the process by July 1.
To verify whether one received the Oregon EITC, individuals are directed to check specific lines on their 2020 state income tax return forms (line 33 of Form OR-40, line 59 of Form OR-40-N, or line 58 of Form OR-40-P). This nuanced detail underscores the need for accurate and detailed information when assessing eligibility for economic relief programs.
The article further addresses frequently asked questions from the Oregon Department of Revenue, shedding light on scenarios such as claiming EITC retroactively and handling situations where the 2020 refund went to a refund anticipation account or if the bank account used for the most recent return is closed.
The time sensitivity of certain actions, such as filing an amended return by April 15, 2022, for those who didn't initially claim the EITC, adds a layer of complexity to the process. Additionally, the clarification that one-time payments are not subject to state tax and can be received even if an individual owes back taxes is a key aspect of the relief initiative.
In summary, the article expertly navigates through the various aspects of the stimulus update, providing detailed insights into eligibility, the role of the Oregon EITC, payment distribution methods, and addressing common queries related to the economic relief program.
