Wealth

IRS: Residents of more than a dozen states do not need to report ‘special payments’ for welfare, disaster relief on their federal return

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The IRS on Friday issued federal tax guidance for millions of Americans who received state rebates or payments in 2022.

The announcement came about a week after the agency had urged those taxpayers to hold off on filing while it determined if the funds are taxable on federal returns.

This is breaking news. Please check back for updates.

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