According to the Oregon Department of Revenue, state taxpayers will get 44% of their 2022 Oregon income taxes back via a kicker credit when they file their 2023 taxes.

Officials estimate taxpayers will collectively receive the biggest kicker tax rebate yet at $5.61 billion. Estimates show the median taxpayer will receive about $980. Lower-income citizens will receive much less, according to estimates, with the bottom 20% of taxpayers getting about $60 each. The top 1% could receive rebates of more than $44,000 each because they pay higher tax rates.

The kicker credit goes into effect when state revenue exceeds by 2% or more the economic forecast from two years earlier.

According to reports, taxpayers can claim the credit if they filed their 2022 state tax returns and had taxes due before credits. And they can file for the credit and receive the refund by check or electronic transfer even if they don’t owe taxes on their 2023 income, reports state.

Reports also state taxpayers can find their 2022 tax liability on line 22 of their 2022 Form OR-40. They can multiply that number by 44.28% to determine their kicker refund. If you’re an Oregon taxpayer who has not yet filed a 2022 tax return, you should file soon so you can claim the credit when you file your 2023 taxes.

According to reports, taxpayers can use their kickers to pay state debt they owe, including tax due for other years, child support, court fines and student loans. You can also donate your entire kicker to the Oregon State School Fund by checking a box on your tax returns or donate a portion or all of it to any of the 29 approved charities by using form OR-Donate.

Your refund isn’t found money. You worked for that refund, now let it work for you. According to Credit Karma, here are some options:

· Bulk up your savings with a high-yield savings account, especially when interest rates rise. Savings accounts are good for setting aside cash for short-term goals, and you may want to use one to save for a down payment on a vehicle or plan a vacation. Creating an emergency fund can cushion against unexpected things such as illness, job loss or car accident.

· Pay down high-interest debt from credit cards, a payday loan, medical bills, student loans, etc. By doing so, you’ll pay less in monthly interest, potentially leaving you with smaller payments or lowering the total interest you’ll pay.

· Contribute to a retirement account. The earlier you save and the more you save now, the more you’ll build your retirement funds and benefit from compound interest. Putting your refund into a 401(k), a traditional IRA, a Roth IRA or another account with potential tax advantages can help kickstart future financial security.

· Save for a home. If a goal is to stop renting and buy a home, you’ll need to save up for closing costs and a down payment on a mortgage. A refund can give you a start on the road to homeownership. If you’ve started saving, your kicker could move you along faster.

There are just a few examples of how to spend your refund wisely. More options are listed at bit.ly/3SluXRf.

Many taxpayers often complain about the government not spending tax revenue properly and that legislators just blow it. If you are getting a kicker refund, now is your chance to show the government how to properly spend money.