Best Ways To Keep Up With This All
If youre having trouble keeping track of what this all means and who may be eligible, youre not alone. Continue to follow along at BGR.com but also check your own states government websites to see if youre eligible for more money. Plus, theres the aforementioned IRS portal and the U.S. Department of Treasury links for COVID-19 relief.
State Treasurer’s Office Covid
CARES Act Update The state receives its second payment of CARES Act relief funds in the amount of $906,880,279, completing the $1.9 billion allocated for South Carolina.
Maintaining Good Financial Habits in a Time of COVID-19 Treasurer Loftis shares important steps to take during this time to ensure peace of mind and financial well-being.
CARES Act Update A partial payment of $998,234,321 in CARES Act relief funds is received by the State Treasurers Office, properly accounted for and prudently invested pursuant to state law.
Notice of Direct Mail Effective March 30, 2020 Guidance related to the direct mailing of all vendor and payroll checks to payees.
State Stimulus Checks : What To Know About Payments Coming Next Year
In March 2020, the American economy went into full shutdown mode in response to the coronavirus pandemic. Nearly immediately, the U.S. government implemented a series of stimulus packages in an effort to support businesses and consumers.
Although the federal payments have long since run out, some states which were later to the game are still in the process of distributing aid. While many programs are slated to end in 2022, a few states still have 2023 payments on their schedule. Heres a quick look at the states that still have payments coming next year.
Stimulus Check Scams And Hoaxes
Of course, popular demand for widely distributed stimulus payments, and the confusing political maneuvering that goes into crafting stimulus bills, creates an information gap that’s easily exploited by scammers.
Even with the first wave of stimulus checks in 2020, we saw bogus email messages that pretended to be from the IRS, promising “an important update on your Covid relief fund.” But they just took you to phishing sites that wanted your Social Security number and other sensitive bits of information.
Following the second stimulus bill at the beginning of 2021, those email phishing attempts were joined by scam phone calls demanding your personal details so that you could be “cleared” to receive more stimulus checks.
In March, as President Biden’s American Rescue Plan was making its way through Congress, new phishing emails promised the moon: a $4,000 stimulus check, a boost in the minimum wage, free meals and, best of all, priority treatment that let you skip lines at COVID-19 vaccination sites.
Most recently, cruel pranksters have been passing around posts on Facebook that a fourth stimulus check worth $2,500 is coming by the end of July. Don’t believe it, and don’t believe the phishing websites that claim to register you for child-tax-credit advance payments.
In fact, most parents and legal guardians don’t need to do anything to get the payments they’ll just show up in your mailbox or bank account.
How Much Money Is Coming
This next stimulus payment will also bring the same amount of money that recipients got last time. For every child between the ages of six through 17, each of the six monthly checks will include $250. The amount is $300/month for each child under age six.
If you add up all six of those checks you receive, you will also get that amount again next year. Just as a single lump sum, instead. It will come in the form of a tax credit when you file your federal taxes in 2022.
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Federal Funding Retention Bonuses
Several states have decided to use some of the federal money as retention bonuses for their teachers, as most schools are expected to open in-person this year, AS reported. The bonuses also acts as a thank you for the particularly rough school year most teachers had to endure.
Florida allocated a $1000 check to most teachers and administrators, but controversy arose when Governor DeSantis notably left some educators out. The situation is still developing.
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Georgia has one of the more generous plans, with Governor Kemp authorizing all full-time teachers and administrators to receive $1,000 checks, with part-time teachers receiving $500. There is a plan underway to provide for pre-K educators as well.
Although a retention bonus like Georgia and Florida has not yet been outlined, Michigan sent out $500 hazard pay bonuses to its teachers earlier in the year.
Tennessees state government passed a bill in June that scrapped an expected 2% raise and replaced it with a $1,000 check it labeled as a hazard pay bonus to full-time teachers. Part-time teachers get $500. Eligible individuals will receive their checks by the end of the year.
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When And How Are Payments Being Issued
Stimulus payments are being issued by Californiaâs Franchise Tax Board via direct deposit and debit cards.
If you received either of the two previous Golden State Stimulus payments by direct deposit, you should have received your Middle Class Tax Refund by direct deposit between October 7 and October 25.
Otherwise, if you filed your 2020 California tax return electronically and got a refund by direct deposit, you could expect to receive a direct deposit relief payment by November 14.
Debit cards will be used to distribute the remaining payments. If you received the Golden State Stimulus by debit card, you can expect to receive a debit card for the Middle Class Tax Refund. All payments by debit card will be sent by January 15, 2023.
Earlier this fall, the FTB said 90% of payments were expected to be issued in October, and 95% would be distributed by the end of the year.
For the latest updates on when you can expect your payment, if it has not already arrived, visit the Middle Class Tax Refund website.
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Buy Gas With A Rewards Credit Card
Responsible credit card usage can reap rewards at the gas pump. Some credit cards have specific spending categories with high-percentage earning amounts, including gas.
Be sure to pay off your credit card balance in full each month to avoid extra costs to cover the interest. Check out our picks for the best credit cards for gas.
What Can I Do If I Have Not Received My Eip Money By Those Deadlines
If you have not received all or some portion of your Economic Impact Payments by the deadlines above, you will have to file a 2020 tax return and claim these amounts. You claim them on line 30 of the 2020 Form 1040 as a “Recovery Rebate Credit“. This is another name for the EIP stimulus payments. If you did not get all or a portion of the EIP payments in advance, then you can claim them on line 30 of your tax return for 2020.
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How To Return A Paper Check You Have Not Cashed Or Deposited
If youre one of those folks who has to send the money backand you havent cashed or deposited your check yetheres what you need to do:
- Write Void in the endorsement section of the check, but dont fold or staple itdont even put a paper clip on it.
- On a sticky note or sheet of paper, write down the reason youre sending the check back.
- Mail the check and the explanation back to your local IRS office .
What Has Biden Done About Student Loan Debt As President
Well get into whether Biden has the power to cancel massive amounts of student loan debt by his word alone or not. But first, lets take a trip down memory lane and see what the president has done so far when it comes to student loansand how he was able to do it.
Before his latest announcement, Biden had already canceled about $32 billion worth of student loan debt as president.3 Keep in mind, most of this forgiveness was because of already-existing federal policies targeted toward very specific student loan borrowers.
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Inflation Relief Payments: What You Need To Know For 2023
For the second year in a row, the federal government has no plans to issue stimulus checks in 2023. A fourth round of payments this time for inflation relief would require an act of Congress. If lawmakers couldnt pass stimulus legislation in 2022, the smart money would be against a divided government getting it done this year particularly since the inflation rate is now falling.
Even so, millions of Americans are looking forward to stimulus payments or tax credits that their individual states are issuing to ease the burden of inflation. Depending on variables like where you live, what you earn, what you paid in taxes and whether you own a home, you could have a check coming your way in the coming weeks and months.
On top of that, the Inflation Reduction Act of 2022 will lower some costs and deliver some tax credits in 2023, although it doesnt authorize direct stimulus payments. Heres what you need to know.
Do People Need A Fourth Stimulus Check
According to CNBC , there is a case for a fourth stimulus check that goes beyond the calls from lawmakers. The Economic Security Project, a progressive organization that advocates for guaranteed income no matter what the state of the economy, says theres a need for more stimulus checks.
We need at least one more check, said Adam Ruben.
Ruben, the campaign director at the Economic Security Project, also said that stimulus checks should be automatic, and not stalled as they were last summer when second stimulus check negotiations caused a long gap between the $1,200 and $600 payments.
There are signs of recovery, though. The June jobs report showed a gain of 850,000, which was better than expected, according to The New York Times . Thats the strongest one-month gain since last summer.
Likewise, the Commerce Department said that gross domestic product had grown at an annualized rate of 6.5% for April through June of 2021, surpassing the figure it had reached before the pandemic, the Washington Post reported. However, that was less than the 8% GDP growth some economists had forecast.
Regardless, certain lawmakers are pushing for relief.
This unprecedented moment demands an unprecedented response. People dont only need relief, they need stability, certainty, and predictability and the ABC Act delivers them exactly that, said Rep. Pramila Jayapal .
However, Senate Minority Leader Mitch McConnell, R-Kentucky, didnt appear to agree.
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Where Is My Third Stimulus Check
You can track the status of your third stimulus check by using the IRS Get My Payment tool, available in English and Spanish. You can see whether your third stimulus check has been issued and whether your payment type is direct deposit or mail.
When you use the IRS Get My Payment tool, you will get one of the following messages:
Payment Status, which means:
- A payment has been processed. You will be shown a payment date and whether the payment type is direct deposit or mail or
- Youre eligible, but a payment has not been processed and a payment date is not available.
Payment Status Not Available, which means:
- Your payment has not been processed or
- Youre not eligible for a payment.
Need More Information, which means:
- Your payment was returned to the IRS because the post office was unable to deliver it. If this message is displayed, you will have a chance to enter your banking information and receive your payment as a direct deposit. Otherwise, you will need to update your address before the IRS can send you your payment.
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The Biden Administration Hasnt Promoted Any Additional Stimulus Check Legislation
In March 2022, the Biden administration requested $22.5 billion from Congress to help support the nations pandemic response. But even that request didnt ask for additional direct payments to Americans. Rather, the White House sought $18.25 billion to go to the Department of Health and Human Services and $4.25 billion to go to the State Department and United States Agency for International Development. But this legislation was effectively shut down by the Senate.
In other words, even though the Biden administration has previously been in favor of direct stimulus checks, it is struggling to pass even pandemic-supporting legislation that it views as vital. This being the current political landscape, the chances of a fourth direct stimulus check are unlikely at best at this point.
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Stimulus Checks: See If Your State Is Mailing Out Payments In November
Stimulus payments have been one of the hallmarks of the coronavirus pandemic, with the federal governments trillions of dollars capturing the biggest headlines. But states have been doling out payments as well. While much of the stimulus has already been dispersed, a number of states are still mailing out payments in November and beyond. Heres a quick overview of state stimulus payments that are still on the way.
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California: Up To $1050 Rebate
Payments for Californias Middle-Class Tax Refund started hitting bank accounts and mailboxes at the beginning of October, with the most recent batch sent out on October 24. An estimated 23 million Golden State residents are eligible for these payments. To find out if you qualify, you can check the State of Californias Franchise Tax Board website. The Franchise Tax Board expects 90% of payments to be issued in October.
A one-time payment of $350 will go to individual taxpayers who make $75,000 or less. Couples filing jointly will receive $700 if they make no more than $150,000 annually. Eligible households will also receive an additional $350 if they have qualifying dependents.
Taxpayers with incomes between $75,000 and $250,000 will receive a phased benefit with a maximum payment of $250. Those households can get up to an additional $250 if they have eligible dependents.
Eligible recipients who received Golden State Stimulus payments by direct deposit should have seen their Middle Class Tax Refund deposited between October 7 and October 25. All remaining direct deposits were slated to occur between October 28 and November 14.
If you received your California stimulus payments by debit card, youll also receive the Middle Class Tax Refund by debit card between October 24 and December 10. Remaining debit card payments will be sent by January 14, 2023.
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Next Stimulus Payment Coming Friday
In terms of eligibility, this new check, like last time, is specifically for families with children. And the children, however many there are, must fall into one of two age brackets. If youre a parent of a child or children under the age of six , youll probably receive one of these next checks. Probably being the keyword.
This IRS portal has the full list of eligibility details, including income requirements. Scroll down to the bottom of that page and click the blue Check Your Eligibility button to learn more.
Even if you have a child or children who fall into one of those age brackets above, you can still fall outside of the eligibility requirements for the full payment if your income is too high. Youll get the full payment, for example, if your household income is at or less than:
- $150,000 as a married couple filing a joint return
- $112,500, if filing as head of household or
- $75,000 if youre a single filer or are married and filing a separate return.
How Do I Get My Third Stimulus Check
You dont need to do anything if:
- You have filed a tax return for tax year 2019 or 2020.
- You are a Social Security recipient, including Social Security Disability Insurance , railroad retiree. Or you are a Supplemental Security Insurance and Veterans Affairs beneficiary.
- You successfully signed up for the first stimulus check online using the IRS Non-Filers tool or submitted a simplified tax return that has been processed by the IRS.
If you are missing your third stimulus check, file your 2020 tax return or use GetCTC.org if you dont have a filing requirement. By submitting your information to the IRS, you will be signed up and automatically sent the third stimulus check.
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Stimulus Checks In 202: Bidens Tweet Created Buzz But Will Congress Deliver The Cash
Could another round of stimulus checks be in play for 2023? AP
Theres no doubt that things are better now than they were at the height of the COVID-19 pandemic, but there are folks out there who are still struggling.
Inflation is at a record high, and that can mean that it can be tough to make ends meet for some. Add President Joe Bidens tweet at the end of 2022 in which he talked about signing historic legislation to lower costs for working families and seniors, and creating good-paying jobs, before closing with I look forward to more progress in the new year, and there was some speculation that, perhaps, stimulus checks could be on the table once again.
Weve got more work to do, but this year, we signed historic legislation to lower costs for working families and seniors, help keep our communities safe from gun violence, and create good-paying jobs across the country.I look forward to more progress in the new year.
It has been more than two years, after all, since the last round of checks went out in 2021. The first round went out in 2020, and for most Americans the combined payments meant more than $3,000 in their bank accounts. On an individual basis, its not a ton of cash, but its also pretty, darned handy when you want to keep the lights on and fill up the fridge.
But, according to multiple reports, and just about all of the evidence that is out there, the buzz about stimulus bucks is unfounded.