Is There Any Stimulus Coming

What Gaos Work Shows

1. IRS can use data to tailor outreach efforts.

It was challenging for IRS and Treasury to get payments to some peopleespecially nonfilers, or those who are not required to file tax returns. These people were eligible for the payments for a couple of reasons:

• first, there was no earned income requirement, so Americans with no or very little income could receive economic relief and
• second, the payments were refundable tax credits, so eligible individuals can claim the full amount even if it exceeds what they owe in taxes.

In 2020, Treasury and IRS used other data to identify and reach out to around 9 million potentially eligible nonfilers. In May 2021, TIGTA identified potentially 10 million individuals eligible for payments, but IRS has no further plans to reach out to these individuals.

We recommended that Treasury and IRS use available data to develop an updated estimate of total eligible individuals which they could use to better tailor and redirect their ongoing outreach and communications efforts for similar tax credits.

2. Improved collaboration will also help outreach to underserved communities.

We recommended that Treasury and IRS focus on improving interagency collaboration and use data to assess the effectiveness of their efforts to educate more people about refundable tax credits and eligibility requirements.

What Was The Timeline For The Third Stimulus Check

Once the bill moved through all the hoops, eligible people started seeing their stimulus payments before March 2021 was over.7 The IRS and U.S. Treasury have been quick with delivering past stimulus checksDecember 2020s payments reached most folks by direct deposit within a week of then President Donald Trump signing the legislation.8

Alaska Dividend: 2022 Details

In 2021, the PFD amount was $1,114, and for a short time, it seemed as though Alaskans might receive as much as $5,500 from the state in 2022. When oil prices climbed after Russias invasion of Ukraine, Alaska, a top oil producing state, anticipated a surge in revenue. Whats more, in an election year, some lawmakers apparently felt pressure to follow through on campaign promises to deliver a large dividend.

The Alaska Senate passed a budget that would include a $4,200 PFD and a $1,300 energy relief payment. However, the price tagan estimated $3.6 billionwas too much for a majority of members in the House to stomach.

Instead, the final budget approved by state legislators included $3.4 billion from the Permanent Fund, which was split between dividends to residents and the general fund. It also added a $650 energy relief payment to the 2022 PFD for a total expected payment for individuals of $3,200.

Alaskans have waited seven long years to receive a fair and sizable dividend, and it couldnt have come at a more important time, said Gov. Mike Dunleavy in a press release.

Currently, the annual payment amount is set by legislators, something Dunleavy called an arbitrary political process in his statement. He said a better approach would be to amend the Alaska Constitution to include a funding formula.

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What If I Was Underpaid Or Overpaid

First, double-check how much money you should be getting and make sure the amount you think youre supposed to get is right. You can do this on the IRSs Child Tax Credit Eligibility Tool or by checking to see what amount is on the letter that the IRS sent to you at the beginning of July .

If it still looks a little weird to you guys, then head over to the IRS Portal and make sure they have your latest information.

A Fourth Stimulus Check Isnt A Priority For Politicians

The third explanation for the lack of a fourth stimulus check is the simple fact that politicians arent doing anything to make it happen. Some dont think there is a need, partly because of the two reasons outlined above, while others have other priorities right now.

Even before the gas prices crisis and the Russian invasion of Ukraine, calls for a fourth stimulus check were growing quieter. Republicans were even joined by some Democrats in being against the idea of a fourth stimulus check, so there werent many calls for one because the politicians knew itd be impossible to pass anyway.

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More Third Stimulus Payment Money For Some In 2022

Parents who added a child in 2021 could be getting up to $1,400 after they file their 2021 taxes this coming spring thanks to the American Rescue Plan. The money wont come as a direct check but will be part of the overall tax return.

The 2021 Economic Impact Payment colloquially known as the third stimulus check was actually an advance on what is called the 2021 Recovery Rebate Credit. What that means is that the $1,400 stimulus check most individual Americans received in 2021 is, in fact, money they would have gotten after filing their taxes in the spring of 2022 as a Recovery Rebate Credit.

In other words, millions of Americans already got part of their tax refund 12 months early.

The bottom line is thats money thats going out almost immediately to millions of people as a tax credit in advance of putting it on a tax return in the next year, said Raphael Tulino, IRS spokesman.

However, the IRS was going off of 2019 or 2020 tax returns for its information on the third EIP. It was using that information to determine if taxpayers would get stimulus money for their dependents. If eligible parents had a child born into their family in 2021, they can request the Recovery Rebate Credit on their taxes to get the payment for that child.

It gets more complicated with adoption because all the paperwork and processes to finalize the adoption must be completed first.

This does not pertain to the first or second stimulus payments that were paid in 2020.

Will More Refunds Be Coming Next Year

Given the significant revenue surplus this year, Massachusetts taxpayers may wonder if more refunds are on the horizon for 2023. Some observers say that doesnât seem likely.

âI donât think weâre going to be in this same situation a year from now,â Stein says. He points to three things that could have helped boost 2022 revenues, but might not be a factor in the future:

• Increased sales tax collection due to pandemic-related spending and rising prices, particularly for cars
• Robust gains in the stock market last year which provided some people income, but didnât contribute to the wage growth used in the 62F formula
• A change in Massachusetts law regarding how taxes from pass-through businesses, such as sole proprietorships and partnerships, are collected.

That last factor may be the most significant. Under the recent law change, taxes from pass-through businesses were collected in fiscal year 2022, but they will be offset by credits that will presumably be claimed next year.

âThe change in the taxation of so-called pass-through business entities which just took effect last year, generated $2.25 billion in revenue, much of which has yet to be claimed in the form of personal income tax credits and deductions by the business owners,â noted Bump in a press release.

When those credits are claimed next year, it might have a dampening effect on state revenues and rule out the possibility another surplus will trigger chapter 62F.

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Illinois: $50 And $300 Rebates

There are two rebates available to 2021 Illinois residents.

The first rebate is the individual income tax rebate, available for residents whose adjusted gross income is less than $200,000 per year . Each individual will receive $50, with an additional $100 per eligible dependent .

The second rebate is a property tax rebate, available for residents making $250,000 or less . The rebate is equal to the property tax credit you qualified to claim on your tax return, up to a maximum of $300.

The state started issuing rebates the week of September 12 it will take several months to issue them all, according to the Illinois Department of Revenue.

Federal Aid Still Available

Student loan relief: Those with federal student loans have not had to make any payments since March 2020. During this time, interest has stopped adding up and collections on defaulted debt have been on hold. Borrowers balances have effectively been frozen if they chose not to continue making payments.

The pause on payments has been extended several times. Payments are now set to resume on May 1.

Rental assistance: Congress authorized $47 billion for emergency rental assistance over the past year, and more than half of those funds remain available.

Households are eligible for the money if they experienced financial hardship due to the pandemic, have incomes at or below 80% of their area median income, can demonstrate risk of experiencing homelessness, or already qualify for unemployment benefits.

Hundreds of state-, county- and city-run programs were created to distribute the money. They have been successful in many communities, but some were extremely slow in getting money out the door. The Treasury Department is currently shifting unused funds to places that have run out money and still have people in need.

A federal moratorium on evictions expired in August after being in place for nearly a year. Evictions have ticked up since then but remain well below the historical pre-pandemic average, according to The Eviction Lab at Princeton University.

Health care subsidies: Americans can still access generous federal subsidies to buy Affordable Care Act policies for 2022.

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Will There Be A New Stimulus Check For Fall 2022 Two Scenarios Why You May Get It

MANY Americans have been wondering if there will be another stimulus payment on its way this fall.

During the height of the pandemic, three stimulus checks were issued.

The first round was worth $1,200, followed by $600 and $1,400, respectively.

Currently, there is high inflation in the country and although a direct payment could help Americans offset costs a bit, it could also add to the inflationary spiral.

At the moment, a fourth stimulus payment seems unlikely to happen but there are a couple of scenarios in which it could.

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Idaho: $75 Rebate Payments

In February, Idaho Gov. Brad Little signed a bill that allocated $350 million for tax rebates to Idahoans. There were two criteria for eligibility:

• Full-time Idaho residency and filed 2020 and 2021 tax year returns, OR
• Full-time Idaho residency and filed grocery-credit refund returns.

The payments began in March. Each taxpayer received either $75 or 12% of their 2020 Idaho state taxes, whichever was greater . The rebate was applicable to each taxpayer and dependent.

The tax commission first issued rebates to taxpayers who received tax refunds via direct deposit, then sent paper rebate checks. The majority of the rebates have been issued.

In a special session on September 1, Idaho lawmakers voted to authorize another tax rebate for all residents who filed state tax returns in 2020. Individual filers will receive $300, and couples filing jointly will get $600.

Those payments started processing in late September, and about 75,000 payments will be sent out each week throughout the end of the year and into early 2023.

State residents can check their rebate status on the Idaho State Tax Commission website.

When To Expect Your Refund

Distribution of taxpayer refunds started on November 1, 2022, and everyone should have their money by mid-December, according to the commonwealthâs Executive Office for Administration and Finance. No action is necessary to receive the refund, and payments will go out automatically.

Refunds will be sent via direct deposit to bank accounts listed on 2021 state tax returns. Those transactions will be labeled âMASTTAXRFD.â If that bank account is closed or if one was not provided by a taxpayer, payment will be made by check.

While taxpayers canât update their direct deposit information for the refund, they can change their address through the MassTaxConnect website.

Those who havenât filed a 2021 Massachusetts tax return have until September 15, 2023 to do so if they want to receive a portion of the surplus. Refunds for these returns should go out to eligible taxpayers about a month after they file.

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State Stimulus Checks 202: 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.

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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.

How Much Money Will I Get

• Adults whose adjusted gross income is less than $75,000/year will get $1,400 for each adult, plus $1,400 for each dependent no matter how old they are. This applies to heads of households who make less than $112,500, as well.
• The IRS will use income information from your 2020 tax return if they received that return before sending your money. Otherwise they will use information from your 2019 tax return.
• If the IRS sends your payment based on a 2019 return and then your 2020 return says you qualify for more , they will send an additional payment to make up for the difference. To get the additional payment, you must file the 2020 tax return by 90 days from the filing deadline or September 1, 2021, whichever is earlier.

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Whether Youre Getting An Inflation Stimulus Check Or Not You Need A Budget

Heres a crazy ideainstead of hoping for Uncle Sam to swoop in and save the day with an inflation stimulus check, give yourself a raise to tackle inflation. Okay, it might not be as easy as snapping your fingers, but its as easy as making a budget.

Most people feel like they got a raise after making their very first budget! Thats because doing a monthly budget actually puts you in control of your money. And when you tell your money where to go instead of wondering where it went, you feel like you just got a raise. And with this record-breaking inflation were having, that will really come in handy.

The easiest way to make a budget? Our free budgeting app, EveryDollar. Its an awesome stress-free way to make your first budget. And if you live in a state thats cutting an inflation stimulus check, EveryDollar will have your back when it comes to putting that money to work for you too. And lets be realthats a lot more than the government can say.

About the author

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Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.Learn More.

Can I File My Taxes With A Paper Return

Yes, however it is not recommended. If you have not filed your taxes yet and still need to, file electronically if possible. IRS processing of paper returns is delayed due to COVID-19. You can use GetCTC.org if you arent normally required to file taxes, and get support from the chat function on the site, where you can communicate with an IRS-certified volunteer to help you complete the form. GetCTC.org is available through November 15, 2021.

If you must file a paper return, you can download the tax forms from IRS.gov or use an online tax software program to complete your return and print it instead of filing electronically. If you need to file a paper return and do not have internet access, ask a trusted friend or relative for help.

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Who Is Eligible For The $350 Stimulus Checks In Ohio

According to Whaley, individuals making up to $80,000 a year or couples making $160,000 a year or under would be eligible to receive the rebate, worth $350 or $700, respectively.

Ohio is set to receive $2.68 billion in the next round of federal funding via the American Rescue Plan, with Whaley playing a key role in lobbying for state and local funding to be included in the American Rescue Plan.

The rebate would go to roughly 7.4 million residents in Ohio, the same individuals who also received economic impact payments, with the number accounting for 89 percent of adults in the state.

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