Update On New Stimulus Check

Which States Are Giving Out Inflation Stimulus Checks

Remember how some states were dishing out their own state stimulus checks after the pandemic? Well, these states are upping their game and giving out their own inflation relief checks now. See if your state made the list:

Residents of Alaska got a $662 energy relief payment added on top of the annual Permanent Fund dividend that all Alaskans receive .1 Yep, Alaskans get a dividend from the states oil revenue.

Leave it to California to have an inflation relief check plan thats massivejust like the state. After a pitch by Governor Gavin Newsom earlier in the year to fight inflation and gas prices, the state landed on a $17 billion inflation relief package called the Middle Class Tax Refund for California residents. Inflation relief payments from $200 up to $1,050 started going out to 23 million Californians in October either by direct deposit or debit card.2The state has already started sending out these one-time payments, and it should finish by January 2023.3

Colorado follows something called the Taxpayers Bill of Rights , which requires the state to refund extra tax revenue thats above its spending limit. Because of that, Colorado Cash Back checks of $750 for individual filers and $1,500 for joint filers went out to Colorado residents in September. All Colorado residents who filed a 2021 tax return are eligible for the payment.4

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.

A 4th Stimulus Check Is Happeningif You Live In These States

10 Min Read | Oct 14, 2022

It seems like every time a stimulus check goes out, theres a five-second pause before someone starts asking, So . . . will there be another stimulus? . If youre one of those people who has been wondering if a fourth stimulus will happen, weve got your answer: Yes . . . kind of. Its true, a fourth stimulus check is happeningbut only if you live in certain states in America.

Right now, you might be thinking, Wait. What? Really?

Yep, its for real. Lets dig into this topic layer by layer and coast to coast.

Also Check: 3rd Stimulus Check 2021 Amount

What If Both My Spouse And I Have Itins And Our Children Have Ssns Can Our Family Get The Third Stimulus Check For Our Children

Yes. For the third stimulus check, any household member that has an SSN qualifies for a payment.

This is different than the first and second stimulus check, where at least one tax filer must have an SSN for the household to claim the stimulus checks. That adult with the SSN and any qualifying children with SSNs will get the stimulus checks.

Georgia: $250 Rebate Payments

Thanks to a historic state budget surplus, Georgia residents who filed both their 2020 and 2021 tax returns were eligible to receive rebate payments based on their tax filing status:

• Single filers: Maximum $250
• Head of household: Maximum $375

If you owed income tax or other payments to the state, such as delinquent child support payments, you may have received a smaller rebate. Partial-year residents may also have received a smaller rebate.

Eligible recipients who filed their 2021 taxes by April 18 should have received their refund in August.

Georgia taxpayers can learn more via the Georgia Department of Revenue.

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What Is The New Child Tax Credit Amount

Heres how the numbers break down: The American Rescue Plan bumps the Child Tax Credit up to $3,000 for children ages 617 and $3,600 for children under age 6.3 Expecting a baby in 2021? First of all, congrats! And heres some more good news for youbabies born in 2021 will qualify for the full $3,600. Have a college student? Parents can receive a one-time payment of $500 for each full-time college kid ages 1824.4

So, for a family that has three children , heres how it all breaks down:

Lets say they have three kids that are ages 12, 7 and 4 and a household income of $72,000 a year. Their new Child Tax Credit would be $9,600.

But remember, instead of applying the full amount of the credit to income taxes they might owe or getting a refund after they file their taxes, parents can get the credit up front in monthly payments of $250 for each qualifying child .5 So that family of three in our example would get $800 a month from July through December. Wow!

Right now, this change would be only for 2021but theres talk in Congress and the White House to make it a permanent thing for the next five years under Bidens American Families Plan. Yep, there are a lot of plans and acts to keep straight these days.

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Third Stimulus Check Under Biden Covid Relief Package

Under the now passed $1.9 Trillion Biden COVID Relief Package there are provisions included for another round of stimulus checks. The amounts will be $2800 for couples, $1400 for single adults and $1400 for each eligible dependent per the final bill crafted by the Congressional Democrats.

Based on the income qualification levels, nearly 85 percent of American households would receive a full or partial stimulus payment under the Biden plan. A typical couple with two children making $100,000 annually would receiving about $5,600 with this third round of stimulus check payments.

The full payment will be made to singles filers making less than $75,000 and couples earning less than $150,000 in adjusted gross income . Phase out limits to get a partial stimulus payment are also shown in the table below. To get the dependent check you need to qualify for the adult stimulus payment, and the payment would be sent to the adult recipient claiming the dependent.

Also Check: When Are Stimulus Checks Coming

Denver Launches Guaranteed Income Program

Recently, a guaranteed income pilot kicked off in Denver, Colorado.

However, applications needed to be submitted last week to qualify for money.

Those selected will be getting monthly cash of up to $1,000 or a $6,500 one-off direct payment.

According to Mark Donovan, founder of the Denver Basic Income Project, 1,400 applications were submitted during the open window, reports 9News Denver.

The initiative provided money to 11 individuals in 2021 and sent cash to another 28 Denver residents in July.

Wheres My Stimulus Check

There is, however, at least one benefit related to this thats already guaranteed for 2022.

If you add up all six child tax credit check amounts you got last year? You should have also gotten a tax credit for that same amount this year when you filed your federal taxes. That will represent the second half of your child tax credit. And, for now, that will be the end of the enhanced credit.

Theres always a chance the Senate could revisit the legislation supporting an extension of these checks. For the moment, though, that possibility seems highly unlikely.

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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 it is 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. 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. So, 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. And lets be realthats a lot more than the government can say.

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How To Make The Most Of Your Check

If you don’t need your stimulus check to cover basic expenses, you’ve got some choices as to how you can put it to good use.

A solid option is to start an emergency fund, ideally putting it into a high-yield savings account. The Ally Online Savings Account ranks high on Select’s list of best picks for savings accounts. The high-yield account earns more interest than traditional savings and comes with no minimum balance requirements or monthly maintenance fees.

However, if you have high-interest credit card debt, it may also be wise to put at least a portion of the stimulus check toward lowering your balance. Americans carry an average balance of $6,194 on their credit cards, which means interest could be adding up and outweighing any potential savings you’ve been stashing away, no matter how well you pinch your pennies.

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Montana Governor Proposes Tax Cut Credits

Montana Governor Greg Gianforte announced a plan to use the states $1billion budget surplus to fund a bevy of tax cuts and credits.

The Governors Budget for Montana Families would cut the top income tax rate from 6.5 percent to 5.9 percent, as well as introduce a $1200 tax credit for children under six and a $5,000 adoption credit.

The proposal also includes $500 million in property tax relief.

I fundamentally believe hardworking Montanans should keep more of what they earn. And with inflation at a high not seen in 40 years, providing Montanans with tax relief is all the more important, said Gianforte.

The proposal will be formally introduced to the Montana state legislature when it re-convenes in early January.

Here’s What Else You Should Know

Stimulus payments can total up to $1,400 per person for those with adjusted gross incomes of $75,000 or less as single filers, or $160,000 or less for joint filers.

Families can also receive $1,400 per dependent, regardless of the dependent’s age.

The Child Tax Credit was also temporarilyextended by Congress to consider more families and increase how much they can receive.

Most families are eligible for $3,000 per child between the ages of six and 17 and $3,600 for each child under six. You can check the IRS’s site to determine if you qualify.

Tax returns can also be completed and submitted through CTC’s site, including the simplified filing tool which was updated on Wednesday.

GAO discovered that people within certain groups may have faced difficulty receiving their payments.

This includes those who:

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Which Cities Are Giving Out 4th Stimulus Checks

Thats rightcities are now getting in on the stimulus check action too . See if your town made the list:

Low-income residents of The Windy City have been given stimulus checks at random. You read that right. Chicago will give out $500 checks to 5,000 people each month throughout 2022. Theyll be selected at random for this stimulus lottery.20

Like Chicago, LA is handing out payments to low-income residents for a year. Their program, called BIG:LEAP, will give 3,200 randomly chosen people $1,000 each month.21

Pittsburghs program is called the Assured Cash Experiment and gives 200 low-income residents $500 each monthfor two years. The program will spend $2.5 million on lower-income zip codes.22

The close-by neighbors of LA are getting a stimulus program of their own called the Revive Santa Ana Resident Stimulus Program. It will give out $6 million to neighborhoods that fall below the poverty level in Santa Ana. Payments of $300 will be loaded onto prepaid debit cards and given out door to door to about 20,000 residents.23

Seattle has one of the more generous payouts on the list. The Seattle Relief Fund is a $16 million program that gives payments of $1,0003,000 to low-income residents of the Emerald City.24

Will You Have To Pay Back Money From A Previous Stimulus Check

You might. Heres why: Some people were sent stimulus checks by accident. Whoops! We knowimagine the government making a mistake, right? Heres why you might need to send your money back:

• You make more than the income limit required to receive the stimulus money.
• You were given a check for someone who has died.
• Youre a nonresident alien.
• You dont have a Social Security number.
• You were claimed as a dependent on someone elses tax return.

If you know one of these applies to you, the IRS expects you to find the error and send the money back to them.14 So go ahead and be honest . You dont want any surprises when you go to file your taxes.

Also Check: Ssi Stimulus Check Direct Deposit Date 2022

Hawaii: $300 Rebate Payments

In June, Hawaiis legislature approved sending a tax rebate to every taxpayer. Taxpayers earning less than $100,000 per year will receive $300, and those earning more than $100,000 per year will receive $100. Dependents are eligible for the rebate, too.

Taxpayers who filed their 2021 state income tax returns by July 31, 2022, should have received their returns in September, and those who requested paper checks should have received them by October 31. Taxpayers who filed their returns after July 31 should receive their check up to 10 weeks after their return is accepted by the tax department.

What Is A Plus

A plus-up payment is basically just a bonus amount that you probably should have gotten the first time you filed your taxes. The IRS actually owes more money to some people based on their tax returns. If the IRS used your 2019 tax information to dish out your stimulus payment but your 2020 taxes show that it underpaid youyou might be in for a plus-up payment based on your income. But remember, this isnt for everyoneonly those who had a change in income or dependents would qualify for more stimulus money.

Also Check: How To Get Government Stimulus Check

Inflation Stimulus Checks Are Coming To These States

11 Min Read | Dec 5, 2022

Wait a minuteare people really talking about stimulus money again? Thats right, just when you thought they were all a long lost thing of the past, here come inflation stimulus checks. The whole point of these is to, you guessed it, help combat inflationnot to stimulate the economy like those other checks did. After all, that might have a little something to do with why we have this killer inflation in the first place. But thats a topic for another day . . .

So, whats the deal with inflation stimulus checks, and is your state on the list for dishing one out? Lets see what all the fuss is about.

Stimulus Check Update: New Mexicans To Receive More Payments Next Week

Residents of New Mexico will start receiving their newest round of tax rebate checks as early as next week in a state effort to offset the impact of rising U.S. prices.

The state’s Legislature and Governor Michelle Lujan Grisham approved rounds of rebates and economic relief this year, according to the New Mexico Taxation and Revenue Department. State residents have received stimulus payments in May and June, but this new round will be different from those that came before in that the tax rebates are subject to a certain income threshold, Albuquerque’s KRQE reported.

Inflation hit a 40-year high in May, which has put major pressure on President Joe Biden and state leaders and legislators to take action to offset the rising costs. Americans have been particularly hit hard in the wallet when paying for gas, food and travel.

The New Mexico tax department’s information page specifies that married couples filing joint returns, heads of household and surviving spouses are eligible to receive a $500 income tax rebate in July, but they must have incomes under $150,000. Single filers and married individuals who filed separately from their spouses are eligible to receive $250 rebate checks, but they must have incomes under $75,000.

Qualifying taxpayers who have filed a 2021 Personal Income Tax return will be sent the rebates automatically, without having to fill out an application.

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