What If Your State Isnt Offering Extra Stimulus
If you dont have a stimulus payment from your state, or you simply want to spend carefully during the lingering uncertainty from the pandemic, try some ideas to free up extra cash on your own.
Deal with your debt. Credit is convenient, but it doesn’t take long for expensive interest to catch up with you. If you’re juggling multiple credit card balances and other high-interest debt, fold them into a single debt consolidation loan to pay off what you owe faster and more affordably.\
Stretch every dollar. Can you drop subscription services you’re not using? Can you downgrade your phone plan to save a few dollars every month? And finally, are you getting the best deals when you shop online? If you’re not sure about that last one, a free browser tool can automatically scour the internet for better prices and coupons.
Cut your insurance bills. If you havent shopped around lately for a better car insurance rate, you might be paying hundreds of dollars too much each year especially if you still work from home and drive less. A little comparison shopping could slash your auto premiums.
Turn your pennies into a portfolio. Try to make some money in the stock market by investing just your “spare change” from everyday purchases. You won’t even miss the pennies that help you build a diverse portfolio.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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.
Best Things To Say To Your Former Teachers
Admit it. Back in the day, you probably rolled your eyes at that one teacher who nagged you to do better. But now you understand the bigger lessons they were trying to teach you. Look up one of your old instructors and tell them how they made an impact on your life. Here are some things you can say:
1. I wouldnt be where I am without you. Running your own business. Thriving in a career you love. Getting out of debt. Starting a charity. What teacher wouldnt get a kick out of knowing they motivated you to achieve those things?
2. I never forgot this one thing you said to me. Educators love to hear how a phrase they utteredlike double-check your work or learn from your mistakes instead of dwelling on themstuck in your mind. Theyll also be happy the words didnt go in one ear and out the other.
3. You saw something in me that I didnt see in myself. Award-winning actress Hilary Swank told the Academy of Achievement that she found her calling when her fifth-grade teacher, Mr. Sellereit, had her write and perform a skit for her class.1 Imagine how good Mr. Sellereit felt when he heard that! Hilary said she was so grateful for his influence that shes even gone back to visit his classroom and speak to his students.2 Talk about a compliment!
Also Check: Can You Still Receive Stimulus Check
Bringing Inflation Under Control Is The Goal
Over the course of 2021, many economists and policymakers at the Federal Reserve felt that the higher-than-normal inflation would be temporary. However, as the level of inflation continued to rise to new heights by the end of the year the consensus shifted, and the central bank decided to be more hawkish.
In January the Fed announced that it would begin tapering its stimulus programs which have poured vast amounts of liquidity into the US economy. It has also helped the stock market reach ever greater heights.
Additionally, the central bankers will start increasing interest rates, expected to begin in March, which have been at near zero during the pandemic. The Fed will have a difficult balancing act to pace the fiscal tightening without entrenching inflation by moving too slow or causing a recession if it moves too fast.
Although another stimulus check could help people with the rising cost of living, the fear of driving inflation even higher by injecting even more money into the economy has silenced lawmakers calls to do so.
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.
Read Also: File Taxes To Get Stimulus
State Sent $1100 Checks
It was over this past weekend when a change.org petition demanding more stimulus checks surpassed its stated goal of three million signatures. Stimulus checks 2022 live update: Millions of washington state residents are likely to see thousands of dollars in stimulus money by the end of march, if not sooner.
Am I Eligible For A State Stimulus Check
Eligibility requirements for state stimulus checks vary by state. Most states, however, require that residents have filed taxes and meet certain income criteria. Typically, if your individual or household income is too high, you wont qualify for a stimulus check. But in some states, income doesnt matter, and all residents are eligible.
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Indiana: $325 Rebate Payments
Indiana found itself with a healthy budget surplus at the end of 2021, and it authorized two rebates to its residents.
In December 2021, Gov. Eric Holcomb announced that Indiana taxpayers would get a $125 one-time tax refund after they filed their 2021 taxes.
Theres no income requirement. Residents must have filed a state tax return for the year 2020 by January 3, 2022, as well as a 2021 Indiana tax return by April 18, 2022, to be eligible. Payments started in May, according to the state.
Taxpayers who filed jointly could receive a single deposit of $250.
A second rebate was approved in August 2022 to grant another $200 per taxpayer.
Most taxpayers will receive their refunds by direct deposit and the second payments started rolling out in late August. If you changed banks or didnt have direct deposit information on file, you should have received a paper check.
Individuals who are only eligible for the $200 payment will not receive them at this time. They will have to file a 2022 tax return before January 1, 2024 to claim the credit.
For more information, visit the state Department of Revenue website.
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
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Federal Pandemic Unemployment Benefits Ended
The CARES Act and other federal programs expanded and extended unemployment benefits for many claimants. The week ending Sept. 4, 2021, was the last payable week for:
The additional $300 per week for all eligible claimants also expired on Sept. 4, 2021. By federal law, all claimants were getting $300 in addition to their usual weekly benefit amount for a limited time, except those receiving Training Benefits.
For those with claims pending in adjudication or appeal after Sept. 4: Benefits will be available. If we find that you are eligible, we will pay benefits for weeks claimed before Sept. 4, 2021.
What all claimants should do:
What if Im still denied benefits for weeks I claimed on my regular unemployment , Pandemic Emergency Unemployment Compensation or Extended Benefits claims?
To request to file a PUA application more than 30 days after the expiration of the program, you must meet the following criteria:
Information for workers
Information for employers
Tax Rebates Mooted In Kansas Minnesota And Wisconsin
The the Democratic governors of Kansas, Minnesota and Wisconsin have all proposed giving residents a portion of their states budget surplus. Whether or not taxpayers will see those rebates is in doubt with GOP lawmakers able to block the measure. All three are up for re-election in 2022 which has their political opposites calling the tax rebates bribes for votes.
Read Also: How Much Was Each Stimulus Check
Who Is Getting State Stimulus Checks
On June 30, California Gov. Gavin Newsom confirmed he had signed a state budget that will provide direct tax refunds of up to $1,050 for 23 million Californians.
The goal? To help battle inflation.
“Global inflation. Rising costs. Its hard out there and we know it. So, were giving you $9.5 billion back,” reads a news release issued by Newsom’s office.
The Golden State isn’t alone. Oregon’s state government said in June that it would distribute one-time payments of $600 to more than 236,000 households who received the Earned Income Tax Credit on their 2020 taxes. In Colorado, Gov. Jared Polis announced Coloradans would receive $750 checks for individuals this summer .
Everyone in our state is feeling the impact of rising costs, and I refuse to let the government sit on taxpayers money when it could be used to make life a little bit easier for the people of our state, Polis said last month.
Other states that have promised to give stimulus checks of varying sizes to eligible residents include Delaware, Georgia, Idaho, Illinois, Indiana, Maine,New Jersey, New Mexico, South Carolina and Virginia.
Stimulus Checks : Your State Could Still Owe You Hundreds Of Dollars
Numerous states are issuing special one-time tax rebates.
Dan is a writer on CNETs How-To team. His byline has appeared in Newsweek, NBC News, The New York Times, Architectural Digest, The Daily Mail and elsewhere. He is a crossword junkie and is interested in the intersection of tech and marginalized communities.
Millions of South Carolinians are expected to receive a one-time income tax rebate of up to $700. Payments started going out via at the start of November and will continue through the end of the year, according to the state Department of Revenue.But South Carolina is hardly the only state giving taxpayers a reason to rush to the mailbox: Massachusetts began refunding $3 billion in surplus tax revenue to residents this month and Illinois is still issuing $50 and $100 income tax rebates.
Is your state sending out tax refund checks this month? See if you qualify below, and find out how much money you could be getting. For more on taxes, see if you qualify for additional stimulus or child tax credit money.
Read Also: Help Getting My Stimulus Check
Beware Washingtons New Plan For Permanent Pandemic
Its no secret that government grew at an astonishing pace during the pandemic. Unemployment claims quickly soared from two million to 33 million per week, as unprecedented $600-per-week federal bonuses and other expansions pushed unemployment spending to $900 billion. Stimulus checks, food stamp increases, housing expansions, new monthly child checks, and open-ended state aid all saw similar record pandemic payouts. With the expiration of Democrats American Rescue Plan and the demise of Build Back Better, that extraordinary expansion has now mostly run its course. But with another recession on the horizon, some in DC have begun planning the revival of pandemic benefitsthis time on a permanent basis.
A little-noticed Washington conference last month headlined by Treasury Secretary reviewed these proposals, which can be found in a new book, Recession Remedies, just issued by the left-of-center Brookings Institution. That volume argues for reviving pandemic-style benefits, including by making unemployment benefit generosity and durationa function of economic conditions. As Yellen summarized, Preparing for the next recession means not only improving existing stabilizers but expanding their reach to other forms of social support.
Matt Weidinger is a Rowe Fellow in poverty studies at the American Enterprise Institute.
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Who Is Eligible For The Second Stimulus Check
Eligibility is primarily based on four requirements:
1. Income: The income requirements to receive the full payment are the same as the first stimulus check.There is no minimum income needed to qualify for the payment. Households with adjusted gross income up to $75,000 for individuals will receive the full payment. This stimulus payment starts to phaseout for people with higher earnings. The second stimulus check maximum income limit is lower than the first stimulus check. Single filers who earned more than $87,000 in 2019 are ineligible for the second stimulus check.
View the chart below to compare income requirements for the first and second stimulus checks.
|Income to Receive Full Stimulus Payment||First Stimulus Check Maximum Income Limit||Second Stimulus Check Maximum Income Limit|
2. Social Security Number: This requirement differs from the original eligibility for the first stimulus check. Originally under the first stimulus check, if you were married filing jointly, both spouses needed valid Social Security numbers . If one spouse had an Individual Taxpayer Identification Number , then both spouses were ineligible for the stimulus check. For married military couples, the spouse with an SSN could still get the stimulus check for themselves but not the other spouse with an ITIN.
Former first stimulus check rules:
Second stimulus check rules:
Former first and second stimulus check rules for military filers:
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Costco Reveals Store Closure But Customers Wont Be Disappointed By $133m Change
And its possible that could happen soon.
Some economists are fearing that the Federal Reserves action on interest rates could lead to a recession.
So far, the Fed has hiked interest rates four times this year in an effort to tame inflation.
And more hikes are likely on the way.
Unless we see a rapid decline in the month-over-month inflation rate, well likely see the Fed raise interest rates again this year, Laura Adams, a personal finance expert from Finder.com told The Sun in July.
Higher interest rates make most types of credit such as credit cards, mortgages, and other business and personal loans cost more, which could lead to a recession, she added.
As of August, the unemployment rate was sitting at 3.7% right around pre-pandemic levels but that could change.
Should the numbers tick up, this could force Biden and his Democratic to push publicly for another round of stimulus.