Stimulus Check Update: Fourth Check Coming In Different States
While it is unlikely that a fourth stimulus check would be provided by the federal government, several states have started on their own. Quite a few states have been doing their part by ensuring that the federal stimulus money gets distributed equally to those deemed eligible.
As a major part of the American Rescue Plan, the states have been allotted almost $200 billion as their expenditure for the recovery of the American economy from the COVID-19 pandemic. Several states have their deadline in December to send this money out, with Governors already doling out cash where they feel it is needed the most.
Stimulus Update: Who Is Getting A Stimulus Check In 2022 States Giving Money To Residents
FILE This May 8, 2008, file photo shows blank checks on an idle press at the Philadelphia Regional Financial Center, which disburses payments on behalf of federal agencies in Philadelphia. AP
Despite ongoing economic woes and soaring prices on everything from homes and gas to eggs and bread, the federal government is not likely to give residents more stimulus checks in 2022.
Some states, however, are opting to take matters into their own hands and issue their own stimulus checks. Heres a look at the states that are issuing stimulus checks.
California residents are receiving up to $1,050 in stimulus checks to go towards inflation relief, according to CBS News. The payments are part of Gov. Gavin Newsoms $308 billion state budget.
The state is also suspending its sales tax on diesel fuel and providing additional assistance to help people with rent and utility bills.
State residents who filed their 2021 tax returns by June 30 will receive extra cash, according to the Colorado Department of Revenue. Individual filers will receive $750 joint filers will receive $1,500.
Residents will receive their Colorado Cash Back check by Sept. 30.
Delaware begin sending relief rebate checks of $300 to taxpayers in May. Joint filers are receiving $300 each. The one-time payment comes from a budget surplus.
Also Check: How Much Was The Second Stimulus Check
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 .
Also Check: Irs Stimulus Check Sign Up
Will There Be Another Stimulus Check From The Federal Government
Most people agree that getting another big stimulus check from the federal government is a long shot at this point. Still, some lawmakers keep pushing for another stimulus check to help Americans who are struggling to rebuild thanks to COVID-19 and its economic impact. And with the Delta and Omicron variants out therewould another stimulus check happen for everyone? You never know. Only time will tell, really. A lot of people didnt think wed see a third stimulus check eitherbut it happened.
With the economy and jobs both on the upswing, the need for a stimulus check is way less than its been since the start of the pandemic. Not to mention, a lot of people have been getting extra cash each month from the Child Tax Credit. Add all of that up and its easy to see that there might not be another stimulus check. But if there is one, dont worrywell let you know.
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
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Delaware: $300 Rebate Payments
Delaware sent relief rebate payments of $300 to taxpayers who filed their 2020 state tax returns. The one-time payment is possible due to a budget surplus. Couples filing jointly will receive $300 each.
Payments were distributed to most eligible Delaware residents in May 2022.
Instructions to claim the rebate havent yet been released for residents who havent filed a 2020 state tax return. Instructions are anticipated to be announced by Oct. 17.
How Will You Receive The Third Stimulus Check
Most people got their previous stimulus checks by direct deposit with the bank account on file with the IRS. Payments were automatic for anyone who filed a 2019 tax return and/or was receiving Social Security benefits. If you didnt have direct deposit with the IRS, your payment would take a little more time and come as a check or debit card in the mail.13
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You Dont Need A Stimulus Check To Get Cash Now
An Advance America loan should be on your radar if you dont qualify for a stimulus check. Our loan products, including , , , and , can get you the cash you need as quickly as the same day you apply. Better yet, you dont need good credit to get approved. Visit today to learn more about the loans we offer.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
What States Are Giving Stimulus Checks
Currently, these states are distributing stimulus checks to qualifying residents:
- California: Rebates of up to $1,050
- Colorado: $500 rebate payments
- Maine: $850 direct relief payments
- Minnesota: $750 payments for frontline workers
- New Jersey: $500 rebate checks
- New Mexico: $500 rebate payments
- Oregon: $600 direct relief payments
- South Carolina: $800 rebate payments
- Virginia: $250 rebate payments
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Who Will Get The 4th Stimulus Check
Who gets the 4th stimulus check will be largely determined on a state-by-state basis. Even then, most of them are hardship-based or limited to specific professions, so eligibility criteria also comes into play.
States offering some version of a fourth stimulus check generally allocate funds to help the unemployed, front-line workers, families with young children, and other subsets of the state population.
Who Is Eligible For The Third Stimulus Check
For the first two stimulus payments, single taxpayers earning up to $75,000 a year and couples earning up to $150,000 a year were able to get the full amount. Parents also received stimulus payments for each dependent child under age 17.9,10
Those income limits didnt change for the third stimulus payment even though it targeted the payments to lower income earners. Under the American Rescue Plan, payments phased out for single filers making between $75,000 and $80,000 and couples making between $150,000 and $160,000.11
Eligibility for the third stimulus check also expanded to cover any non-child dependents. That means taxpayers who supported certain eligible dependents age 17 and older might have received more money too.12
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Fourth Stimulus Check Possible Timeline
Right now, there is no fourth stimulus check timeline or fourth stimulus check release date. Until legislation is in motion, we can’t say how soon more relief money might arrive. We can’t say whether more relief money is coming, at all.
That said, the third stimulus check timeline happened rather quickly following Biden’s inauguration Jan. 20. It only took a few weeks for Congress to debate his American Rescue Plan. Once the president signed the bill on March 11, $1,400 checks were put in motion.
The IRS can begin sending out possible fourth stimulus checks in the same manner it sent the previous stimulus payments. Since the framework is already in place, Americans could begin receiving the fourth stimulus checks about two weeks after a relief bill allowing another round of direct payments is approved.
Alternative Forms Of Pandemic Relief Continuing In 2022
America has an active COVID-19 Economic Relief program. There are many plans and relief options provided to help people get back on their feet if theyre financially impacted by the pandemic. While most of the benefits are offered through government entities and non-profit organizations, it is worth reviewing the different efforts being taken to help.
In addition to the government relief programs, companies and services are available to help if youre struggling financially. Well review several options worth considering based on your unique needs.
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Two Weeks Practical Tips Big Results
Well talk through ways to find extra money when shopping for groceries, eating out, paying your bills, and managing lifestyle expenses each month. Be sure to stick with it for 14 days to get the best results!
Youll get an email each day for 14 days with a small task.
Each task will help you find extra money in your lifestyle.
The tasks typically take 510 minutes a day.
Are We Getting Another Stimulus Check In 2021
Whether we get another stimulus check in 2021 depends on how much momentum the proposals for more checks gain.
There are still some people who’ve not yet received the third stimulus check, but we’ve got a handy guide for what to do if you’re missing your stimulus check payment. It’s worth checking if you’re eligible for most recent stimulus check as it’s worth up to $1,400 per person.
The IRS has reported that taxpayers whose direct-deposit information is on file should have seen their payments reach their bank accounts in April. Those who are waiting on paper checks and debit cards can expect to receive their funds in the coming weeks.
If you have received the third stimulus check and feel it’s too low, then take a look at our guide to the stimulus check calculator as that can show you what your own eligibility looks like. Keep in mind that there are a few factors that will affect the amount you are due or have received.
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Why Residents In Some States Are Getting A Fourth Stimulus Check
BATON ROUGE – Some states are alerting citizens that a fourth stimulus check is on the way, but Louisiana is not reportedly among the states who’ve made such an announcement.
It’s not that Louisiana has been left out of a federal stimulus program, as Congress has not confirmed the distribution of a fourth stimulus check.
Instead, what’s happening is that some states are creating their own stimulus checks.
For example, California created the “Golden State Stimulus” initiative, which will provide eligible, tax-paying residents with $600.
As certain states dole out checks to citizens, some lawmakers in Washington are pushing the Biden Administration to provide additional stimulus payments to all Americans.
These lawmakers have voiced concerns that amid problems with joblessness and a weak economy, the most recent round of stimulus checks provided by the federal government have long since been used.
Cons Of Taking The Monthly Child Tax Credit Payments
- Youll only get half of the money at tax time. If you take this advance payment of the Child Tax Credit now, just know that youll only see the other half after you file your taxes next yearand not the full amount. Remember, this is an up-front payment of the regular amount you get.
- You might have to pay some of it back. Now listen up: This is only if your income went up from 2020 to 2021. Lets say you lost your job like so many Americans did in 2020, but then you got a new job in 2021. The tax credit is taking the info it has from your 2020 taxes, so your new income might push you over the limits and start to phase out .
- Your payment will be sent to whoever claimed the kids on the 2020 tax returns. If youre divorced or separated, these advance Child Tax Credit payments will go to the parent who had the kids listed on their taxes that year.
- You might need that full amount of money at tax time. If youre self-employed, making quarterly payments, or usually owe money to the IRS, you might want to opt out of monthly payments here. Youll probably need that full amount to help bring down the amount youll pay at tax time.
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How To Opt Out Of Monthly Child Tax Credit
If you dont want these advance payments, youll have to go through a few steps to opt out. But its pretty simple really. The IRS set up a Child Tax Credit Update Portal for you to opt out and make any changes.
Dont worryeven though the first payment has already gone out, its not too late to opt out of the advance Child Tax Credit payment. Actually, you have the chance to opt out each month. Really! You just have to do it at least three days before the first Thursday of the month.8 So if you want to opt out in September, make sure to opt out by August 30, just to be safe.
Pro tip: If youre married and filing jointly, then both you and your spouse need to opt out of the Child Tax Credit.
During The First Year Of The Pandemic The Federal Government Passed Three Rounds Of Stimulus Checks States Also Offer Their Own Forms Of Support
Covid-19 case numbers have reached new daily records in recent weeks there have been growing calls for further economic support for American people and businesses, but it is highly unlikely the government will provide more stimulus checks to the general public. Pressure has risen on on Americans as one form of federal financial support, the Child Tax Credit, has been removed.
However, there are other types of support that the government has been providing and is providing to those in need. Some states have also introduced extra pandemic-related support that state residents can access.
Which states offer their own stimulus checks or other types of financial relief?
The standout state is California, which has the only real form of stimulus checks remaining, and these are just the last payments of a plan set up last year.
Others, like Alaska, have state-run dividend packages that are sent to residents each year. These cannot be classed as relief checks as they have existed for over 50 years, and are a form of payment to residents that have decided to live in Alaska permanently.
The most generous state-sponsored relief initiative came in California, but the final payment was sent out as late as January 11th.
States introduce stimulus check alternatives
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Child Tax Credit: December End
Some families received another form of stimulus aid when the IRS in July deposited the first of six monthly cash payments into bank accounts of parents who qualify for the Child Tax Credit . Families on average received $423 in their first CTC payment, according to an analysis of Census data from the left-leaning advocacy group Economic Security Project.
Eligible families received up to $1,800 in cash through December, with the money parceled out in equal installments over the six months from July through December. The aid was due to the expanded CTC, which is part of President Joe Biden’s American Rescue Plan.
Families who qualify received $300 per month for each child under 6 and $250 for children between 6 to 17 years old. Several families that spoke to CBS MoneyWatch said the extra money would go toward child care, back-to-school supplies and other essentials.
While progressives and some Democrats urged lawmakers to continue the enhanced CTC, it appears stalled at the moment. That means families won’t receive a CTC payment in January or beyond.
These 8 States Are Sending Their Own Stimulus Checks As Federal Legislation Stalls
It has become increasingly clear that a fourth federal stimulus check is unlikely to be sent out. But eight states have pledged to deliver further direct payments to some of their residents.
Governor Gavin Newsom signed his $100 billion 2021 California Comeback Plan last month that includes $8.1 billion for stimulus payments. Under the state’s recently approved economic recovery budget package, taxpayers earning between $30,000 and $75,000 a year will receive a $600 check. Parents and guardians will receive $500 for each dependent child, and undocumented migrant families will also receive $500.
Officials say the payments will be sent out in September, and about 26 million of the state’s 39.5 million residentsor two-thirds of the populationcan expect to receive a payment.
Governor Jared Polis issued an executive order late last year that included $375 checks for residents who received at least one weekly unemployment benefit from March 15, 2020, to October 24, 2020. More than $163 million was allocated from the state’s general fund to pay for the aid to roughly 435,000 vulnerable residents.
Payments by bank transfer began last December and continued into 2021.
Governor Larry Hogan signed the state’s bipartisan $1 billion RELIEF Act of 2021 in February. It repealed all state and local taxes on unemployment benefits, and provided a $500 stimulus check to families and $300 to individuals who filed for the Earned Income Tax Credit.
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