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.
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Stimulus Update: This Important Irs Warning About Stimulus Checks Could Affect Your Finances In 2023
For many Americans, 2022 has been a tough year thanks to high gas costs and rising prices on other commonly purchased necessities, including groceries.
For those looking ahead to 2023, the IRS has recently issued an important warning related to stimulus checks that could affect your finances next year. It’s a good idea to listen to what the revenue agency has to say so you don’t face any unpleasant surprises.
Heres What You Can Do Instead Of Panic As Interest Rates Go Even Higher
Over 2.2 million more stimulus checks have gone out in the past six weeks, the feds announced, bringing the total number of payments distributed as part of the third batch of checks to more than 171 million.
The latest round of 2.2 million checks is worth more than $4 billion, the IRS, Treasury Department and Bureau of the Fiscal Service said in an announcement.
Of the 2.2 million, about 1.3 million, worth an estimated $2.6 billion, were sent to people for whom the IRS previously did not have information to issue a stimulus check but who recently filed a tax return, the federal agencies said
The batch also included supplemental payments for people who received payments based on their 2019 tax returns earlier this year, but were eligible for a new or larger amount based on their 2020 tax returns, the feds said.
There were more than 900,000 of these so-called plus-up payments sent out in the last six weeks, with a value of more than $1.6 billion, the government said.
In total, more than $400 billion have been sent out to Americans since the third batch of checks started going out on March 12, according to the government agencies.
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What If My Spouse Or Ex
If you did not get all or some portion of your Economic Impact Payments you can file a 2020 tax return and claim these amounts on line 30 of the form. The IRS is referring to this as the recovery rebate and will allow you to claim any of the EIPs that you did not get in advance. You may get a denial letter from the IRS, but that is the opportunity to reply and explain your situation to the IRS. In this situation, Vermonters with a low income can contact us for help at the Vermont Low-Income Taxpayer Clinic by filling out our form or calling 1-800-889-2047.
I Get Ssi Should I Spend The Stimulus Money Within A Year What Can I Spend It On
Spend down your CARES Act EIP money before 12 months have passed since receiving the payment. You are not limited in what you can spend the money on. You can spend down on whatever you wish, including on gifts and charitable contributions. If you don’t spend it within 12 months, the Social Security Administration will count the money as a resource.
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How Much Is The Third Stimulus Check
The third round of stimulus checks included a $1,400-per-person direct payment. This amount topped off the $600 payment that most eligible folks already got as part of a previous COVID-19 relief package. Congress passed that one at the end of December 2020 for a total of $2,000 in stimulus payments per person. So, how much should you have gotten in your third stimulus check? Find out with our stimulus calculator!
The stimulus payments are one part of Bidens much larger COVID-19 relief plan that also expanded the Child Tax Credit, extended unemployment benefits for people who lost their jobs during the COVID-19 pandemic, increased the Child and Dependent Care Credit, and provided more aid for renters and landlords.6 Yep, its a mouthful.
Vast Majority Of Americans Want More Stimulus Checks In 2023 What Are The Chances Youll Get One
While the COVID-19 pandemic began in early 2020, the aftermath of the virus and the rise in inflation rates post-pandemic is still affecting Americans today. The government started sending stimulus payments of up to $1,200 to eligible tax-paying adults in April 2020, followed by a second round of up to $600 between December 2020 and January 2021. Almost immediately following the second round of stimulus checks, President Biden came into office and launched his American Rescue Plan that provided eligible taxpayers a check of up to $1,400.
Although discussions of a fourth stimulus check have simmered down in the halls of Congress, Americans continue to advocate for another round of relief.
According to a recent survey conducted by GOBankingRates, 62% of Americans are in favor of more stimulus or inflation relief checks in 2023. In light of this data, lets take a look at which states are likely to offer stimulus checks this upcoming year and how much relief they might be offering.
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Don’t Rely On A Big Tax Refund To Cover The Basics
As the IRS has made clear, the absence of stimulus checks in 2022 will have real consequences for people who need their tax refund to pay for necessities and who will likely now face a reduced refund.
If you were hoping for a big check from Uncle Sam after submitting your tax return, you may want to look into other ways to come up with the extra cash you were counting on since the government won’t be sending it. The good news is, there are plenty of great options for side gigs you can look into to bring in much needed extra funds around the holidays and in the new year.
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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The Third Stimulus Check
Again, Congress decided it was in the best interests of everyone involved to issue another stimulus check to help relieve Americans in need. Households that earned below $150,000 or head of households that made under $112,500 were eligible to receive $1,400 per adult and $1,400 per child.
As expected, this crucial financial relief was much needed, and it helped most Americans avoid financial distress during the crisis.
How Likely Is A Fourth Stimulus Check
Don’t hold your breath, according to Wall Street analysts.
For one, the Biden administration has focused on infrastructure spending to spark economic growth, betting that an investment in roads, trains and other direct investments will help get people back to work and spur the ongoing recovery.
Secondly, economists have pointed fingers at relief efforts such as the three rounds of stimulus checks for contributing to inflation. Because Americans had cash in their pockets, they boosted spending on goods such as furniture, cars and electronics. Combine that with the supply-chain crunch, and the result was sharply higher inflation, according to economists.
Without new stimulus efforts on the horizon, it’s likely that inflation could moderate in 2022, according to Brad McMillan, the chief investment officer at Commonwealth Financial Network. “One cause of inflation has been an explosion of demand driven by federal stimulus,” he noted in a December report. “But that stimulus has now ended.”
He added, “Yes, we will continue to face inflation and supply problems, but they are moderating and will keep doing so.”
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Why Are States Giving Out A Fourth Stimulus Check
It all started back when the American Rescue Plan rolled out. States were given $195 billion to help fund their own local economic recovery at the state level.1 But they dont have forever to spend this moneystates have to figure out what to use it on by the end of 2024, and then they have until the end of 2026 to spend all that cash.2That might sound like forever, but the clock is ticking here.
Some states have given out their own version of a stimulus check to everyone, and others are targeting it at specific groups like teachers. And other states? Well, they havent spent any of it yet.
Some states like Colorado, Maryland and New Mexico are giving stimulus checks to people who make less than a certain amount of money or who were on unemployment. So far, California is the only state to give out a wide-sweeping stimulus check.3 Other states like Florida, Georgia, Michigan, Tennessee and Texas are putting the money toward $1,000 bonuses for teachers.
These Professionals Will Receive Another Stimulus Check
The states and cities referenced above are issuing fourth stimulus checks to help in the pandemic. Some regions are also offering relief to specific professions.
- Teachers: Florida, Georgia, Michigan, Tennessee, and Texas are issuing stimulus checks to contribute to teachers in their state. Each state has its own criteria to aid their teachers and funds will either go directly to the teacher or to the school to support teachers and education.
- Front-Line Workers: Maine and Vermont are issuing stimulus checks to the personnel that worked in the pandemic.
- Healthcare Personnel:Missouri is aiding the people working in mental health facilities, nursing homes, and correctional facilities.
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What States Are Paying A Fourth Stimulus Check
There likely wont be another stimulus check from the federal government coming anytime soon. But a number of states have approved a fourth stimulus check for their residents welcome news amid rampant inflation. And more states could do the same in months to come. Lets break down which states are paying a fourth stimulus check and how much you could get.
For help with managing stimulus payments or with any other financial questions, consider working with a financial advisor.
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.
Also Check: How Do I Claim My 2021 Stimulus Check
Can I Claim A Stimulus Check For Someone Who Is Deceased
Yes. For the third stimulus check, people who have died on or after January 1, 2021, are eligible to receive the third stimulus check. However, for married military couples, the date of eligibility is expanded. If the person who died was a member of the military and died before January 1, 2021, the surviving spouse can still receive the third stimulus check, even if they dont have an SSN.
For the first and second stimulus check, the IRS has stated that people who died on or after January 1, 2020, are eligible to receive both payments.
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What If I Havent Gotten My Payment Yet
First, go ahead and check the IRS Portal to see what the status is of your payment. You can see if its been processed and is taking longer to get to you. While youre there, look and see if your payment is coming by mail or direct deposit. If its coming by mail, that could be why its taking longer. If youre expecting the payment to hit your bank account through direct deposit, double-check to make sure they have your correct banking info.
If things still dont make sense, then you can submit something called a payment trace to the IRS . But make sure you give it at least five days after the date you were expecting to get the payment in your hands.
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Revised Child Tax Credit: Everything You Need To Know
14 Min Read | Mar 25, 2022
Update: If you received monthly child tax credit advance payments this year, be on the lookout for Letter 6419 the IRS started mailing out in December. The form lists the total amount of advance payments you received, and youll need it to file your 2021 taxes and receive the other half of your child tax credit.
If I Take the Advance Payment, How Does This Affect Next Years Taxes?All right, you guys, if you have kids like me, listen up: Some of you are going to get cash in your hands every month for the rest of 2021 thanks to the increased Child Tax Credit. I know what youre thinking: Isnt the Child Tax Credit just given out at tax time? And the answer isyep, normally thats how it works. But not this year. Which makes sense, because theres been a lot of extra money from the government lately.
First, there was stimulus number one, then number two, and then number threeand now the first of the Child Tax Credit payments just went out, and theyll keep coming for the rest of the year.
A lot of you still have questions about it, so lets talk about what the new beefed-up Child Tax Credit means for you and your money.
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Stimulus Payments 202: Your State Could Still Owe You A Check
South Carolina and Massachusetts are just two of the states issuing payments to taxpayers.
Dan is a writer on CNET’s 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.
As the holidays roll in, we could all use some extra money. South Carolina has started issuing for up to $800 to eligible taxpayers. The income tax rebates were approved by state lawmakers as part of this year’s $8.4 billion budget, according to the state Department of Revenue, and payments will continue to go out through December.
South Carolina isn’t the only state issuing residents tax refunds, though: Illinois is still sending out $50 and $100 rebates and Massachusetts began returning $3 billion in surplus tax revenue this month.
Your state could be sending out a rebate or stimulus check, too. Below, see if you qualify and how much you could be owed. For more on taxes, see if you qualify for additional stimulus or child tax credit money.
When Should I Get My Payment
The IRS was given hard and fast deadlines to send the two rounds of Economic Impact Payments out to American families. The first round of payments had to be sent out by December 31, 2020. The second round had to be sent out by January 15, 2021.
What this means: If you have not received the first or second round of payments yet, then you will not be getting them in advance. The good news is that you can still do something to get these payments. Read below.
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