Stimulus Updates To Know for Fall 2022
During the past few years, millions of Americans have received stimulus checks to help with the economic downturn due to the Coronavirus pandemic. Now, with prices rising on everything from eggs to gas, and about six million unemployed workers in the United States, people are wondering if any sort of stimulus plan is in the works to help them stay afloat.
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Good news: Several states do have stimulus packages for their residents. Read on to find out if your state is one of them, and how to apply to receive benefits.
You can receive a tax refund up to $1,050 through the Middle Class Tax Refund. To determine your income eligibility and estimated refund amount, use the IRS tool. Other requirements to receive the benefit include having lived in California for at least six months in the 2020 tax year or living in the state by the time the check is issued; having filed your 2020 tax return by Oct. 15, 2021; and not being a dependent in the 2020 tax year.
Payments will be issued by direct deposit or debit cards between October 2022 and January 2023, and the amount will depend on income. The first people to receive the payments will be those who received the Golden State Stimulus payments.
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The Colorado Cash Back program is in full swing. Receive a tax rebate of $750 for individual filers and $1,500 for married couples filing jointly. To receive the rebate, Colorado residents must be at least 18 on or before Dec. 31, 2022, be a Colorado resident for the entire 2021 income tax year and have filed a state income tax return for the 2021 income tax year or have applied for a Property Tax/Rent/Heat Credit (PTC) Rebate by June 30, 2022.
You should receive your payment by Sept. 30, or if you filed a tax extension, you’ll receive your money by Jan. 31, 2023.
As part of the state’s Family Relief Plan, Illinois residents can receive $50 for individual filers who made under $200,000 in 2021 and of $100 for joint filers with incomes under $400,000. If you claimed dependents last year, you’re also eligible to receive a $100 credit per child, with a limit of three child credits per household. Checks started going out Sept. 12, but distribution could take up to eight weeks.
The Family Relief Plan also includes several tax holidays and rebates, including the elimination of sales tax on groceries until June 30, 2023.
The state is still working on a stimulus bill that would give residents tax credits. However, residents are getting paid in the meantime. Thanks to an unusual law from the 1980s, the state will have to return $2.5 billion in excess tax revenue to its taxpayers. This equals out to a 7% refund of your 2021 state income tax payment. Visit this website for more information, or call 877-677-9727.
Since July, some homeowners, renters and people with disabilities have been eligible for a payout through the Property Tax/Rent Rebate Program. The maximum rebate is $650, but supplemental rebates for qualifying homeowners can bring it up to $975. To find out if you’re eligible, apply for a payment or check on the status of your payment, visit this website.
Residents of South Carolina can look forward to up to $800 in income tax rebates. To qualify, you must have filed individual income tax returns by Oct. 17. The payments are being issued per person, so it doesn’t matter if you filed jointly or not. Checks should go out in November and December, with all payments issued before Dec. 31, 2022.
If you filed taxes in Virginia last year, and had a tax liability, you’re eligible for payment. If you meet the qualifications, you’re eligible to receive a tax rebate of $250 for individual filers or $500 for joint filers. Physical checks are being mailed to individuals who did not include banking information in their return, whose direct deposit was declined or whose rebate was offset by outstanding debts. If you filed your taxes by July 1, you will see your payment by Oct. 31, 2022.
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