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Tuesday, February 7, 2023

Stimulus Check Update: Bigger Paydays Are Coming Your Way

Americans wondered whether they would get another stimulus check for months. The rising expense of living in recent years makes this a reasonable concern.

A significant deterioration in economic circumstances is required before the stimulus check is justified. However, the current state of the economy and the labor market does not bode well for a broad wave of relief.

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The great news is that a tax refund may be on the way. Perhaps even more so than the previous stimulus payment, assuming yours is representative of the norm.

Can You Be In Line For The Next Stimulus Check?

Early in April, the typical tax refund was $3,175, more than double the size of the previous stimulus payment, which was capped at $1,400. The truth is that your refund might be less than you expected. Perhaps you have a bigger one. In any case, the money might make up for the stimulation you’re missing out on.

When Will The Refund Come In?

Even if you file your taxes online and don’t expect any problems, you could not get your refund until the second part of May if you miss the April 18 filing deadline. Within three weeks of receiving an electronic tax return, the IRS will normally send a refund, and if you requested a deposit of the refund, you might get your money sooner.

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However, the IRS was already considerably behind when tax season started this year. As a result, reimbursements might take longer than normal.

It might take up to six weeks for you to get your tax refund if you send it in the mail. It might take far longer this year because of the IRS’s heavy workload and low personnel levels (though the agency is hiring new workers in an effort to catch up).

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