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Tuesday, January 31, 2023

Many Americans To Get Their Stimulus Check In Time For Christmas 2022

Some states have already sent their inflation relief stimulus checks starting from the second quarter of 2022.

States such as New Mexico have even broken up the payments into multiple rounds. But states such as California have scheduled their stimulus check for the festive season even though the bill was passed by Gov. Gavin Newsom in June 2022.

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The state administration had initially proposed a gas card to provide relief to residents who were troubled by record inflation and were forced to pay high prices for gas among other things. The gas cards were meant for people who had vehicles registered in California with families entitled to a maximum of 2 gas cards.

Families who did not have cards were to be allotted a transit allowance that would be equal in value to the gas card. But democratic state legislators persuaded Governor to change his mind and the Middle-Class Tax Rebate was declared as part of the annual budget.

The payment was envisaged in three parts based on the Adjusted Gross Income under the California Income Tax returns for 2020. The stimulus checks were to go out only to those who filed their returns by October 15, 2021.

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The payments were divided into three broad categories based n the AGi for 2021. The highest amount of the Stimulus c Payment has gone out to people with a joint income tax return for 2021 and with a combined AGI of $150,000 and less. Each filer in this income tier will get $350 each plus another $350 if they include a dependent they get another $350, the highest possible under the Middle-Class Tax Rebate stimulus check.

For individual filers under this scheme, it works out to $50 for the individual filer and another $350 if they include any dependents.

The second scheme is for filers with a 2020 state AGI of between $75,001 and $25,000 and married couples with a joint AGI of between $150,001 and $250,000. The amount works out to $250 for the filer and another $250 for any dependent. The maximum possible in this tier is $750.

The higher income tier under which the tax rebate is allowed is an individual 2020 California AGI of between $125,001 and $250,000 or a joint AGI for 2020 between $250,001 and $500,000. The individual stimulus check amount works out to $200, with an equivalent amount for any dependent.

No tax rebate is being given for an AGI of above $250,000 for individuals and $00,000 for joint filers. The amount allowed for dependents is limited to one person, whatever their number.

The stimulus checks started going out in phases on October 7. The first round has been sent through direct deposit to beneficiary bank accounts. Initially, individuals and joint filers who qualified for any of the two rounds of the Golden State Stimulus I and II received the Middle-Class Tax Rebate. These stimulus checks came in handy for residents to combat the rise in prices from groceries to gasoline due to record inflation.

The payment timeline is between October 7 and October 25, 2022, for those who will receive their tax rebate direct deposit and have received either round of the GSS I or II.

For filers who receive the 2020 California tax refund by direct deposit a year earlier but did not get receive Golden Stae stimulus checks, the payments will come in between October 25 and November 14, 2022.

Filers, both individual and joint, who received the GSS payments by debit card will get their payments between October 25 and December 10, 2022. And taxpayers who do not fall into any of these above categories will get their payment by January 15, 2023.

The state inflation relief payments are being sent out only through direct bank deposits or debit cards. No paper checks are being sent in this round of state relief. For direct deposits, the requirements to receive the payments are receiving earlier rounds of state stimulus checks through direct bank deposits (GSS I or II), or filing the state income tax return electronically (in such case you received your refund by direct deposit).

For those who filed their income tax return on paper, or have a balance due the payments will come in through debit cards, sent through the US postal service. Filers who received their Golden State Stimulus payment by paper checks or received their earlier tax refund through the same method, regardless of filing method, will receive their tax rebate through the debit card.

Filers who received their 2020 income tax refund by direct deposit but have later changed their bank details, including account number or their banker, will receive their payment through debit cards. The same goes for filers who received an advance payment from their tax service provider or paid the tax preparer fees through their tax refund.

Other States Giving Out Stimulus Checks In The Festive Season

Residents of Colorado received inflation relief stimulus checks of $750 for individuals and double that for married couples filing jointly. Only adults are eligible for this round of stimulus payments and they must be 18 years or above as on December 31, 2021. They must also be residents of Colorado for the whole of 2021 and must also have filed their returns for 2021 from that state.

While a majority of the stimulus checks were received by September, filers who applied for and received an extension on their 2021 returns and filed their returns by the extended date of October 17, 2022, will receive their payment during this festive season, though the payments could be extended up to January of next year.

Idaho has announced a half-billion-dollar income tax rebate package for full-time residents who have filed both their 2020 and 2021 state income tax returns. While individual filers will receive a $300 stimulus check, joint filers will receive double that, or 10% of their income tax for 2020, whichever is greater.

Residents should have filed both their income tax returns for 2020 and 2021 by December 31, 2022, to be in line for the Idaho stimulus check. the processing of the payments started in the last week of September and funds were sent directly to beneficiaries through paper checks.

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