Travelsparkel

Update on the Stimulus Check: This Year, Americans in Five States Can Anticipate Payments

Bylima

Jan 3, 2024
Update on the Stimulus Check: This Year, Americans in Five States Can Anticipate Payments

Even though the federal stimulus program may no longer be funded, taxpayers will still be eligible for refunds in 2024.

“The focus has shifted to economic recovery, and additional stimulus checks are not part of current legislative agendas,” Tax Prep Tech founder Zack Hellman stated to Newsweek. “However, individuals should be aware of other potential direct payments or tax credits specific to their state or local governments.”

In 2024, direct payments will be made to five states; however, to receive the funds, you must fulfill certain requirements. A portion of the payments come from state budget surpluses, and a portion are from special initiatives designed to assist disadvantaged groups.

Arizona

Thanks to a recent rebate that Governor Katie Hobbs approved, cash is up for grabs for roughly 743,000 residents in Arizona. For qualifying taxpayers, the rebate will provide $250 for each dependent over the age of 17. The total maximum rebate that can be received is $750.

READ ALSOWhen and How Much Will You Receive in January 2024 as Part of Your Snap Benefits?

In a statement, Hobbs said, “As someone who occasionally relied on assistance to get by, I know that every penny counts.” “When I came into office, I vowed to use every chance I had to help Arizonans support their families and bring down their cost of living. Being able to provide this relief through the Arizona Families Tax Rebate makes me very happy.”

California

As the new year begins, Californians have additional reasons to rejoice. This is due to the availability of a $3,600 one-time tax credit.

Furthermore, California provides a $1,083 “young child tax credit” in addition to the initial tax credit. To be eligible, you also need to have a child under the age of six and be approved for the California Earned Income Tax Credit.

You will automatically receive the tax credit boost if you file your 2021 tax credit by April 18, 2025.

Colorado

Colorado residents will also receive their rebate payments in 2024.

Thanks to the TABOR refund, eligible single filers will receive $847, while couples filing jointly will receive $1,694.

TABOR checks were previously based on your income level; however, starting in 2024, all taxpayers will receive the same amount.

Higher earners will likely receive a smaller refund as a result of this change, while lower-income citizens will likely receive a few hundred dollars more.

Colorado collected $3.6 billion more than TABOR rules allowed overall in 2023; the remaining funds will be returned to taxpayers.

Maryland

Marylanders may receive an additional payment this month from the annual child tax credit.

Targeting families with children under the age of six or those with disabilities, the credit has a maximum value of $500 per child.

According to the state, residents who meet the eligibility requirements—having a federally adjusted gross income of $15,000 or less—make up approximately 40,000 taxpayers.

New Mexico

This year, taxpayers in New Mexico may receive a rebate check for up to $1,000.

All individuals who have submitted their 2021 tax returns by May 31, 2024, and have not been claimed as dependents on any other tax return, will receive the payment.

Couples filing jointly can anticipate up to $1,000, while single filers receive $500.

By lima

Leave a Reply

Your email address will not be published. Required fields are marked *