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Update on the Stimulus Check: Will 2024 See an Increase in Direct Payments?

Bylima

Jan 1, 2024
Update on the Stimulus Check: Will 2024 See an Increase in Direct Payments?

Since the last stimulus payment was made in 2021, Americans have been waiting impatiently for another one, and many are wondering if there will be another one in 2024.

More than 476 million payments totaling $814 billion in financial relief were made available to the public as the economy weathered severe strain and a worldwide pandemic. The full amounts were determined by the number of declared dependents, tax filing status, and income.

The IRS sent out its last $1,400 check to taxpayers two years ago, thanks to the American Rescue Plan Act, but many have been having financial difficulties ever since.

Even so, four years after the pandemic, Zack Hellman, the founder of the Los Angeles accounting firm Tax Prep Tech, stated it is unlikely that the federal government is planning a new payment.

“The focus has shifted to economic recovery, and additional stimulus checks are not a part of current legislative agendas,” Hellman stated to Newsweek.

You Can Still Make Direct Payments

Still, that doesn’t mean Americans can’t receive new direct payments from the federal government.

Your eligibility for additional cash in the form of tax credits or rebates may vary based on the state in which you reside.

Various forms of relief have been implemented by states such as Pennsylvania, Alaska, Massachusetts, Minnesota, Montana, New Mexico, Washington, and others for specific residents or taxpayers.

Pennsylvania has expanded its property tax and rent rebate program, making an additional $1,000 available to residents.

Governor Josh Shapiro stated in 2024 that Act 7 of 2023, which he had signed, would provide elder citizens with additional financial assistance. The Property Tax/Rent Rebate was increased by the law to give seniors in Pennsylvania a greater tax break.

Approximately 175,000 more Pennsylvanians will benefit from the property tax or rent rebate as a result of the expansion. Furthermore, a sizable portion of the 430,000 who met the initial qualification requirements will have an increase in their rebates.

In other places, Vermont’s Property Tax Credit will assist state homeowners with their property tax payments. If a resident’s property meets the requirements for homestead status and their property taxes for 2023 and 2024 are acceptable, they should be eligible.

READ ALSOSnap: January 2024 Payment Dates and Amounts by State

The maximum credit is $5,600 for the education property tax portion and $2,400 for the municipal property tax portion; the actual amount available will vary depending on several factors.

If married couples filing jointly in Alabama had submitted their state income tax return for 2021 by October 17, 2022, at the latest, they would have received an additional $300.

With the checks coming from a $2.8 billion surplus in the Education Trust Fund, the state spent $393 million on tax refunds. The goal of each check is to assist residents in offsetting the annual grocery taxes they pay.

Hellman advised Americans to use this time to concentrate on their financial planning. This implies that it will be crucial for you to pay off any debt and accumulate an emergency fund.

“For any new developments or updates on potential payments, keeping an eye on official government announcements and credible news sources is recommended,” Hellman stated.

By lima

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