Welcome back to another update, everyone! Today, let’s dive into the topic of stimulus checks, specifically those coming from certain states in 2023.
I have a list of seven states that are planning to send out stimulus payments, and I want to break down the details for you. But before we get into that, let’s clarify something about federal stimulus checks.
While the federal government is not currently sending out stimulus checks, they are still providing stimulus in other forms. For example, the temporary suspension of student loan payments has saved individuals an average of $393 per month, which is considered a form of stimulus as it puts money back into people’s pockets and stimulates the economy.
7 States Sending Out Stimulus Checks
Now, let’s move on to the state stimulus payments that are set to arrive in 2023. If you have any questions about this information, please ask in the comments below, and I’ll do my best to answer them.
In California, the estimated amount of the stimulus check will vary from $200 to $1050, depending on your income, filing status, and whether you have dependents. The state has a program known as the “middle class tax refunds,” which residents who filed their 2022 or 2020 California state tax by October 15, 2021, and lived in California for at least six months in 2020 may be familiar with. As long as you meet certain criteria, such as not exceeding the California adjusted gross income and not being claimed as a tax dependent, you may be eligible to receive a payment in 2023.
In Idaho, the stimulus payment will be the greater of $75 per family member or 12% of the tax liability before credits and other payments. This is known as the “First Year’s Rebate” and includes amounts such as $600 for married couples filing jointly or $300 for other filers. The payment will depend on various factors, and while it may not be as significant as California’s stimulus, it still offers financial relief.
Maine residents can expect a stimulus payment of $450 for single filers and $900 for joint filers on their 2021 state tax returns. This payment, called the “Winter Energy Relief Payment,” is available to those who lived in the state full time and filed their tax return for 2021 by October 31, 2022. The income threshold for eligibility is also outlined, ensuring that those who receive the payment meet certain income criteria.
In New Jersey, stimulus payments will depend on 2019 income, whether residents were homeowners or renters that year, and other factors. The “Anchor Tax Relief Program” will provide rebates ranging from $1500 for homeowners or those with a total income of $150,000 or less in 2023 to $500 for every ITIN holder listed on their tax return under the I-10 program. Eligible renters can anticipate a $450 rebate if their 2019 tax return shows income of $150,000 or less.
In New Mexico, there were two rounds of rebates planned for 2023. Filers with incomes below $150,250 for single residents and married couples filing separately and $150,500 for head of household or surviving spouses qualified for a $500 rebate in the first round and a $1000 rebate in the second round. The state required individuals to file their 2021 New Mexico state tax return by May 31, 2023, to be eligible for the rebates.
Pennsylvania residents who meet certain criteria, such as being at least 65 years old, a widower aged 50 or older, or a person with disabilities aged 18 or older, may apply for a stimulus payment through the Property Tax/Rent Rebate Program. The amount of the payment will depend on factors such as the individual’s status as a homeowner or renter and their income level, with eligible homeowners potentially receiving up to $650 and renters up to $500.
South Carolina residents can look forward to stimulus payments based on their filing status and income tax liability for 2021. The maximum rebate amount is capped at $800, with different phases of delivery depending on the date of filing the 2021 tax return with the state.
To wrap things up, let’s remember that while these seven states are currently planning to send out stimulus payments in 2023, there will likely be more states doing the same. It’s important to note that states need to spend their unused pandemic-related funding before January 1, 2025, or the money goes back to the treasury. So, states are finding ways to distribute this funding to the residents in different formats and through various programs to ensure they can benefit from it. Keep an eye out for any updates, and as always, I’ll be here to share the latest news and developments.
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