If you’re a taxpayer living in the United States, you might be eligible for a stimulus checks payment. However, it’s important to note that eligibility and the availability of these funds can vary significantly depending on your state of residence and specific local criteria.
In the wake of the federal government’s decision not to issue a fourth stimulus check, several states have stepped up to offer financial support at the state level. But what other kinds of economic assistance might Americans expect for the rest of 2023?
Stimulus check eligibility and distribution detailed cverview for U.S. taxpayers
As a broad guideline, if you’re a U.S. resident and a taxpayer, there’s a chance you could be eligible for a stimulus check. Yet, it’s crucial to understand that this hinges on your state’s specific guidelines and eligibility requirements. Often, these financial supports are distributed in the form of tax refunds.
Distinguishing between stimulus checks and tax refunds is essential. Stimulus checks are direct economic aids provided by the federal government, primarily aimed at supporting the most financially vulnerable citizens. These checks gained prominence during the Covid-19 pandemic.
The first of these stimulus checks was issued under the administration of then-President Donald Trump on December 31, 2020. Up until the end of 2023, the U.S. government has issued three stimulus rounds: two under Trump and one under current President Joe Biden.
Stimulus payments are designed to offer financial relief during economic downturns. The responsibility of determining the amount payable to eligible taxpayers falls to the Internal Revenue Service (IRS). The amounts are often influenced by the prevailing inflation rate when the stimulus checks are sanctioned.
Eligibility for receiving these checks requires proof of residence in the U.S. There are also income thresholds: during the pandemic, the cap was set at $75,000 for single filers and $150,000 for married couples filing jointly.
In certain cases, like during the Covid-19 crisis, filing a tax return wasn’t mandatory to receive a stimulus check, although this was an exception rather than the rule.
Currently, the federal government has indicated that there are no plans for a fourth stimulus check. However, as of late 2023, at least three states have initiated their own stimulus payment programs. While it remains to be seen if more states will follow suit in 2024, particularly those with budget surpluses, it’s a possibility worth monitoring for those seeking additional financial support.