Prepare for a fresh round of stimulus check as we enter August, bringing with it the potential for a substantial payment of up to $3,284. This financial boost stems from a substantial pool of $3.4 billion. To access this stimulus, individuals must adhere to specific criteria and a straightforward process.
The ongoing distribution of these payments to Americans prompts the question: what drives this continued financial support? The answer lies in the untapped oil and gas revenues from the previous year, which remain outstanding in certain regions across the nation.
Tracking your stimulus check payment: A step-by-step guide
In Alaska, a noteworthy initiative known as the Permanent Fund Dividend (PFD) has been diligently dispensing these payments in incremental installments, contingent upon successful application submissions. These funds originate from the state’s 2022 energy revenue, an annual redistribution aimed at benefiting its residents. The category of individuals currently labeled as ‘eligible-not-paid’ is slated to receive their allocated funds on the 17th of August.
As the distribution of Stimulus Payments has ceased in most parts of the country, the Internal Revenue Service (IRS) has officially communicated that the utilization of the Get My Payment application to monitor payment status is no longer viable. To facilitate the accurate tracking of these funds, individuals are now required to take specific actions, such as establishing an online account or consulting IRS Notice 1444-C, a comprehensive resource providing guidance in this regard.
For a more comprehensive view of their financial situation, individuals can also leverage an IRS online account to access and examine individual tax information. This tool enables users to review the full extent of their economic impact payment amounts under the 2022 tax year tab, enhancing their understanding of the financial aid they’ve received.
Distinctly, the state of Alaska stands out as a notable exception, offering a unique program that grants eligible individuals checks worth an impressive $3,284. This initiative surpasses others in different parts of the country, which tend to provide significantly smaller payments, often capping at $500.
How does the Get My Payment application work?
The “Get My Payment” application was developed by the U.S. Department of the Treasury and the IRS to assist taxpayers in tracking the status of their Economic Impact Payments and to submit direct deposit information if they hadn’t already done so when filing their tax returns in 2018 or 2019.
To track the status of their payment, taxpayers needed to enter their Social Security number, date of birth, and mailing address used on their tax return. If taxpayers wanted to add their bank account information to speed up the receipt of their payment, they also needed to provide additional information.
Other states to send stimulus checks
Several other states, including Massachusetts, Hawaii, Michigan, Illinois, Minnesota, Arizona, Pennsylvania, Florida, Colorado, California, Montana, Washington, Kansas, Ohio, and Texas, among others, continue to implement their own stimulus payment programs. It’s important to note that these programs, while offering various forms of financial assistance, typically do not extend beyond $1,000 for eligible American citizens.
Should you wish to ascertain your eligibility for any of these state-specific programs, it’s advisable to thoroughly explore the plans offered by your own state. These programs encompass a diverse range of aid options tailored to meet the specific needs of individuals in different circumstances.
In the state of Massachusetts, legislators decided last year to distribute just over $2.9 billion to about 3 million taxpayers in tax rebates. That’s almost 13% of the state’s residents. The check shipments started in September 2022, but the payment program is active until September 2023, which means that there is just over a month and a half left to claim your money.
Qualified taxpayers will have their refunds issued automatically, either via direct deposit or in the form of a mailed check. If you’ve already submitted your 2021 tax return and had a tax obligation, no further steps are required. Your refund should reach you by the middle of December 2022. In case you haven’t yet filed your 2021 return, you’re still eligible as long as you file by September 15, 2023. If you’re entitled to a refund, you can anticipate receiving it roughly one month after filing. There is a refund calculator in the official Commonwealth of Massachusset website.