By:- Sahil Luthra
American families are definitely feeling the impact of inflation. Hence, many states are stepping in to provide relief in the form of direct payments.
Stimulus checks are intended to stimulate the economy by providing consumers with some spending money.
Stimulus checks have been mailed out to U.S. taxpayers on several occasions. These checks vary in amount according to the taxpayer's filing status.
On the federal level, the Biden administration started to send out the last round of stimulus checks to millions of Americans in March 2021, as part of the American Rescue Plan.
As of August 2022, the federal initiative for additional stimulus payments seems to be low.
Discussion of additional direct stimulus payments has also quieted dramatically. However, as America seems like it may fall into recession, such ideas may regain momentum later in the year.
Thus far in 2022, the states have done a much better job of getting additional funds to the American people than the federal government, and more are taking steps to get there.
Some States will be sending stimulus payments to residents between October 2022 and January 2023. Payments will vary based on your income, filing status and whether or not you have dependents.
Different from the Child Tax Credit, these relief payment checks are basically stimulus checks sent out to Americans to provide them with funds to pour back into or “stimulate” the economy.
Payments of $250 were sent in July 2022 to single taxpayers earning under $75,000, while $500 was allocated to joint filers with income of less than $150,000.
Additionally, all taxpayers who filed a 2021 return were slated to receive $500, or $1,000 for joint filers, heads of household and surviving spouses.
These payments were divided into equal amounts payable in June 2022 and August 2022.