NEW $5000 CHECKS ARE COMING | JUST APPROVED | States Stimulus Checks | NEW STIMULUS UPDATE 2023/2022

NEW $5000 CHECKS ARE COMING | JUST APPROVED | States Stimulus Checks | NEW STIMULUS UPDATE 2023/2022
In March 2020, the American economy went into full shutdown mode in response to the coronavirus pandemic. Nearly immediately, the U.S. government implemented a series of stimulus packages in an effort to support businesses and consumers. Although the federal payments have long since run out, some states — which were later to the game — are still in the process of distributing aid. While many programs are slated to end in 2022, a few states still have 2023 payments on their schedule. Here’s a quick look at the states that still have payments coming next year. California authorized inflation relief checks of up to $1,050 in 2022, and most payments have already been distributed. However, the state estimates that about 5% of checks won’t go out until Jan. 15, 2023. Rebate amounts start at $350 and are based on a combination of income, household size and tax-filing status. Singles earning $250,000 or more and couples earning at least $500,000 are ineligible. Colorado state residents who filed their 2021 taxes on time most likely already received payments of $750 for singles and $1,500 for joint filers by Sept. 30. However, those who filed an extension by the Oct. 17 deadline may still be awaiting their payment, which is slated to arrive no later than Jan. 31, 2023.Idaho approved 2022 Special Session rebates that will be paid out by the end of March 2023. The amount of the rebate is the greater of 10% of a taxpayer’s 2020 income tax liability, $300 for single filers or $600 for joint filers. The state Tax Commission anticipates sending about 800,000 payments totaling as much as $500 million.

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

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