The stimulus check from the federal government stopped last year even before the inflation. The painful year took a lot from people. They dived into savings hoping to save themselves. Later the states jumped in to help their assistance. The democratic party tried hard enough to send out checks. The republicans stopped it in every way possible. They were in favor of child credit taxes. It was supposed to go on for 1 year but stopped within six months.
Stimulus Check Came With A Twist
Many states are still distributing stimulus checks. Some started early some are behind. Some states are still accepting applications for some kind of refund. In early February taxpayers came up with a significant issue. The IRS failed to give a solution beforehand. The taxpayers raised a serious concern about their stimulus check. They wanted to know if they were taxable or not.
Many taxpayers applied for federal stimulus checks last year. The majority were unaware of the whole payment situation during the covid. They are getting paid now. The American rescue plan act will go on till 11th May. President Joe Biden announced a few days ago. Also new budget might bring back the lost stimulus check. The new budget made republicans and economists unhappy. This news made the taxpayers very happy.
Not all stimulus checks are taxable. Including inflation relief funds, child credit taxes, and general welfare.California, Colorado, Idaho, Florida, Hawaii, Illinois, Indiana, New York, and New Jersey. Various states rolled out various types of checks. The aforementioned states are on the list of non-taxable payments.
To everyone’s surprise, Alaska usually asks for taxes, but this time they have ruled out too. The IRS’s latest announcement was in early march that those who have missed covid-19 payments can still apply for it. The application portal will stay open until 15th April 2024.