Major Updates Regarding The Stimulus Check Payment Of 2023

Stimulus Check
Stimulus Check

A large section of the American population in almost half of the states in the country have already received their tax refunds, rebates, and one-time stimulus check payments. Now, while the federal payments have already dried up quite a long time ago, the state initiatives did put out much-needed assistance in a year that was also indicative of high inflation.

For most of the country, the previous year was the last helping hand from the federal government when it came to financial help. As it stands, just a few states have taken up initiatives to continue on the payments this year. However, it must also be mentioned that there are several states that are still thinking about distributing the payments from the program of the previous year- while several have been accepting applications for tax returns. 

Updates Regarding The Stimulus Check Payment Of 2023

One of the biggest updates regarding stimulus check payments came through late guidance from the IRS. After a bunch of debates and speculations, the agency had announced the previous month that most of the people who had received special payments in about 21 states that had issued the payments wouldn’t have to report the stimulus payments as income. As is usually the case, taxpayers are required to report some form of income tax refund, but the IRS has decreed that most of the payments will be counted as disaster relief or general welfare- which will not be taxable at the highest level. 

In certain states like Georgia and Massachusetts, residents will not have to report the stimulus check payments as income- if they ended up meeting certain criteria. One must have received a refund from the state income taxes paid and should have ideally itemized their deductions.