While the IRS has distributed three rounds of stimulus checks over the past year and a half, not everyone has received their complete entitlement. But you can check the amount you have received during this period.
The three stimulus checks came to a maximum of $3,200 for each individual. People who had missed out in part or the total of the first two stimulus checks could claim it along with the Economic Impact Payment, or the third stimulus check.
It was then possible to claim all missing payments through the Get My Payment IRS online portal, but that option was no longer available. To collect outstanding payments of stimulus checks, one must now apply for it through the Recovery Rebate Credit on the federal tax returns.
Claiming Pending Federal Stimulus Checks
The easiest way to check the Economic Impact Payments was to head over to the IRS site. It gives details of your online account once you sign in through the IRS username or ID account. It gives access to your payment history.
Along with information about stimulus check payments, you can also access the details of past payments. There is also the history of the advance Child Tax Credit payments and data from recently filed tax returns. If you do not have an account, you can create a new one on the IRS website.
As the federal stimulus check has been halted, for now, it is up to the states to protect residents from the fresh economic downturn caused by the high inflation rate in the first quarter of 2022. Inflation peaked in March, reaching 8.5%, the highest in over 4 decades.
The prices of gasoline almost doubled between March 2020 and March 2022 and have stayed at a high level. The war in Europe has aggravated the situation. Prices of groceries and other essentials remain high, forcing even upper-middle-class earners to cut back drastically on spending.
Families with incomes as high as $250,000 have been forced to live paycheck to paycheck, with no savings at the end of the month. Many are having to dip into their savings to meet expenses.
Several are in various stages of moving ahead with stimulus checks of their own to support their residents. 11 states have already started granting various forms of stimulus support to struggling families facing high inflation and stagnating low wages.
The state governments have devised various ways to support their residents through gas cards, tax relief, transit cards, and stimulus checks.
Several States Have Signed Laws For Stimulus Checks
Maine has been among the first off the mark and has already initiated legislative measures to send an $850 stimulus check to residents that started in June. The relief program will return around $729.3M of the state budget surplus to residents through the state relief payments, which comes to an average of $1,700 per family.
The payments are expected to benefit around 858,000 residents. The initial payments will be followed by 200,000 checks every week in subsequent weeks, Governor Mills announced on Wednesday.
The budget was signed into law by Governor Janet Mills in April and had overwhelming bipartisan support in the state legislature. The amount was revised upward multiple times in recent months due to the increase in tax revenues received by the state and generous federal funding under the American Rescue Plan initiated by President Joe Biden.
Residents who have already filed their 2021 return will automatically receive the stimulus check. October 31, 2022, is the last date for filing the returns.
The first round of economic payments is also reaching New Mexicans this week. They will soon see relief payments being credited to their bank accounts and mailboxes soon. The governor announced the first round of payments.
Officials said that people who filed their 2021 tax returns will get $250 as individuals; heads of households and couples who file jointly will get a $500 stimulus check. No income limit has been set for those who receive the first and third payments.
Residents will receive their payments mostly through direct deposits to their accounts or later through paper checks. There will be two more rounds of payments for New Mexicans, in July and then in August. There is no income limit for the payments in July.
Californians are shouldering the highest gas prices in the nation and will soon receive a $400 debit card per vehicle, with a maximum of two cards per family. This will help pay for fuel under a proposal introduced by Governor Gavin Newsom.
The combination of pandemic-induced inflation and the war in Europe has forced states to take measures to offset the steep rise in prices, which has almost doubled in two years. While the most popular choice across states has been slashing fuel taxes or offering rebates, California will go along with the gas cards, and transit cards for people not owning cars.
Gas prices in California hit a record $5.88 a gallon and the state has the second-highest gas tax in the US at $0.51 per gallon. But state leaders realize that oil companies will not pass on the benefit to customers and so have decided to send money directly to taxpayers.
Maryland and Georgia have gone along with laws that temporarily suspend their state gas taxes. Georgia is also offering around $1.1B in refunds to taxpayers in a separate move.
New Jersey Governor Phil Murphy has agreed to a one-time payment of $500 to families. The governor has planned to add workers who file taxes with tax identification numbers in states of social security numbers. This will enable non-citizens to also collect their stimulus checks.
Hawaii has legislated to send a $300 stimulus check to residents who earn less than $100,000 while others will receive $100. Thus a family of four earning within the $100,000 limit could get $1,200.
Governor Pritzker of Illinois has approved a $100 rebate for every adult and half that for dependents. There are also legislative moves for a moratorium on grocery tax, a 10-day freeze on sales tax for school supplies, and a relief of $300 in property tax.
New York is going along with a property tax relief worth $970, plus a suspension of $0.16 in gas tax till the year-end.