Millions of Americans Are in Line for a $125 Stimulus Payment. Are You One of Them?
- Indiana recently had a surplus in its budget.
- Residents are getting a nice windfall as a result of that extra money.
Could extra money be coming your way?
Many Americans are struggling with higher living costs these days. Inflation has driven the cost of everyday goods up, and the Ukraine conflict has caused gas prices in particular to soar. That's caused a strain on a lot of people's budgets -- particularly those without money in a savings account to fall back on.
But Indiana residents may be in luck. In December 2021, the state recorded a $3.9 billion surplus in its budget. And now it's gearing up to share the wealth with the people who live there.
A nice payday for Indiana residents
As a result of the state's surplus, roughly 4.3 million Indiana residents will be in line for a $125 payment. Any taxpayer who filed a 2020 tax return prior to Jan. 3, 2022 will qualify for that windfall, and married couples filing a joint return will receive $250.
This isn't the first time Indiana residents have gotten this type of payday. In 2012, taxpayers in the state received $111 apiece due to a surplus. Given how living costs have soared in recent months, that $125 windfall couldn't be coming at a better time.
Will Americans on a whole be getting another stimulus?
Unfortunately, there's no talk of blasting out a fourth stimulus check to the general public, even though many agree it's very much needed at this point. The reason lawmakers aren't contemplating a fourth stimulus is that the economy is in a pretty good place. Yes, living costs are up -- but that's actually not a sign of economic weakness.
Plus, the jobless rate is considerably lower now than it was a year ago, right around the time the last round of stimulus checks hit Americans' bank accounts. In fact, many companies are so eager to hire they're raising wages in an effort to attract talent.
Creating a personal stimulus
All told, economic conditions don't really warrant a mass stimulus round. And that means most people won't have a near-term windfall to look forward to.
But all isn't lost. We just wrapped up the tax-filing season, and in the coming weeks, many Americans could see their refunds arrive. That money could come in handy for bill-paying purposes, and it could also serve as a cushion for those living paycheck to paycheck.
Plus, as mentioned, today's job market is pretty hot. And so those looking to boost their income with a second job may have plenty of opportunities to do so.
That extends to workers with childcare constraints. Today's gig economy is more flexible than ever, and there are numerous remote work opportunities worth going after for those who can't take a job outside the home.
All told, a lot of people are still struggling due to higher living costs, and also due to not having yet fully recovered from the financial blow of the pandemic. While Indiana may be an outlier on the stimulus front, the good news is that Americans have some options for carving out their own stimulus payments.
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