Stimulus Update: Up to 23 Million People Will Soon Get $1,050 Checks. Are You One of Them?
- Lawmakers in California recently reached a budget compromise.
- It included inflation relief checks valued at up to $1,050.
- Around 23 million households will receive this latest payment.
Find out who is in line for more stimulus money.
Americans have been eager to receive more COVID-19 stimulus money in their bank accounts, especially as inflation has surged and the price of gas has reached new records. The federal government hasn't stepped up to the plate to provide it, but that doesn't mean more money isn't coming.
In one state, a budget compromise reached recently will result in residents receiving payments of up to $1,050. And this is just one of several states that is taking action to offer financial help directly to those who are struggling.
Here's who is getting the $1,050 checks
California is the state where lawmakers recently reached an agreement on an additional payment. The money that is being sent out is being referred to as an "inflation relief" check and it will come before 2023 in the form of a debit card or a direct deposit.
California is paying for the payments using the state's $97 billion budget surplus. The exact amount each household or individual will receive depends on their income, filing status, and number of dependents. Specifically:
- Single tax filers with earnings under $75,000 per year will receive $350 per taxpayer
- Married joint filers with earnings under $150,000 will also receive $350 per taxpayer
- An additional $350 is provided for dependents
This means a married couple with children could be entitled to a payment of up to $1,050.
And those with higher incomes will also receive some money. Payments phase out until income hits $250,000 for single filers or $500,000 for married joint filers after which no further payments are available.
Other states are providing stimulus funds as well
California isn't the only state that has acted while the federal government has failed to act. Stimulus checks have been approved in a number of other locations throughout the United States. Other places where lawmakers have authorized payments include:
- New Jersey
- New Mexico
- New York
If you live in one of these states, or if you want to see whether lawmakers in your own location are taking any action to offer financial support, you can visit the website of the Department of Revenue for your state.
If you do not live in a place that is providing financial help on the local level, chances are no additional stimulus will be forthcoming as lawmakers on the federal level have failed to find a compromise plan to provide more financial help. This is unlikely to change anytime soon.
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