Stimulus Checks And What To Expect In 2023

As 2022 comes to an end, 2023 financial relief efforts may be on the minds of many Americans. However, while we are set to still endure high prices, the IRS has warned that the absence of 2022 federal stimulus payments may affect refunds in 2023. With no stimulus checks scheduled in 2022, it looks like it will be the same for 2023.

However, some states have assisted their residents. The following states will provide a payout in 2023. Here is what they might look like. Though it can be noted now, this assistance is largely coming in the form of tax rebates.

• – California
• – Colorado
• – Idaho
• – Illinois
• – New Mexico
• – Pennsylvania
• – South Carolina

More than 25 million California residents benefited from the Middle-Class Tax Refund program. Which sent authorized direct payments of up to $1,050 to residents to help them cope with inflation. Currently, $7.5 million has been sent as part of this program though some might not see the payment until next year.

Colorado Governor Jared Polis, signed a bill earlier this year that would give the residents of Colorado a tax rebate of $750 for individual filers and $1,500 for joint filers. While most residents have already received the tax rebates, those who filed for an extension and submitted their tax returns by the October 17 deadline will receive their rebate by January 31.

Idaho’s Governor Brad Little signed a law that would give a $500 million income tax rebate, something similar to Polis in Colorado. This rebate will give full-time Idaho residents, who filed taxes in 2020 and 2021, 10% of their tax amount back or $300, whichever is greater. And joint filers could receive at least $600. The process to get the rebates out started back in September, and the rebates will be set out through 2022 and into 2023.

Eligible Illinois residents could receive two payments in 2023. One is an income tax rebate and the other is a property tax rebate. The income tax rebate is $50 – $100 for joint filers though this is only being paid to those whose adjusted gross income in 2021 was less than $200,000 (and under $400,000 for joint filers). And to qualify for property tax rebates, which could be worth up to $300, residents will have to have paid property tax in 2021 on their primary residence of 2022. They will also have to have made $250,000 or less on the adjusted gross income of the 2021 Illinois tax returns.

New Mexico residents have received financial relief in the form of two tax rebates spread over three payments. The first sent $250 to single filers, with an adjusted gross income under $75,000, and $500 to joint filers with an adjusted gross income under $150,000. The second rebate, which has no income restrictions, was split into two payments and sent $500 to single filers and $1,000 to joint filers. The residents have until May 2023 to file their 2021 income tax returns and qualify for a rebate.

Pennsylvania has been sending out one-time payments to qualifying residents as a rebate for property taxes or rent paid in 2021. The maximum standard is $650, but those who qualify for supplemental rebates could receive up to $975. The income limit is $35,000 a year for homeowners and $15,000 annually for renters. The deadline to apply is December 31 putting payouts into 2023.

And in South Carolina, lawmakers approved a $1 billion tax rebate this year. The first round of rebates is capped at $800. And the second set is to be issued in March for those who filed 2021 taxes before February 15.