Stimulus Checks
Cash worth up to $3600 is still available for just enough Americans but there will be action needed to fetch it. In the last couple of years, a few states in the U.S., have been offering a variety of tax rebates and other direct payment programs in order to provide aids to the residents who are dealing with high inflation and those who were financially hit hard by the pandemic.
In addition to this, payments are still available even on federal levels. But it’s worth noting that they don’t recur as seen in guaranteed income programs as such. The State of Colorado has just opened up new applications this year for it’s Property Tax, Rent, Heat Credit (PTC) Rebate, etc. It could be certainly worth up to even $1,044 for individuals. However, it will be limited to $1,000 for those who submit applications in 2023. In order to qualify, you must have lived in Colorado from January 1 through December 31 in 2022 and your total income cannot exceed $16,925 for single filers as well as $22,858 for married people who are filing jointly.
In addition to this, you also have to meet one of these following criteria:
- You have to be 65 years old or older
- A spouse that’s aged 58 or older
- Any disabled person of any age
- Paid property tax and rent in all of 2022
- All eligible residents whose applications are processed by March 10 will have their direct deposits sent out by April 5, if not before
- For those who opted for paper checks, April 15 is the day you will start getting your cash
- Applications can be submitted online through the Colorado Department of Revenue.
Good News To Be Splattered
While Congress hasn’t yet approved another stimulus check in the past year of 2022, you might be still owed a relief payment. Thankfully under both the Trump and Biden administrations, three rounds of economic stimulus rounds were approved congenially. Under the latest one, the checks were worth up to $1,400 per person. Americans who make under $75,000 and file taxes as individuals and couples earning less than $150,000 qualify for the full amount.
If the income however increases the thresholds, then payments start to phase out from $1,400. An estimated 165 million Americans have received a massive $ 931 billion worth of payments under the very fine and formulated three stimulus rounds from April 2020 through 2021. Couples who had qualified for the full benefit if they made less than $150,00 and single parents who file as guardians needed to make under $112,500.
This has resulted in eligible families who received advanced payments for each month starting from July till December 2021 with the rest of the money needed to be claimed during the upcoming tax season. However, the Treasury Inspector General for Tax Administration had revealed in a report that the Internal Revenue Service (IRS) had actually failed to send the advance CTC to 4.1 million households. So, it’s seemingly worth checking with a tax professional if at all you might be owed both stimulus and CTC money.
