The government stimulus payments have ended, but taxpayers can still receive rebates in 2024.
In an interview with Newsweek, Zack Hellman, the creator of Tax Prep Tech, stated that extra stimulus cheques are not included in the current congressional agendas since they are now focused on economic recovery. People should, therefore, keep themselves updated about any additional direct payments or tax credits that their state or local government may be offering.
Five states will distribute direct payments in 2024. To be eligible for these cash payments, though, a few conditions must be satisfied. In certain instances, the money for these payments comes from state budget surpluses, while in other situations, they are a component of specific initiatives meant to support disadvantaged groups.
Arizona
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Governor Katie Hobbs’ latest approval has given Arizonans a new chance to apply for a $1,000 rebate. The state’s 743,000 citizens are qualified to get this financial assistance.
A $250 reimbursement will be given to qualified taxpayers for each dependent over the age of 17. The maximum refund that can be obtained is $750 in total.
I have needed help in the past, so I know how important every dime is. Upon taking office, I pledged to lower living expenses and make it easier for Arizonans to provide for their families. Hobbs said, “I’m happy to announce the Arizona Families Tax Rebate, which carries out this promise.”
California
As the new year gets underway, Californians have cause for celebration. A one-time tax credit of up to $3,600 is available to them.
California offers a young child tax credit that can total up to $1,083, in addition to only an initial tax credit. A person must have a kid under the age of six and be qualified for the California Earned Income Tax Credit in order to be eligible for this credit.
Your tax credit will automatically rise if you file your 2021 tax credit by April 18, 2025.
Colorado
In 2024, rebate payments will still be given to citizens of Colorado.
Thanks to the TABOR refund, single individuals who meet the requirements will earn a hefty amount of $847, while couples who file jointly would receive an amazing $1,694.
All taxpayers, regardless of income level, will get the same amount of TABOR checks starting in 2024.
Higher earners might anticipate a decrease in their customary tax refund as a result of this shift, while lesser earners might receive a few hundred dollars more than usual.
Colorado collected $3.6 billion more in 2023 than was required by the TABOR. The extra money will therefore be given back to the taxpayers.
Maryland
This month, the yearly child tax credit offers Maryland residents the chance to get extra money.
A $500 per kid tax credit is available to families with children under the age of six or who are disabled.
About forty thousand taxpayers qualify for the state’s aid program. Residents must earn $15,000 or less in federally adjusted gross income in order to be eligible.
New Mexico
This year, taxpayers in New Mexico may be eligible to receive a rebate check for up to $1,000.
Those who file their 2021 tax return by May 31, 2024, and who are not claimed as dependents on another tax return, will get the money.
While couples filing jointly may receive up to $1,000, single filers can anticipate receiving $500.
Reference: https://www.newsweek.com/available-states-2024-1857229/stimulus-checks-rebates
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