Americans have been eagerly awaiting news of another round of stimulus payments since the last one was issued in 2021. Many are wondering if there will be another payment in 2024.
Since the start of the pandemic, over 476 million payments totaling $814 billion have been distributed to provide financial relief. The amount received depended on factors like income, tax filing status, and the number of dependents.
Although the IRS issued the last $1,400 stimulus check two years ago through the American Rescue Plan Act, many people have continued to face financial difficulties.
Zack Hellman, founder of Tax Prep Tech in Los Angeles, believes it’s unlikely that the federal government is planning another round of stimulus checks four years after the pandemic began. He stated that the focus has shifted to economic recovery, and additional stimulus checks are not currently part of legislative agendas.
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However, while federal stimulus checks may not be on the horizon, there are still opportunities for Americans to receive financial assistance through direct payments.
Some states, such as Pennsylvania, Alaska, Massachusetts, Minnesota, Montana, New Mexico, and Washington, have implemented various relief measures for their residents or taxpayers.
In Pennsylvania, for example, residents are eligible for an extra $1,000 through the expanded property tax and rent rebate program. Governor Josh Shapiro signed Act 7 of 2023, which expanded the Property Tax/Rent Rebate to provide more financial support for Pennsylvania seniors.
Similarly, in Vermont, the Property Tax Credit assists homeowners with paying their property taxes. Eligibility is based on property taxes paid in 2023/2024, and the maximum credit available varies depending on certain factors.
Alabama also provided additional relief to married couples filing jointly, who received an extra $300 if they filed a state income tax return for 2021 before October 17, 2022. These refunds, totaling $393 million, were funded by a surplus in the Education Trust Fund and aimed to help residents offset grocery taxes paid throughout the year.
Hellman advises Americans to focus on personal financial planning during this time, including building an emergency fund and reducing debt. He recommends staying informed about any potential developments or updates regarding payments through official government announcements and credible news sources.