Since the last stimulus payment was issued in 2021, many Americans have been eagerly anticipating another round in 2024. The previous relief efforts totaled a staggering $814 billion, with over 476 million payments made to support individuals and families during the economic strain of the global pandemic. The amounts varied based on income, tax filing status, and the number of dependents declared.
Zack Hellman, founder of Tax Prep Tech, expressed skepticism about the likelihood of a new round of stimulus payments: “The focus has shifted to economic recovery, and additional stimulus checks are not a part of current legislative agendas.”
Massive U.S. stimulus payments were followed by near-historic spikes in Inflation, suggesting that the multi-trillion-dollar injection of money into the economy was largely responsible for the price hikes, (i.e. Inflation). pic.twitter.com/5flHBYyOa7
— Bill Donlon (@Bill_Donlon) January 1, 2024
Despite the uncertainty around federal stimulus checks, there are still opportunities for Americans to access financial support. Some states have implemented programs to provide extra cash through rebates or tax credits.
For example, Pennsylvania expanded its property tax and rent rebate program, making residents eligible for an additional $1,000. Governor Josh Shapiro also signed Act 7 of 2023 to provide more financial assistance to older residents through an expansion of the Property Tax/Rent Rebate.
January Stimulus Checks: What payments could you receive for the first month of 2024? https://t.co/jqxZ6TJg8m
— Iggy Cotton (@IggyCotton) January 2, 2024
What Do You Need to Know?
In Vermont, the Property Tax Credit assists homeowners in paying their property taxes, with the maximum credit reaching $5,600 for the education property tax portion and $2,400 for the municipal property tax portion. Similarly, in Alabama, married couples filing jointly received an extra $300 if they filed a state income tax return for 2021 by a specific date.
Hellman emphasized the importance of personal financial planning during this period, advising individuals to focus on building an emergency fund and reducing debt. He also recommended staying updated on potential payments by following official government announcements and credible news sources.
As the nation navigates through this uncertain period, individuals need to explore alternative avenues for financial relief while also taking proactive steps to secure their financial well-being. While the prospect of another federal stimulus payment remains uncertain, state-level programs and personal financial planning can provide some much-needed support and stability for Americans.
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