There are several states across the nation that will have a Merry Christmas thanks to the announcement that refunds from the IRS will arrive during the last few days of 2024.
This financial boost will help families enjoy a more comfortable holiday season. These government payments are aimed at helping citizens cover basic family expenses amid the country’s inflation, particularly for low-income people.
The government is implementing aid plans, specifically pilot programs in certain states.
In October 2024, the Internal Revenue Service (IRS) launched a program to combat inflation and provide financial support to struggling households.
The latest round of IRS payments is part of the GBI program, a comprehensive long-term plan designed to provide economic assistance to US citizens who are still recovering from the impacts of Covid-19, while at the same time helping them cope with the high inflation that has occurred in recent years in the United States, as well as with the Cost of Living Adjustment (COLA).
Tax credits are benefits that reduce the taxes owed by the amount of the credit. Some credits may also be refundable, meaning that if the amount of the credit exceeds the amount you owe in taxes, you may be able to recover the excess in the form of a refund.
Who is eligible to receive the stimulus in California?
The tax rebate program is aimed at the middle class and those earning less than $75,000 a year.
In California, they are eligible for a payment of $4,530 dollars, but families with dependents will receive more. Payments are made by debit card or direct deposit.
Other states will also help residents with IRS stimulus payments
Alaska: The state has a Permanent Fund Dividend (PFD) program, which shares the profits from state resources with its residents. Citizens are eligible for a $650 payment, and those who opted for direct deposit should have already received it. Those who chose paper checks began receiving them in early October.
Idaho: Residents of this state also receive tax refunds. Individuals will receive $300 and couples filing jointly will receive $600. Payments began in September and will be staggered, with everyone receiving their payment by the end of December.
Rhode Island: In this state, financial support is a one-time child tax rebate. The amount is $250 per child up to a maximum of three per household or $750. Payments were made throughout the month of October.
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