There’s a good chance you won’t get a fourth will there be a stimulus check in 2023. The COVID-19 pandemic and skyrocketing inflation have taken a serious toll on Americans’ wallets. In fact, some people are still struggling to keep up with their bills.
Fortunately, many states have access to billions of dollars in coronavirus relief funding that they can use to help their residents with one-time payments. Some of the most populous states—like Alaska, California, Montana, and New Mexico—have already started dispatching government-issued payments to their citizens.
Navigating the Potential 2023 Stimulus Check: Updates and Analysis
These one-time payments are called “stimulus checks” because they were designed to give Americans a temporary economic boost. Unlike tax credits, which are deductions from your taxes owed during tax filing, stimulus checks are directly deposited into the checking account of those who qualify for them.
Stimulus checks are a popular way for the federal government to provide immediate relief to citizens during times of crisis or hardship. They are also a popular tool to encourage stability and spending during an economic downturn. In order to receive a stimulus check, you must be an American citizen or legal permanent resident who has a valid Social Security number or Individual Taxpayer Identification Number (ITIN). Adults whose adjusted gross income is less than $75,000 per year and married couples who file jointly who make less than $150,000 are eligible for the first round of payments.
To receive the second round of payments, you must be an American citizen or legal Permanent Resident who has a valid Social Security number or ITIN and a household income that’s less than $112,500 per year. In addition, you must be an unmarried person who lives in a home for the elderly, a foster child, or someone who cares for an individual with special needs.