News

Millions of Americans are going to get inflation relief checks

Americans across several states are getting government-issued inflation relief checks to help them overcome high prices induced by the Federal Reserve’s rate hikes. Check below to see if you qualify and how to claim your payment.

Advertisement

The initiative is taking place in only a few states across the country. See if you qualify.

inflation relief checks
Learn if you’re eligible for an inflation relief check. Source: Adobe Stock.

As the nation continues to struggle with the burden of record-high levels of inflation, millions of Americans across different states could be eligible for inflation relief checks. Local governments will be responsible for the relief payments still in October. 

In an effort to offset soaring cost-of-living expenses, state governments in Hawaii and California are offering assistance to its residents. These inflation relief checks could also come in the form of debit cards. 

Inflation relief checks in California

Last June, Gavin Newsom, the Gov. of California, signed into law a $300 billion budget package. In said package there’s a provision that will benefit close to 23 million residents. They will receive a check by the end of October worth up to $1,050. 

The FTB (California’s Franchise Tax Board) stated recently that residents who are eligible for middle class tax refund would also receive inflation relief checks sometime this week. Californians will receive these payments through a mailed debit card. Either that, or a direct deposit into their bank accounts. 

According to the FTB’s official website, to become eligible, state residents must have filled their 2020 tax return by October 15 of 2021. Married couples or people who filed their taxes with a registered domestic partner may meet the requirements.

If they have a gross income of $150,000 or less and have a dependent, they’re eligible for the $1,050 payment. Couples with no dependents will be eligible for inflation relief checks of $700. 

Married California residents or who filed their taxes with an AGI and make between $150,001 and $250,000 will receive a $750 check if they have a dependent. Without a dependent, that value drops to $500. 

Joint filers with an AGI between $250,001 and $500,000 are eligible for inflation relief checks of $600 with a dependent. Those without a dependent will get a $400 payment. California residents who earn an income of $500,000+ are not eligible for relief. 

Inflation relief checks in Hawaii

inflation relief checks
Hawaiians can get up to $300 per person. Source: Adobe Stock.

Hawaiian residents have until the last day of December to file an income tax return that was due in early 2022 to receive inflation relief checks as deposit refunds. In September, David Ige – Governor of Hawaii – announced that $294 million in tax refunds were getting released by the state’s Department of Taxation. 

Hawaii’s plan offers a $1,200 tax return to families of four people. Hawaiian taxpayers who earn less than $100k annually and couples with an annual income below $200,000 are eligible to receive $300 per person. 

Taxpayers who earned above the $100k mark and couples earning more than $200k annually will receive a $100 tax return per person. People who did not provide the government with a bank account for direct deposit will receive the inflation relief checks via mail by the end of October. 

How does inflation affect your credit card balance?

The Federal Reserve’s rate hike can affect everything, from the cost-of-living, to mortgage rates, to your credit card balance. Follow the link below to learn more about the subject. Plus, what you can do to avoid paying too much interest on your card. 

credit card balance

How does inflation affect your credit card balance

See how paying off your credit card debt can save you a lot of money in the long run.

Trending Topics

content

What is a good credit card APR and how can you qualify?

Read this article to get some helpful advice concerning the best way to choose a good credit card APR and how to qualify for one.

Keep Reading
content

You can get up to $20,000 in student loan debt forgiveness

Wondering if you're eligible for student loan debt forgiveness? Here's everything you need to know about the program and how to apply.

Keep Reading
content

The many benefits of Vitamin B according to experts

The benefits of Vitamin B are plenty, and they are crucial to your overall well being as well as your cognitive functions. Read on for more!

Keep Reading

You may also like

content

Cheap things to collect: create a hobby on a budget

Are you looking for a great deal on all the best items you can collect? Check out this list of cheap things to collect and get started!

Keep Reading
content

U.S. Bank Cash+® Visa Signature® Card review

Read this U.S. Bank Cash+® Visa Signature® Card review to learn how you can earn a tremendous value on daily purchases and save money.

Keep Reading
content

NHL® Discover It® Credit Card review

Unlock the rewards of hockey fandom with the new NHL® Discover It® credit card! Learn about its features and more in this review.

Keep Reading