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.
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.
You will be redirected to another website
By submitting this form, I agree that I am 18+ years old and I agree to the Privacy Policy and Terms and Conditions. I also provide my signature giving express consent to receive marketing communications via automated emails, SMS or MMS text messages and other forms of communication regarding financial products such as credit card and loans. Message frequency varies and represents our good faith effort to reach you regarding your inquiry. Message and data rates may apply. Text HELP for help or text STOP to cancel. I understand that my consent to receive communications is not a condition of purchase and I may revoke my consent at any time.
Inflation relief checks in Hawaii
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.
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
Your 101 guide on reverse mortgages
Understand all you need to know about reverse mortgages, the requirements for eligibility, and how this financial product can help you.
Keep ReadingRetailers have a new headache for holiday season
Retailers have a new challenge ahead. As the holidays approach, consumers are more interested in traveling than shopping.
Keep ReadingSpotify currently dealing with Creator Equity Fund issues
Amidst all controversy from last year Spotify created a Creator Equity Fund to invest in marginalized groups. So what happened?
Keep ReadingYou may also like
See how to apply for the Chase Freedom Unlimited® Card
Learn how to apply online for the Chase Freedom Unlimited® Card and start earning rewards on things that really matter, every day.
Keep ReadingWhat is the credit score needed to rent an apartment?
Wondering what credit score you need to rent an apartment? Check out this article for the answer and tips on how to improve your credit score.
Keep ReadingThe top 10 biggest influencers of all time
Who are the biggest influencers of all time? This list includes bloggers, YouTubers, and social media stars with significant impact online.
Keep Reading