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