According to Marca , Several states across the U.S. will experience a more festive holiday season thanks to a new round of IRS refunds set to arrive in the final days of 2024. These financial boosts aim to help families manage basic expenses amid the ongoing economic challenges, including high inflation, particularly for those with lower incomes.
The IRS has launched several pilot programs to provide economic support to struggling households. The most recent batch of payments is part of the Guaranteed Basic Income (GBI) initiative, a long-term plan designed to assist U.S. citizens still recovering from the effects of the COVID-19 pandemic while also addressing the challenges of inflation and the rising cost of living.
The payments are based on tax credits, which reduce the amount of taxes owed. Some credits are refundable, meaning if the credit exceeds the taxes owed, the excess can be refunded to eligible individuals.
California
In California, the IRS is offering payments to middle-class families and individuals earning under $75,000 annually. Eligible recipients will receive up to $4,530, with families with dependents qualifying for higher amounts. These payments will be distributed via debit cards or direct deposit.
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Other States Offering Financial Relief
- Alaska: Through its Permanent Fund Dividend (PFD) program, Alaska distributes profits from state resources to its residents. This year, citizens are receiving a $650 payment. Direct deposit recipients should have already received their payment, while those opting for paper checks started receiving them in October.
- Idaho: Idaho is providing tax refunds to its residents. Individuals will receive $300, while couples filing jointly will get $600. These payments began in September and are being staggered, with everyone expected to receive their payment by the end of December.
- Rhode Island: Rhode Island is offering a one-time child tax rebate of $250 per child, up to three children per household, for a maximum total of $750. Payments were issued throughout October.
- South Carolina: With a $1 billion state budget allocated for financial assistance, South Carolina is distributing $800 payments to eligible residents. Most payments were sent out in October, with more to follow in the coming months.
- Virginia: In Virginia, individual rebates of $250 and $500 for couples were issued via direct deposit or paper check during October.
These payments are part of an ongoing effort to provide much-needed relief to families, especially during the holiday season, as Americans continue to navigate the impacts of inflation.
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