Stimulus checks have been a lifeline for Americans, whether federal or state. They helped when people lost jobs due to the pandemic, and as jobs fail to pay enough for families to afford groceries. Will there be a fourth stimulus check? Payments continuing in 2023 are likely to end.
Stimulus checks are probably a thing of the past, especially until after the election. If things don’t improve within the economy, the new Congress has the power to provide a check after being sworn in, according to The Motley Fool. Despite this, many states aren’t finished issuing their own version of stimulus checks or tax rebates.
Here are 5 major factors to keep in mind regarding the idea of a fourth stimulus check
First, checks from the federal government aren’t likely to be sent again before the next election. If they’re to be sent, it’s likely going to happen after. The last stimulus check only went out under special circumstances. It was passed through the American Rescue Act, and that was only passed with party line votes through reconciliation. This can’t happen again and not enough members of Congress support passing a fourth stimulus check.
In order for another one to pass, the economy needs to get worse than it already is. Americans already struggle to afford food and gas, so wanting it to stay this way for a sum of money doesn’t make much sense. There are also no COVID-19 lockdowns happening at the moment, meaning people are more likely to spend their money and over inflate the economy.
Parents are more likely to see payments than those without kids
Should a fourth stimulus check go out, parents are more likely to receive a payment compared to everyone else. This is because there’s more support for the child tax credit than there is for another broad stimulus check. The credits were boosted to record highs for each child claimed before reverting back to the previous amount for every child claimed. Republicans have suggested their own plans for helping parents with children down the line.
Around half of the states in the U.S. are already sending out stimulus payments to residents. By sending a fourth check from the government, it would pump even more money into an already inflated economy. Whether you qualify for a state stimulus check or tax rebate is dependent on your individual state’s rules. You’ll need to check with your local government to see if you need to apply and what the income requirements may be.
Finally, you could be one of few that missed out on previous stimulus check payments. This means you could get another check because you missed one. Due to stimulus checks being an advance on a tax credit, you can just file your taxes to get the credit. This means for the years 2020 and 2021, if you needed to file for a stimulus payment, you still can if you didn’t. The deadline has passed and if you did not owe any money, you won’t suffer a penalty. If you owe taxes and did not file you will face a penalty.
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Samantha edits our personal finance and consumer news section. Have a question or lead? Send it to [email protected].