$814 Billion in Stimulus Payments: No New Federal Checks, $2,000 Child Tax Credit, and State Financial Aid Available – What You Need to Know!

$814 Billion in Pandemic Stimulus Payments – No New Federal Checks, $2,000 Child Tax Credit, and State Aid Programs

No New Federal Stimulus Payments – $2,000 Child Tax Credit for 2023 and State Financial Assistance Options

According to MARCA, the IRS has not yet announced any plans to provide any more federal stimulus payments. Totaling 476 million payments and $814 billion the three waves of stimulus payments made during the pandemic under the CARES Act, Consolidated Appropriations Act and American Rescue Plan Act. Nonetheless officials contend that more federal stimulus payments could exacerbate the problem by raising consumer spending given the present fears about inflation. The current Child Tax Credit is still available to families. A maximum of $2,000 will be given to qualified households for each qualifying child during the 2023 tax year. In order to be eligible children must be under 17 by the end of 2023, have a Social Security number and be shown as dependents on tax returns. This credit is meant to assist families with the expenses associated with raising children.

While federal stimulus payments are not expected state and local governments offer various financial assistance programs. For example Alaskan residents might receive annual payments from the state’s Permanent Fund Dividend funded by natural resource profits. California residents have access to multiple financial aid programs. The California Earned Income Tax Credit (CalEITC) supports low-income working Californians providing up to $3,529 for those earning $30,950 or less annually. The Young Child Tax Credit (YCTC) offers up to $1,117 for taxpayers with a child under six. Additionally the Foster Youth Tax Credit (FYTC) provides up to $1,117 for eligible individuals or up to $2,234 for couples if both qualify aimed at current or former foster youth who were in care at age 13 or older. Aside from state programs there are other avenues for financial support. Class action settlements can provide unexpected funds such as a recent $1.8 million data breach settlement offering $390 checks to affected individuals. Additionally government incentives are available for home upgrades with new energy programs providing up to $1,300 to eligible participants.

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$814 Billion in Stimulus Payments: No New Federal Checks, $2,000 Child Tax Credit, and State Financial Aid Available – What You Need to Know! (PHOTO: Marca.com)

$2,000 Child Tax Credit, State Programs, and More Options Available

Furthermore, even though there won’t be any more federal stimulus cheques sent there are still a number of financial aid options accessible. The Child Tax Credit is available to families and state initiatives such as the tax credits in California provide substantial assistance. Financial relief can also be obtained through other avenues such as energy incentives and class action settlements. It’s critical that people investigate these choices in order to optimize any potential advantages.

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