Almost 25 Million Have Signed Petition For Recurring $2000 Monthly Payments
The Change.org petition set up last year by Denver resident Stephanie Bonin asking Congress to support families with a $2,000 payment for adults and a $1,000 payment for children with continuing regular checks for the duration of the crisis is close to reaching 2.5 million signatures. As of today, the moneyforthepeople petition has gained 2.247.511 signatures.
The Claim: Stimulus Check Of Up To $2500 Approved For July 30
Low- and moderate-income families across the U.S. started receiving up to $300 in monthly payments per child under the newly expanded Child Tax Credit on July 15.
But that’s not the only federal aid Americans can expect to see in July, claim some on social media.
“It passed 10 minutes ago! Everyone gets another stimulus check for $2500 on July 30, 2021. They did it!” reads that has since received about 500 shares, and is among many making the same claim on the social media platform.
All the posts provide an external link with supposed instructions on how to get the promised stimulus check directly deposited. Clicking the link, however, sends users to an image of an ape giving the middle finger.
USA TODAY has reached out to the posters for comment.
The ape picture might indicate some Facebook users are sharing the claim as a joke. But comments beneath various posts show others are taking it seriously.
“Is this true?” asked one user under a similar .
No, it’s not.
Are Stimulus Checks Considered Taxable Income
The stimulus checks were paid based on information from your most recent tax return and will be reconciled in tax year 2020 to ensure you received the correct rebate amount.
- If you are underpaid based on your 2020 income you may receive more tax credit when you file your 2020 taxes.
- If you are overpaid, you dont have to pay it back.
For example, if you received $700 as an individual based on your 2019 return but when you file your 2020 tax return, it shows your income took a hit and you should have received a $1,000 stimulus check. You would receive an additional $300 credit on your 2020 return.
Let TurboTax keep you informed on the latest information on how taxes are impacted by COVID-19 relief including the most up-to-date information on tax filing deadlines, visit our Coronavirus Tax Center.
Remember, with TurboTax, we’ll ask you simple questions about your life and help you fill out all the right tax forms. With TurboTax you can be confident your taxes are done right, from simple to complex tax returns, no matter what your situation.
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$54 Million Stimulus To Fix Nevada Unemployment System
Nevada lawmakers considered whether to spend $54 million in federal stimulus money on a long-term fix of the state’s outdated unemployment system.
The statewide shutdown in March 2020 crippled Nevada’s unemployment system, which suddenly saw an unprecedented number of people applying for benefits.
DETR officials said a complete modernization could cost as much as $54 million but would bring the systems into the 21st century and better prepare the state for the next financial crisis.
“What Nevadans get in the future is a sort of future-proof disaster response program that is able to handle the ups and downs of unemployment,” said DETR director Elisa Cafferata.
Will There Be A Fourth Stimulus Check
On Wednesday evening President Joe Biden gave his first official address to a joint session of Congress in which he outlined some key areas of focus for his presidency.
He struck a very different tone to his predecessor and called for a considerable expansion of the state-funded safety net and a marked improvement in education. His big government agenda saw trillions worth of additional spending mooted.
America is moving. Moving forward. And we cant stop now, he told the roughly 200 lawmakers in attendance. Were in a great inflection point in history. We have to do more than just build back. We have to build back better.
Biden promised to provide the support needed for those who feel left behind and forgotten in an economy thats rapidly changing.However he stopped short of announcing a fourth round of stimulus checks, despite calls from within his own Party to do so.
Last month a group of 21 Senate Democrats signed a letter urging the White House to consider including another round of direct payments in the upcoming Build Back Better legislation. On Wednesday evening Biden gave the first full details on his proposals, but there was no mention of a fourth stimulus check.
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Will Child Tax Credit Be Extended
According to CNET, the final advance payment of the US Child Tax Credit for 2021 was released on Friday. The American Rescue Plan, which was enacted in March 2021, doubled the Child Tax Credit amount and established advance monthly payments.
When the House of Representatives confirmed the Build Back Better measure in November, it included an extension of the Child Tax Credit increase and advance payments. However, West Virginia Senator Joe Manchin stated on Sunday that he will not support the Build Back Better measure.
Many families are concerned about the future of the Child Tax Credit since his vote is essential for the package to succeed. If you have direct deposit with the IRS, your final Child Tax Credit payment for 2021 should have arrived on Friday. A stimulus check should arrive in the mail by the end of December if everything else fails.
The payment you received in December is the final one you’ll get, but additional money should arrive in 2022 when you submit your 2021 taxes. Many people are asking what will happen now that the final advance payment, which went out to more than 36 million households in December, has arrived, and whether Congress will continue the payments.
Congress is currently discussing whether and for how long to prolong the advance Child Tax Credit payments in 2022. The $1.75 trillion Build Back Better proposal, which would prolong the Child Tax Credit increase and advance payments for another year, was enacted by House Democrats on Nov. 19.
Stimulus Update: Everything We Know About A 4th Stimulus Check In 2021
Will I be eligible to receive a fourth stimulus check? Will there be any more stimulus checks released in 2021? The federal government is not likely going to release a fourth stimulus check, but there are other ways you might be able to receive money from the government. Here is what you need to know. .
Will Americans be able to receive a fourth stimulus check in 2021?
The White House has not committed to another round of payments currently, but some congressional lawmakers are pushing for another stimulus check to be included in the next stimulus bill.
The Biden administration is working with Congress to get the next stimulus bill passed, but is largely leaving it up to Congress as to whether it would include stimulus checks.
The president is certainly open to a range of ideas, White House press secretary Jen Psaki said in early June. Hes also proposed what he thinks is going to be the most effective for the short term.
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What You Need To Know About Your 2021 Stimulus Check
OVERVIEW
In response to the challenges presented by Coronavirus , the government is taking several actions to bolster the economy, such as offering expanded unemployment, student loan relief, sending stimulus checks and more.
For information on the third coronavirus relief package, please visit our American Rescue Plan: What Does it Mean for You and a Third Stimulus Check blog post.
As Coronavirus continues to disrupt the U.S. economy, many have turned to the federal government for hope. To help provide relief in these unprecedented times, the Coronavirus Aid, Relief and Economic Security Act a $2 trillion stimulus package to help individuals, families and businesses was signed into law.
This relief will be taking many shapes over the coming months, such as:
- Widespread stimulus legislation, including efforts such as stimulus checks, mortgage relief for those adversely impacted by the economic slowdown, student loan interest relief, and more.
- The Federal Reserve has announced actions to stabilize and backstop the economy.
But how do some of these efforts work and who will they directly impact? Let’s take a look at the stimulus checks, how they work, who qualifies, how do you get one, and how your taxes will be affected.
Stimulus Checks In 2022
California and Minnesota are just two of several states that provide programs like the Golden State Stimulus II, which provides California citizens with over $568 million in additional assistance to get them through the year.
Over half a million citizens in Maine will receive $285 checks, while qualified Maryland residents will receive anything from $300 to $500. Some governments, such as Florida, are providing profession-related payments, such as $1000 to first responders and Pre-K through 12 teachers.
And it doesn’t end there: localities such as Seattle are providing stimulus payments to low-income residents, such as the Seattle Relief Fund, which provides a one-time stimulus check up to $3000. Instead of one-time stimulus checks, several states have gone a step further by providing qualified residents with regularly scheduled universal basic income payments.
Low-income people in Columbia, Chicago, New Orleans, Pittsburgh, and Santa Ana are receiving UBI payments. For a year, 100 low-income fathers in Columbia will get $500 monthly payments, as per The Sun.
Those earning less than $35,000 in Chicago will receive $500 monthly payments, while those earning less than $15,000 in Los Angeles would receive $1000 monthly payments. The state’s financial literacy initiative would provide $350 monthly payments to teens in New Orleans. Newark, New Jersey, is extending its “guaranteed income pilot program,” which provides compensation for two years to 400 residents.
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How Will The Irs Know Where To Send Your Check
The IRS will use the information it already has to issue the third round of stimulus payments. If you have direct deposit information on file with the IRS you will receive your payment via direct deposit. If you don’t have direct deposit information on file with the IRS you will receive your payment as a check or debit card in the mail.
How Do You Know If You Have Outstanding 2021 Stimulus Checks
In a 52-second video, a TikToker named maxwell_finn explains how citizens can check for any outstanding money they are owed on the official site of the National Association of Unclaimed Property Administrators .
The good news is that the entrepreneur recommends this website because it is a trustworthy authority where people can inquire about any type of unclaimed property. They not only have information about checks but also refunds, stocks, security deposits, and utilities, notes NAUPA.
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What If I Am Newly Eligible For A Stimulus Payment Based On My 2020 Income But I Havent Filed My 2020 Return
You could try to file it quickly, in hopes of receiving your payment faster. But theres no guarantee your return will be processed quickly enough, and haste can lead to errors.
And you dont have to rush: The law includes a provision for the Treasury Department to make supplemental payments by September. If you dont get one then, you can claim the $1,400 when you file your 2021 taxes.
I Used The 2020 Irs Non
Most likely, the IRS wasnt able to process your 2019 tax return or the information you submitted to the IRS Non-filer tool in time to issue your second stimulus check.
All second stimulus checks were issued by January 15, 2021. If you didnt get a second stimulus check by then , you can claim your second stimulus check as the Recovery Rebate Tax Credit on your 2020 tax return or use GetCTC.org if you dont have a filing requirement.
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How Do The Benefit Extensions Work
The extended payments will continue to be delivered through different federal programs, largely based on the type of work you did and for whom.
Benefits through the Pandemic Unemployment Assistance program, which covers the self-employed, gig workers, part-timers and others who are typically ineligible for regular unemployment benefits, will be available for a total of 79 weeks, up from 50, and run through Sept. 6.
And benefits through the Pandemic Emergency Unemployment Compensation program, which essentially extends benefits for people who exhaust their regular state benefits, will be available for a total of 53 weeks, up from 24, also lasting through Sept. 6.
What To Do If You’re Still Missing A Payment
If you have not received your $1,400 stimulus check or the previous two $1,200 or $600 checks you can still claim the money by filing a federal tax return.
This year, the filing deadline has been extended to Monday, May 17. However, those who choose to pursue an extension until Oct. 15 will still be able to claim the money, the IRS has confirmed.
If you have not filed a tax return in the past two years, doing so now can help the IRS process your stimulus check, so long as you are eligible for it.
Your 2020 tax return will also show whether your income dropped since you last filed in 2019, or if you have added a dependent, which could make you eligible for additional funds.
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Plans For A Fourth Stimulus Check Unlikely
The claim is a hoax. No fourth stimulus check for July 30 has been announced by Congress.
This is not the first time such a claim has circulated on social media. In May, a Facebook post alleged a direct payment of $2,000 per person would be arriving by Memorial Day weekend, which USA TODAY debunked.
While some Democratic lawmakers have clamored for increased federal aid, including a fourth round of stimulus, the latter is unlikely to happen, USA TODAY has previously reported.
What eligible Americans will be receiving instead through President Joe Biden’s American Rescue Plan passed in March are payments through the Child Tax Credit and extended unemployment benefits.
What If I Didn’t Get The Right Amount
Some people may get their checks quickly, yet discover the payment amount is incorrect that could be due to their dependents or changes in income.
The law provides $1,400 per adult and dependent, as long as the household income falls below the income threshold for eligibility. In the current bill, single people whose adjusted gross income was below $75,000 and married couples with income below $150,000 will receive their full payments, as well as their dependents. Payments decline for earnings above that, cutting off entirely for single people earning $80,000 and $160,000 for married couples.
But some people may not get the right amount, especially if they haven’t yet filed their 2020 tax returns, given that the IRS extended the tax deadline until May 17. For instance, if a family had a baby last year but hasn’t yet filed their 2020 returns, the IRS would base their payments on their 2019 returns which wouldn’t include their new baby. In that case, the family would receive $2,800 for themselves, but not the extra $1,400 for their child.
For instance, the most recent batch of checks issued this week include “plus-up” payments for people who received checks based on their 2019 tax returns but who have since filed their 2020 tax returns and are owed more. The agency said such extra payments could reflect a loss of income in 2020, which could entitle the tax filers to more stimulus money, or if they had a child last year.
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Child Tax Credit Updates
Most eligible families will be able to receive half of their 2021 child tax credit money in advance due to changes in 2021 to the US Child Tax Credit system. This money is due to come in prior to the other half of the sum that will arrive in 2022 during tax season, with each of these monthly payments coming on the 15th day of the month. So, another round of payments are due on December 15. That’s next Wednesday.
Either way, a check on some of the finer aspects of the Child Tax Credit could help you get up to speed on where you stand on the matter.
Child Tax Credit highlights
Following some confusion over the payment of Child Tax Credit, the White House and Treasury Department have worked together with Code for America to launch a new online website through which Americans can apply for the expanded child tax credit system.
Those applying would have had to have done so by October 15, which is when the fourth check should start to be sent out. Below, you will be able to see the latest updates on the Child Tax Credit scheme that is helping US families.
Yellen Plays Down Inflation Fears Over Biden Rescue Plan
US Treasury Secretary Janet Yellen tamped down concerns that President Joe Biden’s plans for infrastructure, jobs and families will cause inflation, saying the spending will be phased in over a decade. “It’s spread out quite evenly over eight to 10 years,”Yellen, former Federal Reserve chair, said in an interview with NBC’s Meet the Press. She said the Federal Reserve will monitor inflation carefully and has the tools to address it if necessary. “I don’t believe that inflation will be an issue but if it becomes an issue, we have tools to address it. These are historic investments that we need to make our economy productive and fair.”
Biden’s plans are paid for by a series of tax increases on the wealthiest Americans, less than 1% of the population, and on raising corporate taxes. Some Democrats have expressed concerns that the tax increases would slow economic growth. Yellen would not speculate on whether Biden would accept a bill from Congress that does not include a way to pay for the spending increases in his plans. “He has made clear that he believes that permanent increase in spending should be paid for and I agree,” she said.
Find out more about the IRS’ stimulus payments schedule here:
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