Inflation Relief Checks: How To Get Your Payment for October




  • In Business
  • 2022-10-06 16:58:56Z
  • By GOBankingRates
CAROLINE BREHMAN/EPA-EFE/Shutterstock
CAROLINE BREHMAN/EPA-EFE/Shutterstock  

A number of individual U.S. states have taken it upon themselves to provide some household budget relief to residents still struggling with the enduring high costs of goods and gas due to inflation.

See: Unplug These Appliances That Hike Up Your Electricity Bill
Find: Here's How Much Cash You Need Stashed If a National Emergency Happens

Many states have already sent out payments to residents to combat economic pressures, however, some states that established inflation stimulus programs are just getting around to issuing relief checks to their citizens now.

Most of the eligible individuals living in three states - California, Hawaii and Virginia - will be receiving state surplus-aided inflation relief checks by the end of October. Read on to see how you can get your inflation stimulus payment this month.

California

Around the time he signed his state's $308 billion budget at the end of June, Gov. Gavin Newsom issued a statement claiming that an estimated 23 million Californians would be benefiting from a check worth up to $1,050 as soon as October.

The State of California Franchise Tax Board (FTB) recently announced that California residents eligible to receive a Middle Class Tax Refund (MCTR) will start to receive their checks this week. A full 95% of all MCTR payments are expected to be issued by the end of the year, per the FTB.

MCTR payments for Californians will be distributed either by direct deposit or by a debit card coordinated through Money Network.

Eligible taxpayers who e-filed their 2020 California tax return and received a refund via direct deposit will, in turn, be receiving their refund through a bank direct deposit. According to the FTB's MCTR page, a debit card will be mailed to many, including to those who filed a paper return, had a balance due, received a tax refund by check or changed their banking institution or bank account number.

To check on your eligibility and to calculate how much relief payment you may be able to receive, check out the FTB site.

Hawaii

In Hawaii, the state Department of Taxation issued direct deposit refunds initially in two distributions - on Sept. 9 and Sept. 13 - and all taxpayers who filed by July 31 should have received their payments by Sept. 21. However, Gov. David Ige said those awaiting paper refund checks will likely have to wait until Oct. 31 at the latest, according to Hawaii News Now.

Refunds are based on taxpayers' income, so no further action is required if you have already filed a 2021 income tax return. If you haven't filed your 2021 tax return yet, you have until Dec. 31, 2022 to do so and receive your one-time "constitutional refund," per the state's Department of Taxation.

Hawaii's Act 115 Refund provides checks for $300 (or $100) depending on residents' filing status and federally adjusted gross income ($300 for taxpayers earning less than $100,000 a year or couples earning less than $200,000; those making over $100,000 or couples making $200,000 or more will get a $100 tax refund per person).

If you haven't received your Act 115 Refund yet, check the status here.

Virginia

To receive the 2022 one-time tax rebate of $250 for single filers and $500 for joint filers, you must have had a tax liability for tax year 2021 and you must file your taxes by Nov. 1. Per the Virginia Tax site, those eligible who filed by Sept. 5 should receive their rebate through direct deposit or a mailed paper check by Oct. 31.

If you received a tax refund by direct deposit this year, you'll likely receive your rebate by direct deposit as well. Otherwise, the Virginia General Assembly will mail you a paper check.

Take Our Poll: Are You Struggling To Keep Up With Your Utility Bills?
More: How Much Does a Person on Social Security Make?

To check eligibility and for any questions on how to get your payment, or why you haven't received your payment yet, check the Virginia Tax site.

  • The Downsides of Retirement That Nobody Talks About

  • Get Ready for Retirement Now With Expert Tips for Every Stage of Life

  • Should You Still Buy a Home in Today's Market?

  • 10 Things to Do Now If Your Credit Score Is Under 700

This article originally appeared on GOBankingRates.com: Inflation Relief Checks: How To Get Your Payment for October

COMMENTS

More Related News

Prayers? Bombs? Hawaii history shows stopping lava not easy
Prayers? Bombs? Hawaii history shows stopping lava not easy
  • World
  • 2022-12-01 11:03:57Z

Over the decades, people have tried all of them to stanch the flow of lava from Hawaii's volcanoes as it lumbered toward roads, homes and infrastructure...

Biden to fete Macron with Maine lobster, California sparkling wine
Biden to fete Macron with Maine lobster, California sparkling wine

From Maine lobster to California wines, President Joe Biden will showcase the flavors of America at a state dinner on Thursday for French President Emmanuel ...

Real costs of California wildfires obscured by emergency spending, new report finds
Real costs of California wildfires obscured by emergency spending, new report finds

State governments should plan for higher wildfire costs in our climate change era and find ways to be more transparent, researchers for the Pew Charitable...

Why are homes allowed to be built in lava zones? Mauna Loa eruption has Hawaii residents wondering
Why are homes allowed to be built in lava zones? Mauna Loa eruption has Hawaii residents wondering

Hawaii County hasn't finished buying out Leilani and Kapoho property owners after the 2018 lava flow, and here comes another potential disaster.

U.S. fuel prices takes major dip. Use this interactive map to check California costs
U.S. fuel prices takes major dip. Use this interactive map to check California costs

If prices follow AAA forecasts, motorists can look forward to continued relief at the pump.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business