Citizens of any of the United States have had a tough year in 2022. Although it is not over yet, many residents can say that the Stimulus Checks issued by the IRS have really come as a relief. Thanks to these checks many U.S. residents have been able to balance the scales of the economy at home.
Inflation, the continued rise in the cost of living and low incomes for many citizens have been truly devastating. On the other hand, the Federal Reserve has also slowly raised interest rates to stimulate that inflation rate. This has caused it to get rapid growth. That is also why stimulus checks and other types of help have turned out to be so important in this year 2022.
However, there are still many citizens who are wondering what will happen in 2023. Stimulus checks issued by the IRS are not every year and may not appear in the following year. At the moment, the news issued by the IRS is that the stimulus checks have no place in the plans, so it is time for millions of Americans to tighten their belts and not have excessive household expenses.
What will happen to IRS stimulus checks in 2023?
The absence of stimulus checks by the IRS in 2023 will come as a big shock to many citizens. In addition to this, also tax refund checks may be lower in the following year. This is because many financial windfall helps were made because of the past pandemic.
As these helps were temporary, now they have ended and, therefore, they will reduce this tax refund for the next year. For that reason we should be clear that stimulus checks will not appear in our mailbox in 2023. At least, we should not count on them for next year, so it is better to look for other solutions to the economic situation.
The latest IRS bulletin assured that “Refunds may be lower in 2023.” On top of that, “Taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no Economic Impact Payments for 2022.”
Although a year ago at this time it was possible to apply for these stimulus checks, this year it is not possible. For the year 2023 the IRS will not act in the same way and the rest of the users should consider this as normality, since in the future this will be the same.
So any user who has not yet retired should maximize the Social Security check as much as possible, since it ensures a steady income every month.