For the past several years, citizens of the United States have been able to enjoy so-called stimulus cheques. This type of cheque has been a joy for a large number of American families and households. This is because the economy in those households has not been all that good and these stimulus cheques came in to help and alleviate the situation.
The stimulus cheques were handed out during 2022 to many, many households. In some cases, as many as three different cheques may have gone to some households. The IRS refunded parts or all of the taxes to these U.S. households. But not only that, there was also direct help through stimulus cheques that were not tied to taxes.
Today, many families are wondering whether this policy promoted by Joe Biden under the name of the American Rescue Plan will continue. Although it may be very necessary for a large number of families, everything seems to indicate that this plan is over and does not seem to be coming back. In any case, there are still cheques that could reach thousands of Americans.
Stimulus cheques in 2023 and 2024
It is still early to talk about the 2024 stimulus cheques, but it is still good to have an idea about it. The United States government has not yet announced anything about it. Therefore, we will have to wait to find out if we can finally count on some kind of stimulus cheque in the next year.
In any case, it should be noted that if we file our income tax return as soon as possible, we could get a stimulus cheque early. It also depends on our own income.
As far as 2023 is concerned, there are still states that send out IRS stimulus cheques. To be exact, in the State of California they are sending out the last checks these days. So, if you live in this state, you may receive a cheque in the next few weeks. However, if you have already received a stimulus cheque, this new cheque will not be available.
Taxes on these help checks
In most instances, stimulus cheques will not have taxes attached to them. This is because most of these types of checks are tax refunds. For that reason, there is no sense in paying taxes on the income from this money.
Still, we have to watch out, as there are many states that may charge taxes on the stimulus cheque. And that is why we must watch out perfectly our income tax return.
If we receive any form on which we have to declare these taxes, we should not hesitate for a moment to do so. If we do not pay all our taxes on time, we will regret it later.