The Internal Revenue Service stated late in 2022 that many people can still receive stimulus payments in 2023, or perhaps at least a rebate on their tax returns from previous years. This includes about 25 million Californians who could qualify. Folks in six other states could qualify as well.
The IRS stated in November 2022 that an absence of stimulus checks last year could mean “refunds may be smaller in 2023.”
“Taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no Economic Impact Payments for 2022,” the agency said.
Many residents who paid taxes in California, Colorado, Idaho, Illinois, New Mexico, Pennsylvania and South Carolina are eligible for some sort of rebate.
California residents who made less than $500,000 in the 2020 Fiscal Year and filed their income taxes by Oct. 15, 2021, are eligible for the state’s Middle Class Tax Refund, which will be paid out from Jan. 30 – Feb. 14.
The flexed rebate program in California applies to a wide range of recipients. For instance, anyone who claimed anywhere from $125,001 and $250,000, and with no dependents, will have access to $200 in stimulus.
Married or joint filers whose accumulated income was less than $150,000 for the 2020 tax year are eligible for the maximum amount of $1,050 in stimulus, which also accounts for inflation, according to California’s Franchise Tax Board.
More than $9 billion in stimulus funds have already been distributed to 31,650,087 California taxpayers as of January 13, 2023, according to California’s Franchise Tax Board’ website.
The final push of stimulus payments in California will be by debit card and for any resident filers who changed their address after filing their 2020 tax returns.
In Colorado, a rebate of $750 will be dispersed to individual filers and $1,500 to joint filers. Anyone who hasn’t already received their stimulus rebates, or who have filed for an extension, will receive their refund by the end of January, according to the Colorado Cash Back program.
Idaho Governor Brad Little signed a $500 million law last September stating that residents who filed in 2020 and 2021 are eligible to receive either 10 percent of their tax return or $300, whichever is greater.
Illinois residents could receive two rebates, if they qualify. One is for income and the other based on property taxes. The rate of return on income is between $50-100, based on claimed income of $200,000 or less for individuals and $400,000 or less for married or joint filers.
New Mexico residents have already begun receiving rebates spread out over three payments – distributed across different payout structures. Even though more than 2 million rebates were issued by September, those who haven’t received it yet have until May of this year to file their 2021 tax return.
Pennsylvanians can receive a maximum standard rebate of $650, or $975 for those who qualify for supplemental rebates. Income limit is $35,000 a year for homeowners and $15,000 yearly for those who rent.
South Carolina will begin issuing rebates to residents who file their 2021 state income tax return by February 15. Those are part of the state’s $1 billion rebate.