MORE than half a million people have received their brand new stimulus cheque payments worth $600.
California’s Golden State II program includes the latest stimulus checks.
However, those who are still waiting to receive their payment might be interested in checking their eligibility.
To be eligible for the second Golden State Stimulus you must submit your 2020 taxes by October 15, 2021, and have been a California resident for more than half the year.
For the 2020 tax year, you must have a California adjusted gross income of $1 to $75,000 or wages of $0 – $75,000 and a California adjusted gross income of $0 to $75,000 in 2020.
As struggling Americans speculate about whether a fourth-round or four of the stimulus checks will be worth approximately $600 to $1,200, calls for $2,000 cash are increasing.
21 Democratic Senators have called upon President Joe Biden, while Biden has yet not to take the plug, to provide recurring checks for Americans in need.
MATH ERROR CONTINUED
Another big problem is the IRS isn’t sending vital information, according to experts.
“One of the biggest issues we’re having is the reconciliation of stimulus payments,” CNBC spoke with Dan Herron, a Certified Financial Planner and CPA at Elemental Wealth Advisors.
“The IRS is sending out balance due notices with no calculation or explanation analysis.”
WHAT IS A MATH ERROR?
A letter from the IRS might indicate that you are confused or have misunderstood your subtraction and addition skills.
But sometimes it isn’t always as simple as a mathematical mistake.
The IRS might send you a list of issues that were found wrong including the Social Security number of the claimer was incomplete or missing, a wrong filing status, or the last name not matching the agency’s record.
As a result of the so-called “math error,” the IRS will typically make an adjustment including on the balance due or potentially a smaller refund.
VERMONT STIMULUS
Vermont is incentivizing frontline workers, including nurses, janitors, and food service workers, to move to the area, covering relocation costs with a series of special reimbursement grants.
MISSOURI SUPPORTING ITS OFFICERS
Missouri supported state corrections officers in July by boosting salaries across the board. This pay increase was approximately $250 per pay period.
GSS PAYMENTS SENT IN TWO-WEEK INTERVALS
About 600,000 Golden State Stimulus checks were sent out last week, and the California Franchise Tax Board said beneficiaries should expect to see the money in their accounts in the next few days.
Payments will be made in approximately two weeks.
That means not everyone who qualifies will receive them at the same time, SFGATE reported.
The second round of payments is expected to reach around two million people.
According to state authorities, they will be available in direct deposits or paper checks by September middle.
OLD-AGE AND SURVIVORS TRUST FUND
In September an annual report by the Treasury Department indicated that the Old-Age and Survivors trust fund is only funded for the next 12 years.
Because the fund doesn’t collect enough taxes to cover what it pays out to claimants, resources for retirees are growing depleted every year.
Last year’s report projected the fund would be gone by 2034. The new report confirmed that funds are now only scheduled through 2033.
Once you turn 62, you can start receiving social security benefits. However, you’ll receive less money if you claim before your full retirement age.
MOVING OPERATIONS OUT OF THE US
Senators Ron Wyden, Mark Warner, and Sherrod Brown have already released a draft framework aimed at ending incentives for companies to move operations out of the United States.
“While working families have struggled to get ahead, companies that saw their taxes cut in half are doing better than ever before, and paying less in taxes than any time since World War II,” Wyden stated in a statement.
“To right the ship, we’re ending incentives to ship jobs overseas and closing loopholes that allow companies to stash their profits in tax havens.”
DISAPPOINTING LABOR REPORT
But, there is hope that a future payment may be introduced as August’s labor report was disappointing.
Only 235,000 new jobs were created in August, far less than the 720,000 predicted jobs economists had expected.
On September 6, weekly unemployment payments of up to $300 per week were canceled.
As many as a 7.5million unemployed citizens who lost their job during the pandemic stopped receiving the cash but it’s feared that up to 11million Americans could be impacted.
WHAT IS THE BACK to Work Connecticut Plan?
Connecticut launched the Back to Work program back in May to get people on unemployment to get back into the workforce.
After eight weeks of work, eligible applicants who have been recertified as having worked for at least 8 weeks will be eligible to receive a $1,000 check.
It goes to the first 10,000 unemployed individuals, FOX61 reported.
WEST VIRGINIA CASH
Finally, if you live in West Virginia, the state may have some of your stimulus money, as it is currently holding more than $7,700 in unclaimed stimulus checks, Child Tax Credit, and others.
SOME STATES WITHOUT FUNDS
This is based on the latest figures available for each state, but be aware a few such as Alaska don’t make the amounts publicly available.
North Dakota, which has $29 million of unclaimed property, is on the other side.
UNCLAIMED CASH
According to the National Association of Unclaimed Property Administrators (NAUPA), one in every 10 people nationwide has forgotten cash waiting to be claimed.
New York, which has $17billion in unclaimed property, is the most expensive of all 50 states.
California is next at $10.2billion followed by New Jersey at $4billion; Pennsylvania at $3.8billion; Illinois at $3.5billion; Ohio at $3billion; Virginia at $2.5billion.
From eighth to eleventh, Florida, Texas, and Massachusetts each have $2billion worth of lost cash.
RESPOND TIMELY AND MAKE A PAYMENT IF NECESSARY
But doing nothing might be the worst outcome. If the letter requires a response by a specific date – make sure you do so by then.
In the absence of a response, you risk losing the right for appeal as well as paying higher interest and penalties.
The agency offers several payment options including cash, check bank account, or card.
COMPARE NOTICE WITH ORIGINAL TAX RETURN
If this is related to your tax return, make sure you compare any adjustments to your original version and verify the changes.
The IRS will only notify you if you are not satisfied with the notice.
UNDERSTANDING YOUR IRS LETTER
Getting a letter from the IRS could seem scary at first glance– but it may not impact you financially.
It may be as simple as a receipt from one of your stimulus payments.
Keep calm and carefully read the letter to understand why the IRS has contacted you.
CONTACT THE IRS IF YOU DISAGREE WITH THE NOTICE
On the notice, you can find a contact number in the upper right-hand corner if you insist.
However, the IRS notes that in most cases it’s not necessary to call them.
You should have a copy of the IRS notice in your hand if you call the IRS.
You can also send a reply to the IRS by mail. However, it will take 30-days for a reply.
REASONS THE IRS WILL SEND YOU A LETTER
- A smaller or larger refund is due
- You have a balance due
- You need to confirm your identity
- A tax return was changed by the IRS
- A mailing receipt for your stimulus check
- You need to provide more information
Depending on the situation, some might not know how to act. Here are some steps that you can take to make sure you make the right decision.
REPORTING SCAMS
Proofpoint advises that people who receive the texts use the spam reporting feature in their messaging client, and forward spam text messages to 7726 (SPAM), then block the number.
Smishing attempts can also be reported to the FTC at ftc.gov/complaint or 1-888-382-1222.
CALLING THE IRS
Another thing you can do is try calling the IRS if you have questions.
Unfortunately, live assistance is not possible as the IRS has been busy with delayed stimulus, tax refunds for the unemployed, and tax returns.
So, it might be quicker to get an answer through the IRS’ frequently asked questions section.
And it’s important to note that the IRS does not have a separate contact number for child tax credits; the number for tax-related questions is 800-829-1040.
WHO QUALIFIES FOR THE CHILD TAX CREDIT?
For children under six, families will receive $300.
For every child, those with children aged 6-17 will receive $250
Single taxpayers must make $75,000 to receive the full benefit.
For every $1,000 earned above this threshold, the payments will be reduced by $50.
Couples must earn less than $150,000 to be eligible for the benefits.
Other families who request a paper check can expect to receive their mail within a week.
TEXAS BOOST
Many teachers in Texas received bonuses at the start of the school year, according to CBS Dallas Fort-Worth.
Each school district approved the additional checks, including Denton as well as Irving.
Irving teachers will receive $2,000 in one-time payments, while Denton staff will receive a $500 retention incentive.
Texas school districts also approved increases in pay to thank teachers for their hard work during the pandemic.
TENNESSEE TEACHERS
Tennessee’s state stimulus plan mirrors Michigan’s and sends a $1,000 hazard pay bonus to full-time teachers and $500 to part-time teachers.
Teachers should receive their checks by December 31st.
However, the relief payment replaces a two percent increase in salary.
NEW YORK PAYMENTS
In April, New York approved a fund that awarded a one-time $15,600 stimulus payment to illegal workers.
The $2.2billion program for “excluded workers” will provide payments for hundreds of thousands of people who are not eligible for other government aid but has been criticized by Republican lawmakers.
The state must have residents and have earned less than $26,208 in 2020 to be eligible.
NEW MEXICO HELPING LOW-INCOME RESIDENTS
A state stimulus program has been established and set aside $5million to send in stimulus checks to New Mexicans who did not qualify for the three federal relief payments.
WHO GETS PAYOUTS in MARYLAND
Maryland approved stimulus checks in the spring, but there was a catch.
Only those who claim the Earned Income Credit on their tax returns will be eligible for extra cash. This credit is geared towards low- and moderate-income earners.
According to Maryland, this means that a married couple filing jointly with two children will only be eligible if their combined income is less than $53,000.
Residents will receive $300 while couples filing jointly will get $500.
However, the July 15 deadline to file a tax return in order to be eligible for the stimulus check was extended to $500.