An IRS document states that the 2023 tax refund would not include any additional stimulus check payments.
The Internal Revenue Service explained that there wouldn’t be any 2022 Economic Impact Payments, so no stimulus funds would be distributed.
Americans Struggle Due To Inflation
On November 22, 2022, the IRS issued a bulletin explaining why this year’s tax refunds would be less than usual because of the lack of stimulus checks.
Many individuals are counting on some kind of financial aid to help them get by in a world where the cost of living is higher than usual owing to inflation.
When the final $1,400 stimulus check was sent out to Americans in March 2021, the federal government’s stimulus program officially ended. There has been no further debate on the topic of whether or not stimulus checks would be distributed in 2023 since then.
Read more: Retirement withdrawals: How to avoid the IRS 50% penalty
Will There Be A Stimulus Check In 2023?
An IRS document states that the 2023 tax refund would not include any additional stimulus check payments.It has been determined that 62% of Americans are in support of more stimulus or inflation relief cheques in the year 2023. Another 18% have not made up their minds about whether they support or oppose additional stimulus or inflation relief measures.
There has been a reluctance to issue another round of stimulus money due to concerns that doing so may boost inflation and have other negative effects on the economy.
Federal Reserve Bank of San Francisco research revealed that inflation may have a brief increase owing to the COVID-19 assistance package, prompting criticism of the spending package passed into law by US President Joe Biden’s administration in March.
The study indicated that expenditure did affect inflation, although the effect was likely short-lived.
In light of the ambiguity surrounding the 2023 distribution of stimulus checks, Jake Hill, CEO of DebtHammer, advised his countrymen to be extremely cautious with the money.
According to Hill, the best use of stimulus money is to reduce debt or save for the future. The situation has been taken into the hands of several states, who are now offering financial aid to their citizens.
For the high cost of living and gas, millions of Californians have received inflation relief checks. Payouts range from $200 to over $1,000 for those with annual incomes of less than $500,000.
Over twenty-two million people have gotten something out of this program. The money was deposited directly into accounts or loaded onto debit cards. The Department of Children and Families in Florida also provided a one-time payment of $450 per kid to eligible residents as part of the Hope Florida program.
Foster parents, relatives, and non-relatives who care for children, as well as families who get monetary support from programs like the state’s Guardian Assistance Program and Temporary Assistance for Needy Families, are all qualified to apply.
In the event of qualification, a check will be mailed to you. New Mexico, Hawaii, Oregon, and Virginia are just some of the other states that have provided similar forms of financial aid.
Read more: Child Tax Credit and IRS financing will be major challenges in 2023; Here’s why!
