An Internal Revenue Service document states that there won’t be any further stimulus check payments for the 2023 tax refund.
The IRS observed that the absence of Economic Impact Payments for 2022 was the cause of the lack of stimulus funding.
Americans Demand Inflation Relief Checks
On November 22, 2022, the agency issued a bulletin addressing the lack of stimulus checks for the current tax year, which will result in lesser tax refunds in 2023.
Since the cost of basic items has risen above average owing to inflation, many people anticipate receiving financial aid of some kind to help them get by.
Americans got the final $1,400 installment of federal stimulus checks in March 2021. Since that time, the possibility of 2023 stimulus check payments has not been brought up again.
More stimulus or inflation relief checks in 2023 are supported by 62% of Americans, according to a new survey. 16% are unsure about the issue, while 22% oppose additional stimulus or inflation relief checks.
As there is concern that another release of stimulus payments might further boost inflation and have negative effects on the economy, there has been hesitation in releasing another round of stimulus funds.
The Federal Reserve Bank of San Francisco’s research revealed that the COVID-19 relief package may temporarily enhance inflation, which led some to criticize U.S. President Joe Biden’s administration for the spending package it passed into law in March.
Inflation was found to be impacted by spending, although the research revealed that this effect is likely to be transient.
The CEO of DebtHammer, Jake Hill, advised Americans to be extremely careful while spending any financial help granted to them due to the uncertainties surrounding the issuing of stimulus check payments in 2023.
In Hill’s opinion, consolidating debt or setting money aside for future savings opportunities is the greatest use of stimulus check payments.
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States Stimulus Check
Some states have taken control of the situation by offering their citizens financial aid in some manner. The high cost of gas and the rising cost of living have led to the distribution of inflation relief payments to millions of Californians.
A one-time payment ranging from $200 to more than $1,000 is given to individuals whose annual income is under $500,000. 22 million people have benefited from the program. Payments were made through debit cards or direct deposits.
As part of Hope Florida, which is managed by the Department of Children and Families, Florida also provided some of its inhabitants with a one-time payment of $450 per child.
Foster parents, familial and non-relative child carers, and families receiving other types of financial aid, such as the state Guardian Assistance Program and Temporary Assistance for Needy Families, are all eligible recipients.
If you are qualified, a check should be mailed to you. New Mexico, Hawaii, Oregon, Virginia, and other states also provided the same financial aid.
Read more: Missed Child Tax Credit or stimulus check deadlines? Here’s what can happen next!