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By Suzanne Blake
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While the federal government may have ended stimulus checks, there are still five states offering rebates to taxpayers this year.
Many Americans have been wondering whether the federal government will send out any additional stimulus checks, but there are no plans for further payments at this time. The IRS is encouraging everyone who didn't file 2020 taxes to act now to get their recovery rebate and any refund they are owed.
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"The average unpaid refund is over $900, and with inflation affecting virtually every aspect of the consumers' lives, that money could certainly come in handy if you haven't already filed," Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, previously told Newsweek.
However, if that doesn't fit you, there still might be money coming your way courtesy of the five state rebates.
Rebates Available
In Arizona, Governor Katie Hobbs approved a rebate for those with dependents living in their homes. Roughly 743,000 residents are estimated to qualify for the cash as part of the $260 million program.
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All families earned $250 for every child younger than 17 and $100 for all older dependents. That put the maximum payment amount at $750. Arizonans were eligible as long as they owed $1 in personal income taxes in 2019, 2020 or 2021 and met the dependent criteria.
The state began issuing rebates by direct deposit last year if you had the information on file. However, in absence of a linked bank account, the state said it would send out paper checks via mail.
Another state offering its residents an extra financial boost is California. Courtesy of the state's young child tax credit, parents could earn an extra $1,117. That's in addition to the statewide tax credit of up to $3,600.
The eligibility requirements look at whether you were approved for the California earned income tax credit and if you have a child below age 6. Income-wise, you can make only $30,931 or less.
You'll also need to file your tax return before April 18, 2025.
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Another rebate is up for grabs in Colorado via the state sales tax refund (TABOR refund). TABOR checks were set to be sent out along with any state refund you receive for the 2023 tax year.
You'll qualify if you filed by April 15 and meet the following criteria:
- Were at least 18 years old when the tax year began,
- Do not have Colorado income tax liability,
- Are not claiming a refund of wage withholding, and
- Are not otherwise required to file a Colorado return because you have no federal filing requirement.
The TABOR check amount is set at $800 for single filers and $1,600 for those filing jointly.
Maryland residents are also in luck this year as the state offers a $500 child tax credit for qualifying parents and guardians.
The payment is $500 per child under age 6 or all children with a disability. To be eligible, taxpayers must have an adjusted gross income of $15,000 or less. The state government estimated it would benefit roughly 40,000 Maryland taxpayers.
Originally, Maryland proposed the tax credit in an effort to replicate the federal child tax credit, which went up to $3,600 per child under 6 and $3,000 for older children in 2021.
New Mexico will be offering a stimulus-like payment in its statewide rebate program.
Governor Michelle Lujan Grisham said the rebates look to mitigate the impact of inflation on families in New Mexico.
"Prices for basic necessities continue to be high across the nation" Grisham said in a statement. "Our state today is in a fantastic financial position, and it's important to me that New Mexico's families are sharing in that success."
State residents still have until May 31 to file for the 2021 PIT return. That return will offer a tax rebate of $1,000 for married couples and $500 for single filers.
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