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MORE States APPROVED for 4th Stimulus Checks! | Social Security COLA 2023 (SSI, SSDI)

Most states chose to help their residents with direct payments, rebates, or expanding tax credits. And other states have also used their budget surpluses to provide stimulus to folks in need. Residents in at least nine states will be receiving the relief in October, and since the deadline to file taxes is on October 17th, it's also the last day for three states to grab payments. Residents in the following states have about a month left to file their taxes in order to grab their payments. Millions of Illinois residents were sent direct relief payments worth up to $300 starting September 12th. Single taxpayers will get a rebate of $50 while joint filers will get a $100 payment, while families with dependents are set to receive up to $300. Single Illinoisans will be eligible for a refund if their adjusted gross income was under $200,000. Meanwhile, the threshold for joint filers is $400,000. Those who have submitted their 2021 returns will get their rebate automatically.


However, residents have until October 17th to file their taxes and receive payments. In Rhode Island, eligible Rhode Island families may be able to receive up to $750 in a child tax rebate. Any Rhode Island taxpayer with dependents 18 or under is eligible for the credit, and no application is necessary. Taxpayers who filed by August 31st will start receiving rebates in October. All rebates will be sent by check, and there will be no direct deposits. However, for those taking advantage of the October 17th extended filing deadline, rebates will be issued starting in December. Maine has been sending rebate checks worth $850 per individual and $1,700 for an average family. While the state distributed the majority of payments in June and July, some rebates will take some time to hit mailboxes. Governor Janet Mills' office said that checks will continue to go out on a rolling basis through the end of 2022. To qualify for a rebate, you must meet a few requirements. Individuals must not exceed $100,000, while heads of the household and couples can make up to $150,000 and $200,000, respectively. These will be based on 2021 tax returns, which as I said must be filed no later than October 17th.


Governor Kathy Hochul announced on September 8th that eligible New Yorkers could receive up to $270 in a new stimulus payment. Known as the Additional NYS Child and Earned Income Tax Payment, New Yorkers who filed a 2021 tax return and received the Empire State Child Credit and/or the Earned Income Credit qualify. Claimants that filed for either or both credits are eligible, the Governor’s Office said. Checks will include one or both payments and the minimum amount issued is $25, and eligible New Yorkers will be mailed their checks automatically. New Yorkers do not need to report the payment when they file their 2022 income tax return. Those who qualify can expect to receive their checks by the end of October. Additionally, the state of Hawaii started sending tax rebates over the summer to help residents deal with rising prices. Taxpayers who reported an income below $100,000 were in line to receive $300. Those earning more than $100,000 but less than $200,000 a year were eligible for $100. According to Hawaii’s Department of Taxation, while the state started sending refunds during the last week of August, those who are receiving paper deposits will have to wait until the end of October.


In April, Delaware lawmakers agreed to send $300 to any residents who filed a tax return in the state in 2020 or 2021. Taxpayers who need more time to file can extend their filing deadline until October 17, 2022. However, because this is only a tax-filing extension, their 2021 tax payments were still due by April 18th. To grab the extra time, head to IRS Free File on IRS.gov. The free service allows taxpayers to electronically request an extension on Form 4868. To get the extension, taxpayers must estimate their tax liability on this form. Another option is to pay electronically and get a tax-filing extension. The IRS will automatically process an extension when a taxpayer selects Form 4868 and makes a full or partial federal tax payment by April 18th. While most eligible residents should have got their checks over the summer, the state's finance secretary, Rick Geisenberger told Delaware Public Media up to 100,000 checks were to be sent out between August and October.


Starting Monday, September 19th, Virginia residents can check their eligibility for direct payments of up to $500. The state recently announced that taxpayers will soon have an online tool to find out if they'll receive the cash. In 2023, recipients can count on receiving their largest Social Security raise in over four decades. The writing was on the wall that this would be the case when the U.S. inflation rate for June hit 9.1%, also a more than four-decade high. However, the magnitude of next year's COLA has been shrinking for more than a month. Initially, Mary Johnson, a Social Security policy analyst at The Senior Citizens League, a nonpartisan senior advocacy group, estimated that COLA could come in as high as 11.4% in 2023 if inflation data continued to roll past expectations. The July inflation report from the Bureau of Labor Statistics (BLS), which showed the headline inflation rate easing, quickly put this high-end estimate to bed. Following the release of August inflation data by the BLS last week, Johnson's next high-end estimate of a 10.1% COLA seems to no longer be feasible.


Although Wall Street was less-than-pleased with the 8.3% August inflation rate, it continued a two-month decline in the headline figure. As of the September 14th update from Johnson, Social Security's COLA now appears to be on track for an estimated 8.7% increase in 2023.For the average retired worker, who should be bringing home $1,683 a month by December 2022, an 8.7% "raise" would equate to an extra $146 per month in 2023, or a little over $1,750 more for the full year. However, there’s also Medicare Part B Premiums to keep in mind, that may very well have the effect of negating any payment increase from the COLA. Pretty upsetting news for many seniors, who so desperately rely on these benefits just to live a normal life. With any luck, a bill like the Social Security Expansion Act gets passed, which promises an additional $200 per month boost in Social Security beneficiaries checks.

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