Citizens in several US states are in for a happy holiday season, thanks to the announcement of tax refunds for IRS arriving in the final days of 2024. This financial boost will help families enjoy a more comfortable holiday season. These government payments aim to assist citizens in covering basic family expenses amid the nation’s inflation, particularly for low-income individuals.
The government is implementing relief plans, specifically pilot programs in certain states. In October 2024, the Internal Revenue Service (IRS) launched a program to combat inflation and provide financial support to struggling households. The latest round of IRS payments is part of the GBI program, a comprehensive long-term plan designed to provide economic assistance to US citizens still reeling from the impacts of COVID-19, inflation, and the Cost of Living Adjustment (COLA).
Which states will be sending stimulus payments for IRS?
Six states are able to distribute funds through tax refunds. Pay attention to the following information:
Alaska: The state has a Permanent Fund Dividend (PFD) program, which shares earnings from state resources with its residents. Citizens are eligible for a $650 payment, and those who opted for direct deposit should have already received it. Those who chose paper checks began receiving them in early October.
California: The tax refund program is targeted at the middle class and those earning less than $75,000 annually. They are eligible for a $4,530 payment, but families with dependents will receive more. Payments are made via debit card or direct deposit.
Idaho: Residents of this state are also receiving tax refunds. Individuals will receive $300 and couples filing jointly will receive $600. Payments began in September and will be staggered, with everyone receiving their payment by the end of December.
Rhode Island: In this state, the financial support is a one-time child tax refund. The amount is $250 per child up to a maximum of three per household or $750. Payments were made throughout the month of October.
South Carolina: The state budget allocated one billion dollars for financial assistance, distributing $800 payments. Most people received their payment in October, but more will be made in the coming months.
Virginia: Here, individual refunds of $250 and $500 for couples were made via direct deposit or paper check during the month of October.