ELIGIBLE West Virginia residents will be receiving relief checks worth up to $465 starting next week.
The West Virginia Department of Health and Human Resources said a supplemental payment will be available for residents who were part of the Low Income Energy Assistance Program (LIEAP) in 2022.
Residents eligibility will be based on income, type of heating payment, and total heating costs.
You can also check with your state about LIEAP and if you qualify.
Depending on the amount of assistance that was required using the LIEAP program in West Virginia in 2022 eligible recipients are set to receive between $25 to $465.
However, the method of obtaining that payment will depend on how you specifically used LIEAP.
The state's department of health and human resources explained the payment will be paid to the utility provider or a check will be sent to people who received LIEAP for bulk fuel.
Inflation Reduction Act rebates, part four
There are two tax credits available for homeowners.The first is the nonbusiness energy property credit, which is a 30 percent tax credit, worth up to $1,200 a year.
This is for the installation of things like insulated windows and doors and energy-efficient skylights.
A slightly higher payout of $2,000 would go to those who install heat pumps and biomass stoves and boilers.
Inflation Reduction Act rebates, part three
Next year two new requirements will kick in:
- Requirements for sourcing of the car battery’s critical minerals
- A share of battery components must be manufactured and assembled in North America
Buying in 2022 could get you the credit without worrying about these new rules.
If you wait to buy and end up not meeting the new criteria, you’ll miss out on the credit altogether.
However, if you hold out until 2024 you’d get instant savings as the tax credit will become a discount on the price of the car.
Inflation Reduction Act rebates, continued
The tax credits for buying electric vehicles apply to both new and used cars.
Although this law has been on the books for some time now, it was tweaked when the Inflation Reduction Act was signed.
Those who buy a new car will get up to $7,500 credit, and those who buy used cars will get up to $4,000.
It’s important to note the amount you’ll get depends on things like household income and the sale price of the vehicle.
Purchases of used vehicles will qualify for the tax break starting in 2023.
Thousands of dollars of rebates in Inflation Reduction Act
The Inflation Reduction Act includes tax credits and rebates for those who turn to cleaner energy sources.
The act provides credits for those who buy electric vehicles and energy-efficient appliances, install solar panels on their home and more, reports CNBC.
However, these incentives have different timelines for when payments will start going out.
Some consumers may have to wait until 2024 to reap the benefits.
Exciting tax rebates
Many Americans celebrated the approval of the Inflation Reduction Act which has multiple initiatives from health care to tax relief.
A key portion of this act includes tax credits and rebates for energy-efficient homeowners.
Those who opt for efficient heat pumps or alternative energies will receive a tax break or a rebate check, as Market Watch reported.
Bonus payment worth $350 available to thousands, part three
Qualifying Georgia residents can look out for the cash assistance payment now as they were rolled out starting mid-September.
In order to get the quickest payment delivery, you should select email as your contact preference in Georgia Gateway.
Those who set this as their contact preference will see their payments beginning next week, while all others will receive payments at a later date.
The cash will be supplied through a virtual payment card, essentially a Mastercard prepaid card that operates like a debit card.
These virtual gift cards can then be loaded into digital wallets like Apple, Google or Samsung.
The cutoff date to enroll in these programs to receive assistance was July 31.
Bonus payment worth $350 available to thousands, continued
Anyone who is eligible will see information regarding the status of members in the household in their “Check My Benefits - Case Selection” screen in their Gateway account.
To claim your virtual payment, you need your client ID number listed on the left side of your screen.
Those who are enrolled in more than one of the programs are only eligible for the one-time payment.
Bonus payment worth $350 available to thousands
Georgia Governor Brian Kemp dedicated more than $1billion to the Department of Human Services to provide cash assistance.
The bonus payments will go to those enrolled in Medicaid, PeachCare for Kids, SNAP or TANF.
Mr Kemp said the assistance will help some of Georgia’s most vulnerable residents cope with the continued economic impacts of Covid-19 and inflation.
Georgians do not have to apply to receive this one-time cash assistance payment.
California's $9.5billion payment fund
Californias will be able to claim up to $1,050 through January 2023.
The one-time refund payments are collectively worth a whopping $9.5billion.
The "Middle-Class Tax Refund" payout is worth between $200 and $1,050 per qualifying household.
To qualify for a relief check, California residents must have filed their 2020 tax returns by October 15, 2021.
Anyone who reported a California adjusted gross income (AGI) of $500,001 or more does not qualify to receive the payment.
Hawaii residents see up to $300
Governor David Ige said approximately $294million was being released to taxpayers as funds already started going out on Friday.
According to Hawaii News Now, the State Department of Taxation released $100,000 direct deposit refunds to taxpayers as part of the first phase.
That money will go straight to taxpayers who provided direct deposit information on tax returns.
Missing out on stimulus payment
This includes the following, along with the number of people in each group who failed to get their payments:
- Those with an Individual Taxpayer Identification Number (ITIN) who have a qualifying dependent – affecting 419,822 individuals
- Unemployment benefit exclusion eligibles – affecting 133,578 individuals
- Those falsely marked as a resident of a US territory – affecting 51,639 individuals
- Those with filing changes or had an unresolved condition on their tax account – affecting 39,666 individuals
Recover your missing stimulus check
If you missed out on a stimulus payment, you can still get that money through a tax credit.
The rebate recovery credit is designated for those who only got a partial payment or no payment at all.
To find out how much money you may be entitled to, you can contact the IRS or use their Get My Payment tool.
Americans in line to get $1.1B in tax relief, continued
The proposal would reinstate the two-week Back to School tax holiday for families in the fall and add an additional two-week holiday in the spring for children returning to school after the winter break.
There would also be a permanent tax exemption for baby and toddler necessities, including diapers, baby wipes, clothing, and shoes for children under the age of five.
The following items would be tax-free permanently:
- Items that contain medicinal ingredients
- Medical equipment
Americans in line to get $1.1billion in tax relief
Florida Governor Ron DeSantis proposed a new tax relief initiative geared toward helping families in the state.
The proposal includes:
- An expansion of Florida's annual Back to School tax holiday
- Tax exemptions for baby and toddler items
- A yearlong tax exemption on other household items used by families on a daily basis.
Up to $20k in student loan cancelation
To check if you qualify for $20,000 in forgiveness, you can log in to your FAFSA account and see if you received Pell Grants.
Student loan forgiveness eligibility for borrowers
Biden campaigned on the promise of $10,000 in student loan relief and delivered on that pledge in August.
More than 43million Americans owe a total of $1.7trillion in student debt, according to the Federal Reserve.
“An entire generation is now saddled with unsustainable debt in exchange for an attempt at a college degree,” President Biden said.
“The burden is so heavy that even if you graduate, you may not have access to the middle-class life that a college degree once provided.”
Student loan payment freeze history, continued
In August 2021, the Biden Administration announced another loan extension and noted loans would be paused until January 31, 2022.
On December 22, 2021, the administration then announced that student loan repayment would be paused for another 90 days – until May 1, 2022.
Less than a month before the May 1 deadline, President Biden pushed back student loan payments until the end of August.
And in late August, as the deadline loomed once more, Biden pushed the freeze back until the end of the year.
According to the president, this will be the last extension of the repayment moratorium.
Borrowers should plan to resume payments in January 2023, the US Department of Education said in a statement.
History of student loan payment freeze
Under the CARES Act, student loan payments were originally set to restart on September 30, 2020.
The Trump Administration extended the deferment twice, through January 31, 2021.
Since taking office, President Biden has extended the payment freeze five times.
Within hours of becoming president, Biden pushed the deadline from January 31 to September 30, 2021.
How to apply for a Pell Grant
To apply for a Pell Grant, you must submit an accurate Application for Federal Student Aid (FAFSA) form.
The form will be used by schools to determine eligibility for the grant and how much you can and will receive.
The moment you end your enrollment at an undergraduate establishment, you will no longer be eligible for federal aid.
Pell Grants explained
Pell Grants are “need-based aid that is intended to be the foundation for all need-based federal student aid awarded to undergraduates,” according to the Congressional Research Service.
The best part about Pell Grants is that they do not need to be repaid by the receivers – unlike infamous loans.
States differ in their current stimulus programs
Nearly 20 states have instituted programs to help residents bear the burden of inflation.
Some states have opted for a direct-payment program including California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, and Illinois.
Other states have decided to send stimulus in the form of a tax rebate including Indiana, Maine, Massachusetts, New Jersey, New Mexico, New York, Oregon, Pennsylvania, South Carolina, and Virginia, according to Business Insider.
State stimulus payments 2022
Certain states have started mailing out tax rebates or stimulus payments to residents.
In an attempt to combat inflation many states are receiving supplemental tax rebates and stimulus payments.
Residents in 18 of 50 states are receiving payments and rebates for inflation, frontline work, property tax, and more in the coming months.
Millions of Americans to get $750 checks
The Internal Revenue Service (IRS) has announced it will automatically waive late-filing penalties for 1.6million taxpayers.
Additionally, the agency will issue over $1.2billion in refunds or credits to taxpayers who paid the fees.
This means that the average refund will amount to $750 per taxpayer.
The announcement came on the heels of struggling taxpayers still impacted by the pandemic.