Cash-strapped Americans could get at least one more round of stimulus checks coming this year.
California revealed its projected budget surplus of 45.7 billion in January, which could mean that additional liquidity will arrive soon.
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As a result, state senator Brian Jones said each resident could get $1,125 in tax refunds, or $4,500 for a family of four.
He explained this in a video earlier this month by spreading a large pile of rice with his hands.
“If each grain of rice is worth $100,000, that means California’s $45 billion surplus is overtaxed,” the state’s Republican lawmaker said.
the Census Bureau estimated in July 2021 that California’s population exceeded 39 million.
But keep in mind that it’s not yet clear who would be eligible for the next potential round of stimulus checks and how big they would be.
In 2021, California launched two-state stimulus programs: Golden State Stimulus I and Golden State Stimulus II.
These stimulus checks are worth up to $1,200 and $1,100 respectively.
Eligibility of these required Californians earn less than $75,000 per year and generally filed 2020 taxes by October 15, 2021.
Currently, the state is sending about 139,000 additional stimulus checks under the 2021 programs.
Those who applied for an individual tax identification number (ITIN) before Oct. 15 must file their state returns by the Feb. 15 deadline to get their checks.
For the third round of potential payments, tax refunds were not included in the governor Gavin Newsom original proposal – but that could change in the spring.
“We expect that in the revised wording in May, when I update the budget, we will probably have an additional refund for taxpayers,” Mr Newsom said last month.
Meanwhile, at the federal level, we explain three reasons why you could get a fourth round of stimulus checks.
Check out seven stimulus checks worth up to $10,915 that you may be able to claim this month.
Regarding your tax return, you may be able to claim $5,000 in payments from the IRS.
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