Most Americans had requested for a fourth stimulus check, but even after the increasing coronavirus cases as a result of the Omicron variant, another package across the nation is not likely to be sent out, at least not on a federal level.
Rather, several other financial assistance schemes are being made out by respective states to help residents in need. In this piece, we explain what assistance has been available since 2021 and what to watch out for now in 2022.
Coronavirus and the ensuing measures enforced go on to financial difficulties over the nation and the remainder of the world as well and that led governments to provide financial support that helps individuals and families in their tough times.
There are a few new stimulus checks, and another payment of up to $1,800 under Child Tax Credit to arrive in April, while we point below the other advantages, and also the alterations to COLA and Medicare.
IRS Tax Refunds 2022
The Internal Revenue Service continues to offer several COVID-19 relief initiatives for people who have been hit due to the ongoing pandemic, which will arrive as welcome relief for a lot of families.
Fortunately, the unemployment refunds announced by the US government are supposed to be sent to the public in the coming days.
IRS Tax Refunds Highlights
Due to the coronavirus pandemic and very few resources, the IRS was compelled to postpone 2020 tax returns, particularly those that are required to be examined.
Individual postponements on income tax refund could be because of factors like errors in filling out requisite documents, incomplete information, or the requirement for further examination from the relevant departments.
4th Stimulus Checks 2022
Even if a fourth stimulus check from federal funds is not expected to be sent, state governments across the country are coming forward with several mediums to assist their residents. The assistance being provided depends upon the state to state.
4th Stimulus Check highlights
Types of assistance offered to families in the US can be different based on the decision of each state. As noted earlier, fourth stimulus checks may not be moving further on a federal level, but various state governments could be stepping forward to provide relief in some other shape or form.
Child Tax Credit 2022 – Child Stimulus
Most of the qualified families have been able to get half of their 2021 child tax credit money in advance as a result of amendments that came into effect last year to the US Child Tax Credit system.
This benefit is sent to people ahead of the other half of the amount that will come in April of this year during tax season, with each of these monthly payments having been sent out on the 15th of every month. Hence, the last round of payments was awaited on December 15.
Regardless, a look at some of the finer aspects of the Child Tax Credit could aid you to get going on where you stand on the matter.
Child Tax Credit Highlights
After some confusion on Child Tax Credit payment, the White House and Treasury Department have teamed up with Code for America to introduce a new online website that can be used by Americans to apply for the advanced child tax credit system.
People who are applying would have had to have done so by October 15, which is when the fourth check should begin to be sent out.
Unemployment Benefits – January 2022
On September 6, 2021, federal unemployment benefits ended and other states decided to end the benefits even before the mentioned stipulated time, but others have figured out a solution by providing an extension of unemployment benefits.
Unemployment Benefits Highlights
Amidst the crisis, certain sections of US politics urged Congress to come forward for rescuing the citizens who have had to go through with cuts in the unemployment benefits, which has impacted over 9.3 million people. Proper and precise information is important for Americans to have an understanding of what they are up for, and that’s why we have given several updates on the situation over the most important areas of the relief packages.
Cost-of-Living Adjustment (COLA)
Cost-of-living adjustment (COLA) payments are part of the Social Security and Supplemental Security Income (SSI) benefits paid to nearly 70 million US citizens. The amount that eligible citizens received stands to boost by 5.9 percent in 2022, whilst raised payments to nearly 8 million SSI recipients started on December 30.
Cost-of-Living Adjustment highlights
With Cost-of-living adjustment (COLA) payments marking a significant increase amidst this economic crisis emerging from COVID-19, citizens would be recommended to keep a check on the relevant government portals to confirm that they are receiving the amount they are worthy of based on their latest updated personal information.
Medicare is the US health department’s federal health insurance program that offers Americans who are 65 years of age or above, younger people having disabilities, and people with end-stage renal disease. To apply, you can get in touch with a doctor or healthcare provider that is enrolled in Medicare.
For people covered by the program, there is extra assistance that you could claim, you can check relevant links to know more about that.
Other US Benefits
Another federal benefits program to keep a watch on is the Supplemental Security Income (SSI) program. With this, adults and children with a disability or resources below certain limits can get monthly payments to meet basic needs for food, clothing, and shelter.
US Benefits highlights
Another benefit program currently providing help to citizens in the US to get some additional money is the Supplemental Nutrition Assistance Program (SNAP). This is a federal nutrition program, also sometimes called food stamps, and assists families to make payments for healthy food, which tends to cost more.
- 1 IRS Tax Refunds 2022
- 2 IRS Tax Refunds Highlights
- 3 4th Stimulus Checks 2022
- 4 4th Stimulus Check highlights
- 5 Child Tax Credit 2022 – Child Stimulus
- 6 Child Tax Credit Highlights
- 7 Unemployment Benefits – January 2022
- 8 Unemployment Benefits Highlights
- 9 Cost-of-Living Adjustment (COLA)
- 10 Cost-of-Living Adjustment highlights
- 11 Medicare
- 12 Medicare highlights
- 13 Other US Benefits
- 14 US Benefits highlights