Is Your State Giving Out Inflation Stimulus Checks in 2022?

Inflation has been running wild across the country throughout 2022. With costs soaring, it’s easy to feel the pressure on your household budget because the reality is that your paycheck cannot buy as much as it used to. That’s why some states are sending out inflation stimulus checks. We’ll explore what states are sending out checks, but if you need help deciding on the best use of funds then you may want to consider working with a financial advisor.

What Is an Inflation Stimulus Check?

This summer, inflation hit a 40-year high. In fact, the latest consumer price index (CPI) report indicated that inflation on consumer goods is up 8.5% for the year as of July 2022. As costs rise, increasing inflation means that your dollar doesn’t stretch quite as far. And the reality is that inflation is driving prices higher, but it’s likely your paycheck hasn’t increased at the same rate.

In an effort to combat the pressure on household budgets, some states are sending out direct checks to residents. The hope is that struggling households can use the funds to purchase goods and services as they adjust to the higher prices and it will prevent further financial struggles. These checks are being paid for, in large part, by a budget surplus in each state.

States With Approved Inflation Stimulus Checks

Not all states are sending out inflation stimulus checks. But here’s a look at the states that are:

• California: Households in California could get as much as $1,050 in stimulus funds. Married couples with children and a household income of less than $150,000 will receive $1,050. But a single taxpayer earning less than $75,000 per year without dependants would get $350. If you qualify, expect to receive the funds between October 2022 and January 2023.
• Colorado: Colorado is sending out tax rebates to residents that filed state income tax returns in 2021. Individual filers will get $750, while couples will get $1,500. You can expect to receive your check by Sept. 30 if you filed your taxes on time. If you filed late, you might not receive the check until January 2023.
• Delaware: Delaware is sending tax relief rebate payments to taxpayers who filed state taxes in 2020. Each taxpayer should receive $300 as a stimulus check. These payments began in May 2022.
• Florida: Qualifying families in the Sunshine State will receive payments of $450 per child through the Hope Florida program. Eligible households include relative caregivers or children, non-relative caregivers of children, foster parents, Guardian Assistance Program participants and those receiving Temporary Assistance for Needy Families (TANF). If you qualify, the funds should have arrived by July 25.
• Georgia: If you filed taxes in Georgia for both 2020 and 2021, you are eligible for inflation relief checks. Single taxpayers got $250, while married couples saw $500 checks. You should see the check by the end of August if you haven’t already received it.
• Hawaii: Hawaiian taxpayers earning less than $100,000 can receive $300 each. If you earned more than $100,000, you’ll receive $100 per person. Importantly, dependents are also eligible. With that, a family of four could receive up to $1,200. You should receive the funds in September or October 2022.

Read More here.