4th stimulus check update 2022 — Just DAYS left to apply for direct payments worth $750 – see if you’re eligible

What to do if you’ve been scammed

There are some ways to save your information and deter future scammers.

You should immediately call the IRS or any final institution reaching out to you regarding changes to your account.

You can place a free one-year fraud alert at Experian, Equifax, and TransUnion.

No matter which company you contact, they will alert the other two.

The alert will make it harder for someone to open an account in your name because the business will take extra steps to verify your identity before making an approval.

Signs you may have been scammed

Often, people don’t realize they’re dealing with a scammer until it’s too late.

Signs you may have been scammed on your taxes are as follows, according to the IRS.

• A note that your dependent has already been claimed while filing taxes
• A note your social security number has already been used while filing taxes
• You get a tax transcript in the mail that you did not request.
• You get an IRS notice that an online account has been created in your name.
• You get an IRS notice that you owe additional tax or refund offset, or that you have had collection actions taken against you for a year you did not file a tax return.

Protect your stimulus money from scammers

With the country trying to get back on its feet financially, scammers are taking advantage of the situation as the IRS issues a warning.

The IRS advised people to be on the lookout for scams involving fake job offers, tax refunds, and stimulus checks.

Using unemployment information and fake job offers, not only are criminals getting away with the cash but with sensitive personal information as well.

“Caution and awareness are our best lines of defense against these criminals,” said IRS Commissioner Chuck Rettig in a statement.

Rettig urged Americans to be skeptical of calls, texts, and emails offering unexpected money or benefits.

Conservative think-tank blames stimulus for inflation

Douglas Holtz-Eakin, the President of the American Action Forum, a center-right policy institute, told Yahoo Finance the stimulus checks contributed to the high inflation the United States is experiencing.

He cited the fact Europe‘s inflation rate is generally lower, and they had little stimulus.

“I don’t think it’s too complicated to say that massive checks really kicked off this big inflation problem, and now the states are getting into the game,” he said.

“Now California’s sending checks one time is nothing like the federal government’s effort, but it really won’t do anything to solve the problem, which is inflation.”

Eligibility for Oregon payments

In order to get the credit, singles or heads of the household with no children adjusted gross income (AGI) must not have exceeded $15,820 in 2020.

This figure was $21,710 for married couples, according to the Internal Revenue Service (IRS).

If you have children, here are the income limits:

• Singles with one child: $41,756
• Married couples with one child: $47,646
• Singles with two children: $47,440
• Married couples with two children: $53,330
• Singles with three children: $50,594
• Married with three children: $56,844

$600 checks in Oregon, continued

To be eligible, you need to qualify for and claim the Earned Income Tax Credit on your 2020 tax return. 

The deadline to file was December 31, 2021, or April 15 for an amended return. Those who missed the deadline will not receive the one-time payment.

However, they can still amend their federal and Oregon return to claim the Earned Income Tax Credit for that year.

$600 checks going out in Oregon

The Oregon Department of Revenue (DOR) said that it is issuing more than 236,000 stimulus checks.

They are worth $600 each under the state’s One-Time Assistance $141.8million plan, which was approved by lawmakers in March. 

The stimulus payments are going out to low-income workers who worked during the pandemic.

Will the government forgive college loans?

President Biden publicly said during his campaign that he supported up to $10,000 in federal loan forgiveness.

However, the government has not yet forgiven debt for most borrowers, and the president has not recently shared any plan for it.

Some Democrats in Congress are pushing for up to $50,000 of loan forgiveness for borrowers.

Inflation causes grocery store prices to rise

Politico reports that one of the largest drivers of inflation in the past few months is the increase in food costs.

Costs of food essentials like meat and eggs have contributed to the rise of inflation by 11 percent in the past year.

President Biden claimed in a press conference that the war in the Ukraine and Putin’s price hike are the main factors for the historic rise in inflation.

Andrew Yang claims a recession is inevitable

Former presidential candidate and NYC mayoral candidate Andrew Yang told Yahoo News that a recession within the next year is inevitable.

Yang had said he believes a recession will happen sometime in the next six quarters, given the current rates of inflation.

Yang adds he hopes the downturn is mild.

What are tax rebates?

Simply, this is money given back to Americans who have overpaid in taxes. 

For example, there are several states this year that are returning money to taxpayers thanks to big-budget surpluses. 

This is mainly to help residents offset high inflation. 

What is the Gas Rebate Act of 2022?

Representatives Mike Thompson of California, John Larson of Connecticut, and Lauren Underwood of Illinois introduced the Gas Rebate Act of 2022, according to a press release from Thompson’s team.

The proposal would give eligible Americans $100 a month through the end of the year when gas exceeds $4 a gallon.

Individuals earning less than $75,000 and joint filiers earning less than $150,000 a year are eligible for the full $100, CNET reported.

The proposal was announced in March but remains stalled in the U.S House, due to representatives that oppose additional stimulus checks.

Financial stress causing Americans anxiety

States across the nation have been offering aid to their residents, many in the form of tax rebates.

However, as the federal stimulus checks seemingly come to an end, Americans are reportedly feeling stressed.

According to the American Psychological Association’s latest Stress In America Survey, Americans are feeling anxious about their finances.

“Eighty-seven percent of Americans said that inflation and the rising costs of everyday goods is what’s driving their stress,” said Vaile Wright, senior director of health care innovation at the American Psychological Association.

Fourteen states approve checks to help citizens combat inflation

Several states have issued plans to send one-time relief payments in response to record inflation, according to Forbes.

The payments are in the form of rebates ranging from $50 checks in Illinois to $850 in Maine.

California is also among the states issuing stimulus checks up to $1,050.

Kansas, Kentucky, North Carolina, and Pennsylvania have introduced legislation for gas rebates and stimulus programs but are still awaiting approval.

How many stimulus programs have been launched?

There have been three federal stimulus programs since 2020.

The first included checks worth $1,200, the second was worth $600, and the third was worth $1,400. 

States have also implemented stimulus programs to aid American workers.

Amid inflation, Americans turn to credit cards

USA Today reports that consumers are using credit cards more as inflation remains high.

The worst price hikes are reported in three categories: gas, utilities, groceries.

“I just started using my credit card for everything,” a woman named Linda Hampton told the outlet.

She explained she was struggling to pay her credit card bills last year thanks to thousands in expenses from her notary business.

Calls for seniors to get stimulus

Inflation has hit older Americans hard.

The Senior Citizens League (TSCL) recently noted that Social Security claimant’s buying power has been slashed by 40 percent.

In October, Rick Delaney, chairman of the TSCL called on Congress to provide aid to retirees. 

“We believe that a special stimulus for Social Security recipients could help defray the higher costs some would face if next year’s [cost-of-living adjustment] bumps them into a higher tax bracket, causing higher tax rates on their income and surcharges to their Medicare Part B premiums,” Delaney wrote in a letter to the national legislative body.

Recovery Rebate Credit eligibility

The eligibility requirements for the 2021 Recovery Rebate Credit are the same as the third Economic Impact Payments requirements, except that credit eligibility and amount are based on your 2021 tax year information.

Third Economic Impact Payments were based on your 2019 or 2020 tax year information.

Recovery Rebate Credit, continued

If you didn’t get the first or second stimulus payments, you may be eligible to claim the 2020 Recovery Rebate Credit by filing a 2020 tax return.

The third Economic Impact Payment will not be used to calculate the 2020 Recovery Rebate Credit, according to the IRS.

More information about how to claim the Recovery Rebate Credit is available on the IRS website.

What is the Recovery Rebate Credit?

Some taxpayers were eligible to claim a Recovery Rebate Credit on 2021 federal tax returns if they didn’t get a third stimulus payment, or got less than the full amount.

The IRS sent Letter 6475 in early 2022 to addresses on file confirming the total amount of third payments and any plus-up payments received for the tax year 2021.

The information was needed to accurately calculate your 2021 Recovery Rebate Credit when you filed your 2021 federal tax return in 2022.

41 cities and states offer universal basic income payments

UBI is a set of recurring payments that individuals get from the government.

They can be paid monthly, several times a year, or just once annually. 

Funding for guaranteed income can come from government or private sources.

While it’s unlikely another stimulus package will get passed on the federal level, some states and cities are sending UBI payments or guaranteed income to their citizens. 

The Sun rounded up 41 different examples of UBI, including in states like Alaska, Arizona, and Georgia.

Has the US issued stimulus checks before?

Although the three rounds of stimulus payments issued during the Covid-19 pandemic were unprecedented, stimulus checks have been used by previous administrations in the US.

The Financial Crisis of 2008 also prompted a round of stimulus checks to combat the recession.

Even though stimulus packages have been utilized before the three rounds of checks during Covid-19 were a magnitude never seen before, according to CNBC News.

Amount of stimulus checks issued

The Internal Revenue Service (IRS) said it issued more than 175million checks worth $400billion, as of December 2021. 

In 2020, the IRS issued 162million stimulus checks.

And more than 147million second-round stimulus checks have been issued, according to the IRS.

Newark, NJ providing payments, continued

Newark Mayor Ras J Baraka said: “At a time when our city still faces the challenges of COVID-19 and its economic impact, the biggest and most important institution that we should be investing in is families.”

“This will give our residents a much-needed boost and allow them to participate in the economy, regain their economic independence and strength, and move toward prosperity.”

“This type of intervention can support our economy and our future.”

Newark, NJ providing additional payments

An expansion of Newark’s guaranteed income pilot program means 400 residents will receive payments totaling $12,000 over two years.

Half of the program’s participants will receive $250 on a biweekly basis.

The other recipients will pocket two payments of $3,000 each year.