Taxpayers in 2024 can still access refunds and other aid similar to stimulus checks, even though they have different names, despite the end of federal stimulus payments. According to Zack Hellman, founder of Tax Prep Tech, additional stimulus checks are not part of the current legislative agendas as the focus is now on economic recovery.
In five states, direct payments are being distributed in 2024, but there are specific criteria that must be met to receive the money. The payments in these states come from state budget surpluses or specific programs created to support vulnerable populations.
In Arizona, approximately 743,000 residents can benefit from a new rebate approved by Governor Katie Hobbs. This rebate will provide eligible taxpayers with $250 for each dependent over the age of 17, with a maximum allowable amount of $750.
California residents have the opportunity to access a one-time tax credit of up to $3,600. Additionally, a “young child tax credit” of up to $1,083 is offered to those who qualify and are approved for the California Earned Income Tax Credit, as long as they have a child under the age of 6. Filing tax returns by April 18, 2025 automatically guarantees the tax credit boost.
In Colorado, eligible single filers will receive $847, while couples filing jointly can get $1,694, thanks to the TABOR rebate. Unlike previous years, in 2024 all taxpayers will receive the same amount due to a change in TABOR rules. This means that higher earners will likely receive less than usual, while lower-income residents will get a few hundred extra dollars. In total, due to a $3.6 billion surplus during 2023, Colorado will return the remaining money to taxpayers.
Maryland residents could receive additional money through the annual child tax credit. This credit, of up to $500 per child, is intended for families with children under 6 years old or with disabilities. About 40,000 taxpayers are eligible, as long as they have a federal adjusted gross income of $15,000 or less.
New Mexico taxpayers could receive a refund check of up to $1,000 this year. The payment will be sent to everyone who filed their 2021 tax return by May 31, 2024, and was not claimed as a dependent on another tax return. Single filers will receive $500, while couples filing jointly can expect up to $1,000.
Despite the end of federal stimulus payments, taxpayers in 2024 still have the opportunity to access refunds and other aid in the form of state rebates and tax credits.