Inflation relief checks by state news summary | 26 October 2022
US Inflation Relief: Live Updates
Headlines: 26 October 2022
Debt forgiveness pause leaves students in the lurch
- Those who have yet to claim the $3600/$3000 child tax credit still have time.
Three tips to boost your retirement savings
Several states begin sending inflation relief payments to residentsstruggling to keep up with prices
- California sends out the next round of Middle Class Tax Refund payments
- Does my state offer inflation relief checks?
- Court temporarily blocks Biden's student loan forgiveness plan
- IRS publishes new tax brackets and standard deductionfor seniors for 2023
- A record number of taxpayers requested an extension this year
- California to offer gasoline relief as residents pay $2.00 more per gallon compared to other states
Related news:
The New Jersey State Government has announced a new property tax relief program for homeowners and renters who own or rent their primary residence on October 1, 2019. Here’s everything you need to know about New Jersey’s Affordable Communities for Homeowners and Renters (ANCHOR) program.
More grants sent out to tackle homeles encampments in California
Eight more California communities will receive funds to support efforts help people who are experiencing unsheltered homelessness in encampments get on a path to safe and stable housing.
The 1,361 people that will be helped in the new communities will join the over 1,400 already being supported in 19 other communities that received grants in February.
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Without an extension of the changes to the Child Tax Credit for 2021, this federal provision will revert to a lower amount with changes to eligibility. / STRINGER / REUTERS
Child Tax Credit: who can receive up to $3,600 and how to claim
Thanks to the American Rescue Plan, the amount of the Child Tax Credit increased for tax year 2021. For those who have yet to claim the benefit on their taxes, you may be eligible to receive $3,600 for each dependent under six and $3,000 for each child ages six to seventeen, $3,000.
The Internal Revenue Service (IRS) distributed half of the credit in monthly checks from July to December 2021: $300 for families with children under 6 years old and $250 for families with children from 6 to 17 years. However, if you did not receive these monthly payments and have not filed your taxes, you must do so to receive the total value per child.
Read more in our full coverage on who is eligible for this payment.
Who is eligible to request unclaimed stimulus check payments and when is the deadline?
The US government approved the sending of three stimulus checks to deal with the Covid-19 pandemic. Although the Internal Revenue Service (IRS) announced that it had finished sending the third payment, also known as Economic Impact Payment (EIP), some people can still claim the $1,400.
Read more on eligibility in our full coverage.
Prices for imports are up six percent in the US
The BLS has reported that over the last year, prices for US imports have increased by six percent. The US is in better shape compared to export markets who, which saw the price of exports increased 9.5 percent.
The increases in the prices of imports are being driven by fuel costs which increased sharply in the spring.
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Best to start saving for retirement early. When considering how much to start saving there are many factors one should consider, including what they would like to see as their monthly payment.
Making regular contributions to a retirement plan is a good way to ensure that you will be financially stable in your retirement, but the economic chaos of the past two and a half years have left some concerned that they might not be as secure as they thought.
The IRS announced last week that it is upping the contibution limits for plans with 401(k) and ROth IRAs, to ensure that they keep up with the pace of inflation.
But there are a number of other tips that you should bear in mind to ensure that you are getting the most out of your savings for when you retire...
Housing prices across the United States soared during the covid-19 pandemic but red-hot inflation numbers across the economy have prompted the Federal Reserve to move aggressively. As a consequence of four consecutive rate increases, borrowing has become more expensive and mortgages have risen to their highest since 2019.
But another factor to consider when purchasing a house is the mortage of commission charged by an estate agent. We take a look at the states with the highest and lowest typical real estate commissions...
Fed Reserve claims to have made progress on inflation
The US central bank has been extremely active in its efforts to bring down inflation and reduce the economic pressures on individuals and businesses. To do so it has enacted a number of interest rate hikes, four so far in 2022, to make borrowing more expensive and cool the rampant economy.
After months of sky-high inflation there is hope that there is now light at the end of the tunnel and the Federal Reserve is expected to ease some of the measures accordingly.
Mortgage rates have risen substantially over the past few months as the Federal Reserve's inflation-busting moves have made borrowing more expensive. The central bank is trying to bring inflation under control by upping interest rates, but this have seen mortgage repayments rise for millions of borrowers.
We take a look at the latest mortgage rate figures for Wednesday, 26 October 2022...
Through the California Franchise Tax Board (CFTB), the state will be issuing the direct inflation relief payments through October to mid-January. The Middle Class Tax Refund will provide up to $1,050 to millions of California families to help with inflation and high gas prices.
Around 95 percent of payments to the roughly 23 million eligible Californians are expected to issued by the end of the year, and around 90 percent of the direct deposit payments should arrive in October 2022.
The COLA increase for 2023, announced earlier this month, was the largest in four decades and Social Security beneficiaries will receive a sizeable increase on their monthly payments. The 8.7% boost will help households struggling to make ends meet; we take a look at the average benefit increase that recipients can expect from 2023.
CNN reports investigates the cost of inflation this winter
Rampant price rises have been a fact of life for much of 2022 but as we head into the colder winter months there is renewed concern for the elderly. With energy and gasoline prices becoming prohibitively expensive for some, older groups may soon struggle to cover the cost of everyday essentials, forcing them to make some difficult decisions this winter.
When will I get my California inflation relief check?
The state of California is offerings one-off direct payments to residents worth up to $1,050 per person. The program is designed to help Californians dealing with the high rate of price rises and the cost of gasoline. The huge state-wide program will see payments distributed in a number of waves throughout the remainder of 2022 and even into 2023.
If you've not had your payment yet, you may be about to receive one after the CTFB actioned the next round of checks yesterday.
What are the 401k retirement contribution limits for 2023?
One of the most popular retirement plans in the United States is the 401(k) plan. Each year there are limits to the amount of contribution an individual can make, and it has risen considerably as a result of the sustained high inflation.
Named after a section of the US Internal Revenue Code, a 401(k) is a retirement savings and investing plan offered by many American employers. Each year the contributions are capped at certain levels and next year's thresholds will be considerably higher.
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To claim various forms of federal financial aid the recipient must first submit documents confirming their earnings history for the previous year. In most instances that means providing your most recent tax return filing, but not everyone is required to file taxes.
Initiatives like the Free Application for Federal Student Aid (FAFSA) require the recipients to provide their parents’ federal income tax, so officials can judge the claimant’s household income. If they and their parents do not file taxes, they can prove this by obtaining a Verification of Non-filing Letter from the IRS.
The economic instability of the past two and a half years has altered the workplace irreversibly, and forced some to rethink career paths in the face of new financial neccessities.
Hourly rates for cashiers can vary widely depending on several factors, including education, certifications, additional skills, and the number of years spent in the respective profession. Gender and location can also play a role in the amount paid.
We take a look at the average pay for cashiers in the US...
Biden celebrates student loan forgiveness program
"My commitment when I ran for President of the United States: that if I was elected, I’d make the government work and deliver for the people. A simple application process keeps that commitment, just as I’m keeping my commitment to relieve student debt as borrowers recover from the economic crisis caused by the once-in-a-lifetime pandemic."
Which countries have the highest rates of inflation?
President Biden and the Democrats are expected to suffer at the polls in the November midterms as a result of the high inflation which is hurting consumers in the US. However the administration has been quick to point out that price rises have become a fact of life in many developed nations across the world, and that the US actually compares favourably to many European nations like the UK, Germany and Italy.
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Inflation hits retirement savings
A new survey by Bankrate found that 55% of respondents feel their retirement savings are behind where they need to be, an increase on the figure of 52% recorded last year. Among those putting aside the same or less than they did in 2021, more than half said that the high rate of inflation is making them poorer in real terms and preventing them from making greater retirement contributions.
Boomers — the generation closest to retirement — were most likely to say they’re behind, at 71%, compared to just 30% of Gen Z.
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Good morning and welcome to AS USA!
We'll be bringing you all the latest news and information on the inflation relief checks currently being distributed in states across the country. To deal with the economic consequences of the pandemic both state and federal officials have passed financial relief programs to assist with rampant high inflation.