While the term ‘Stimulus Checks’ might not be in use currently, the Internal Revenue Service (IRS) is set to provide financial relief through Tax Rebates for the month of December. This initiative comes as a continuation of the support provided during the Global Pandemic when the IRS issued three rounds of stimulus checks.
These checks, which significantly aided millions of Americans, varied in amount based on each individual’s prior tax returns. Presently, there’s ongoing discussion and speculation regarding the issuance of a fourth stimulus check. Despite these debates, official sources confirm that there are no concrete plans to implement such a measure at this time.
However, there is a notable development for residents of Alabama. The state is slated to receive specific financial assistance in the form of Tax Rebates. To be eligible for these rebates, one critical criterion must be met: taxpayers need to have filed an individual Income Tax Return for the year 2021, which should have been received by the Alabama Department of Revenue (ALDOR) by October 17, 2022.
It’s important to note that certain groups are excluded from this rebate program. This includes individuals who were not Alabama residents during the 2021 tax year or those who were listed as dependents on someone else’s tax return. Additionally, estates and trust funds are not eligible for these rebates, told Marca.
The distribution of these tax rebates is scheduled to commence on December 1, 2023. What makes this process convenient for eligible taxpayers is the lack of requirement for any additional action on their part, provided they have already filed their 2021 tax return. The IRS has streamlined the process, ensuring that these rebates will be automatically issued to every qualifying taxpayer.
The amount of each Tax Rebate is determined based on the filing status of the taxpayer for the 2021 tax year. Single taxpayers, heads of households, and those who are married but filing separately can expect to receive a rebate of $150. On the other hand, married couples who filed jointly are set to receive a higher rebate amount of $300.
As for the mode of payment, the IRS has arranged for these rebates to be delivered either via direct deposit to the taxpayer’s bank account or through a traditional paper check. Taxpayers who meet the eligibility criteria should therefore be vigilant from December 1, 2023, onwards, as these rebates will start being distributed from this date.
In summary, while the prospect of a fourth nationwide stimulus check remains uncertain, the state of Alabama is poised to provide its qualifying residents with a financial boost through these Tax Rebates. This move by the IRS is a significant step in continuing to support Americans in the aftermath of the pandemic’s economic impacts.