Last Checks of 2024? Find Out you’re Eligible or Not for This Year-End Payment?

As the year comes to a close, many Americans are curious about potential year-end financial support. Qualifying individuals and families may be eligible for federal or state relief payments, providing much-needed financial assistance. These payments can significantly impact household budgets, particularly during the holiday season and as preparation for the New Year begins.

Federal Stimulus Payments

Although most federal stimulus payments were distributed during the height of the pandemic, some individuals may still qualify for additional payments. If you missed out on receiving the full amount during previous rounds, you might be eligible for a Recovery Rebate Credit on your tax return.

Eligibility criteria for federal stimulus payments include:

• Changes in income that were not reflected during prior distributions.
• Dependents who were not claimed previously.
• Filing errors or changes in tax status that caused missed payments.

To claim any remaining stimulus funds, use the IRS’s Get My Payment tool and apply for a Recovery Rebate Credit when filing your taxes. These payments can provide a helpful boost as you plan your finances for the upcoming year.

State Relief Programs

Several states have introduced their relief programs to address inflation, energy costs, and other financial challenges. Here are notable examples:

• California’s Middle-Class Tax Refund:
  • Payments range from $200 to $1,050, depending on income and filing status.
  • Eligibility: Residents who filed taxes in 2021 and meet income requirements.
  • Source: California Franchise Tax Board.
• Colorado’s TABOR Refund:
  • Individual filers receive $750, while joint filers get $1,500.
  • Eligibility: Residents who submitted a 2021 state tax return.
  • Source: Colorado Department of Revenue.

These state programs offer significant support, helping residents manage the rising costs of living.

Other Year-End Financial Support Options

1. Child Tax Credit Payments: Families who did not receive the full Child Tax Credit amount for 2023 may still be eligible for year-end payments.
   • Eligibility: Families with children under 18 and earning up to $75,000 (single filers) or $150,000 (married couples filing jointly).
   • Use the IRS Child Tax Credit Update Portal to verify eligibility and claim remaining credits.
2. Energy Assistance Rebates: Winter energy costs can strain budgets, but programs like the Low-Income Home Energy Assistance Program (LIHEAP) can help reduce expenses.
   • Eligibility: Low-income households, particularly those with young children, elderly residents, or individuals with disabilities.

Tips for Maximizing Year-End Payments

• File tax returns promptly to claim refunds or credits.
• Check your state’s official website for updates on new relief programs.
• Use trusted resources like the IRS portals to ensure accuracy in your claims.
• Contact local agencies for assistance with programs such as LIHEAP.

Lastly, beware of scams. Only use official websites to verify eligibility and avoid sharing personal information with unsolicited calls or emails. By staying informed and proactive, you can make the most of year-end financial opportunities.