Home Latest News Bonus $125 ‘stimulus check’ being sent to millions in this state –...

Bonus $125 ‘stimulus check’ being sent to millions in this state – do you qualify for a payment before this… – The US Sun

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INDIANA residents will receive a bonus $125 stimulus check when filing taxes this year.
Americans will get their check either via mail or direct deposit – depending on how they file their 2021 tax returns.
The last time Indiana residents received an automatic tax refund was in 2013.
State law requires officials to hand taxpayers a refund if reserves, excluding education, total more than 12.5 percent of the general funding pot.
The state has around $4billion in reserves – equating to 23 percent of its general fund.
Officials revealed in July that the refund would total $545.3million.
However, the state wasn't yet sure how much taxpayers would receive, according to the Indianapolis Star.
It has since been revealed that Indiana residents will receive $125 when they file their taxes.
Indiana Governor Eric Holcomb said: “Despite a pandemic, Indiana exceed all expectations and closed the state fiscal year with an unprecedented amount in reserves."
“We have an obligation to put this money back into the hands of taxpayers instead of living it in the hands of (the) government.”
And, the state will work with around 910,000 low-income Americans that pay taxes but don't file returns.
Payments can be claimed before April 2022.
It is possible that future tax refunds could be automatically issued as state revenues exceeded targets by $644million between July and November.
Meanwhile, COLA social security recipients are expecting a 5.9 percent increase in January, which is considered to be the biggest boost to social security payments in 39 years.
The average cost of living allowance – or Cola, as it is commonly called – will increase by $92 per month from the start of 2022.
The huge spike is due to a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic.
However, monthly child tax credits have expired this month, and the future of the program is uncertain.
The last child tax credit payment for 2021 was issued on December 15, and families will not receive a payment on January 15, 2022.
Since the Senate had adjourned for the end of 2021 and has not passed the bill, the IRS will not have enough time to process payments for January 15.
However, the Biden administration is crafting a bill that would return the payment in February, with a back payment issued for the missed January installment.
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