U.S. Finance Updates: Inflation Stimulus Checks, COLA, Student Loan Pause…
Jhe economic difficulties of many people in the United States led the federal government and some states to put in place programs to ease the financial burden in the context of increase in gas prices and one rise in inflation.
In our live blog this Thursday, April 7, we’ll be highlighting the latest benefit programs which were introduced to provide support to Americans
New Mexico Tax Refund
Residents of the U.S. state of New Mexico should benefit from a tax refundwhile on Tuesday lawmakers agreed to issue payments totaling $700 million.
Individual adults will be able to obtain a check for the value $500while households will see a check for the value of $1,000.
Learn more here about the New Mexico Tax Refund.
IRS Uniform Life Table
The IRS just released the life expectancy charts for 2022, with the uniform life table allowing Individual Retirement Account (IRA) owners to view their 2022 lifetime RMDs.
This information will show the age of the IRA owner, as well as the life expectancy in years.
Learn more here about the IRS Uniform Life Table.
When will my fourth COLA check arrive?
The last Social security checks as a member of cost of living adjustment (COLA) will be sent next week, with payments being made on the second, third and fourth Wednesdays of the month.
The date you receive your check depends on your date of birth and there are possible additional benefits available under the SSI program.
Learn more here on when my COLA check will arrive.
Suspension of student loan
Federal student loan repayments could be delayed until August by US President Joe Biden, with the current restart date set for May 1.
What has worried some in government is that around seven million loans have not been repaid, so they are at least 270 days overdue.
Learn more here about the student loan suspension.
Student Loan Forgiveness
There might be a chance for some graduates in the United States to see their student loan debt erased, as long as certain criteria are met.
For this to happen, 120 payments must have been made over a 10-year period.
Learn more here on student loan forgiveness.
Inflation stimulus checks
Some States have sought to send stimulus checkstyle payments to their citizens given the current rise in inflation in the USA.
So far, five states have provided tax breaks to citizens and three governors have so far signed the Gas Rebate Act of 2022.
Learn more here on inflation stimulus checks.
Georgia Tax Refund Refund
Governor Brian Kemp in Georgia signed the House Bill 1302 which will see citizens benefit from the state budget surplus.
Anyone who has filed taxes for the 2020 and 2021 tax years is eligible, with payouts of $250, $375, and $500 offered depending on your personal circumstances.
Learn more here about the Georgia Tax Refund Refund.