IRS Stimulus Checks May 2024: What to Expect from California, Colorado, Illinois, and Virginia

IRS Stimulus Checks May 2024: Amidst the COVID-19 pandemic, numerous states, in partnership with the federal government, offered different types of stimulus to their residents in the form of economic impact payments. Stimulus distributions came to an end approximately three years after the implementation of the CARES Act. Nevertheless, certain states still provide aid in light of the persistent economic instability and additional financial burdens.

This list offers a summary of the potential recipients of a Stimulus Check in May 2024. These checks may be different from the ones issued by the IRS due to the existence of separate finance and tax rebate systems in various states.

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IRS US Stimulus Checks May 2024

As inflation continues to squeeze household budgets across the United States, several state governments have decided to provide some financial relief to their residents in the form of tax rebates or stimulus payments. With many Americans still struggling with high costs for essentials like food, gas, and housing, these one-time payments could provide a much-needed boost as we approach the summer of 2024.

IRS Stimulus Checks May 2024

While the federal government has not approved a new round of stimulus checks, a number of states are using their budget surpluses to issue payments directly to taxpayers. Let’s take a look at which states are confirmed to be sending out stimulus money in May 2024 and what residents can expect.

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California Leading the Way

California was one of the first states to approve a stimulus plan, with the first round of payments going out in late 2022 under the Middle-Class Tax Refund program. Now the state is doubling down with an additional round of payments scheduled for May 2024.

Eligible residents must have filed their 2022 tax returns by October 15, 2023 and meet the adjusted gross income limits, which are:

• Single filers earning less than $250,000
• Joint filers earning less than $500,000

The payment amounts will be determined by income level, filing status, and number of dependents, ranging from $200 to $1,050. Payments will be issued by direct deposit or debit card.

According to estimates from the Franchise Tax Board, over 30 million California households should receive this stimulus payment in May. The total cost is projected to be around $18 billion from the state’s projected $35 billion budget surplus.

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Colorado Springing Into Action

Colorado residents are also set to receive state stimulus checks next month after Governor Jared Polis signed legislation approving the Colorado Cash Back rebate in March 2023. This plan takes advantage of the state’s $3 billion surplus built up from high income and sales tax revenues.

Single filers earning less than $150,000 will receive $750, while joint filers earning under $300,000 qualify for the full $1,500 payment. Those earning above the limits but below $391,000 for single/$782,000 for joint filers will receive smaller amounts on a sliding scale.

The payments are slated to be distributed automatically by the Colorado Cash Back website and mobile app beginning May 1st, 2024. Governor Polis said the rebates will provide “real relief for Colorado families.”

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Illinois Stepping Up

Not to be outdone, Illinois has also earmarked funds from its surplus to send direct payments to taxpayers. Under the Illinois Family Relief Plan passed in January 2024, single filers earning less than $200,000 (or $400,000 for joint filers) will receive a one-time payment of $300.

Those who filed taxes for 2022 by the October extension deadline do not need to take any action; the payments will go out automatically starting in May based on their return. Married couples filing jointly will receive $600, with households including up to three dependents receiving an extra $100 per dependent.

The total cost is estimated at $4.1 billion from the state’s $7.7 billion surplus. Governor J.B. Pritzker called it the “largest statewide tax relief package in Illinois history.”

Virginia Joining the Rebate Parade

Virginia’s one-time tax rebate payments will begin hitting bank accounts and mailboxes in May 2024 as well. This $1 billion program will provide individual filers a rebate of $300, while married couples filing jointly will receive $600.

To qualify, Virginia residents must have had a tax liability for the 2022 tax year, meaning they had remaining taxes owed after credits and deductions were applied. Those who filed for an extension have until November 1, 2023 to submit their return and be eligible.

Rebate amounts are capped at an individual’s total liability, so a single filer who owed $250 in taxes would receive that lower amount as their rebate payment. The payments are expected to be issued by May 31, 2024.

Honorable Mentions

While not officially slated for release in May, several other states have approved stimulus programs that will distribute payments in 2024:

Hawaii residents will receive a tax rebate of $100 for individual filers and $200 for those filing jointly.

Idaho will send $300 for single filers and $600 for joint tax returns making under $75,000 (or $150,000 combined).

New Jersey has earmarked $2 billion for middle-class rebate checks, with amounts yet to be determined.

With many states sitting on record budget surpluses after a period of economic recovery from the pandemic, 2024 is shaping up to be the year of state-level stimulus payments. For millions of Americans feeling the squeeze from stubborn inflation, these one-time rebate checks could provide a timely boost to their family finances.

Of course, eligibility rules and payment amounts vary across the different state programs. Not every taxpayer will qualify automatically, so be sure to check on your state’s specific criteria. Some may require recent tax returns to be filed by a particular deadline.

No matter which state you call home, any financial windfall is welcome during times of rising prices and economic uncertainty. While the state stimulus payments are no substitute for long-term policy solutions, they demonstrate how budget surpluses can be returned directly to the pockets of taxpayers. For now, residents in places like California, Colorado, Illinois, and Virginia can look forward to some extra cash arriving by Memorial Day 2024.

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