Table of Contents
There has been a lot of confusion regarding stimulus payments in California in recent months, with conflicting reports leaving residents uncertain about what to expect from the Internal Revenue Service (IRS).
Some Reports have claimed that there is money ready to be delivered to residents, while others have denied it, advising people not to trust the supposed stimulus.
One report even claimed that a $125 million cash pot was set to be distributed among California residents, excluding the wealthiest individuals. It suggested that 624,000 residents had yet to claim their share of the money.
No stimulus checks on the way
However, in May, Fast Company clarified the matter, explaining that no new stimulus money will be coming from either the IRS or the State of California.
The confusion appears to be due to a rise in websites falsely claiming that more stimulus checks are on the way. Since many Americans would welcome a stimulus check, these rumors have gained traction.
Fast Company clarifies: “Federal Economic Impact Payments ended with the third check in 2021. Taxpayers who never received them could still claim them as a Recovery Rebate Credit, but only for the tax year in which they were issued. ‘The IRS is no longer issuing third Economic Impact Payments,’ the agency clearly states on its website.”
This statement reinforces that no potential stimulus payments will be forthcoming, ending any expectations of additional checks from the federal or state government.
The actual situation
Federal Economic Impact Payments, which were distributed as part of COVID-19 relief efforts, concluded with the third round in 2021. Taxpayers who did not receive these payments can claim them as a Recovery Rebate Credit, but this is only applicable for the tax year in which they were issued.
The IRS has made it clear that no more Economic Impact Payments will be issued and any rumors to the contrary are unfounded. This has been reiterated in the IRS Websitewhich states that “the IRS is no longer issuing third-party Economic Impact Payments.”
Conclusion
In conclusion, despite rumors and misinformation circulating online, there are no new stimulus payments on the way for California residents. The economic relief measures provided through the federal Economic Impact Payments have concluded, and any remaining unclaimed funds can only be obtained through the Recovery Rebate Credit for the applicable tax year. Californians shouldn’t wait additional stimulus checks and should be wary of false claims suggesting otherwise.
