Latest news with #stimuluscheck
Yahoo
3 days ago
- Business
- Yahoo
We Asked ChatGPT What Would Happen If Everyone in America Got a $10,000 Stimulus Tomorrow — Here's What it Said
If you were hoping for an economic stimulus check from the federal government, you're likely to be disappointed. The idea of a stimulus check briefly made the rounds earlier this year when the Department of Government Efficiency (DOGE) — formerly led by Elon Musk — promised trillions of dollars in federal budget savings. As GOBankingRates previously reported, there was talk that the Trump administration would distribute 20% of DOGE's expected tax savings in the form of a stimulus payment or dividend check as high as $5,000 per recipient. But Musk's promised savings were much lower than originally projected, and the stimulus talk came to a halt. Explore More: Try This: But suppose the government did issue a stimulus check — not for $5,000, but for $10,000, which is much higher than the $1,400 checks issued by the Biden administration during the COVID-19 pandemic. We asked ChatGPT what would happen if everyone in America were issued a $10,000 stimulus check tomorrow. The first thing it said is that the effects would be 'massive and complex' and touch on nearly every aspect of the U.S. economy and society. Below are a few of the other things you could expect. Most Americans would 'immediately spend' some or all of the money on items such as cars, electronics, rent, debt and travel. This in turn would provide a major boost to businesses in the retail, travel, hospitality, food and related industries. The stock markets would also rise due to higher consumer confidence and business revenues. Check Out: A sudden surge in consumer spending would increase demand faster than supply could keep up. One result is that prices would rise for everything from homes and gas to groceries. Many Americans would use their $10,000 checks to pay off credit cards, student loans and medical bills, which would greatly improve the financial situations of millions of households. For those who don't have a lot of debt, such as the wealthy, part or all of the stimulus money would go directly into bank savings. According to ChatGPT, $10,000 is a 'life-changing' sum for people who have been living paycheck-to-paycheck, so lower income Americans would enjoy a major financial boost. The checks would temporarily narrow the wealth gap, while also convincing some Americans to leave the workforce or reduce their hours. One of the main risks of a massive stimulus program is that it would attract fraudsters and cybercriminals and lead to more financial scams. Meanwhile, the U.S. government would have to spend about $3.35 trillion to issue $10,000 checks to every American — which is roughly the size of the entire federal budget. This would lead to a 'massive' increase in the national debt unless it were offset by higher taxes or spending cuts elsewhere. In addition, the Federal Reserve might have to 'aggressively' raise interest rates. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why 4 Affordable Car Brands You Won't Regret Buying in 2025 This article originally appeared on We Asked ChatGPT What Would Happen If Everyone in America Got a $10,000 Stimulus Tomorrow — Here's What it Said Sign in to access your portfolio
Yahoo
7 days ago
- Business
- Yahoo
Here's latest Trump stimulus check status update; is there a stimulus check coming in 2025?
Do you qualify for another stimulus check? Some taxpayers are still waiting on the possibility of a stimulus check in 2025 from President Donald Trump or a previous unclaimed stimulus from the Internal Revenue Service. Here's what to know about the second, third and fourth stimulus checks, amounts and an update on their status. The first stimulus check was for up to $1,200 for individuals and $2,400 for married couples, plus $500 per qualifying child under the age of 17. While the second check was up to $600 per individual, $1,200 for married couples and $600 per qualifying child under 17. The third stimulus check was for $1,400 per eligible individual and married couples filing jointly received an additional $1,400 for each qualifying dependent. The opportunities to claim or file for the first stimulus payment (issued in March and April 2020) or the second stimulus check (issued by Jan. 15, 2021) or the third stimulus check (issued between March and December 2021) have now passed. The deadline to file for the third and laste stimulus check was April 15, 2025; it marked a three-year deadline to claim any tax refunds or in this case, the $1,400 Recovery Rebate Credit for 2021. It is best to work directly with the Internal Revenue Service (IRS) or a reputable tax professional to address missing stimulus payments or claim the relevant Recovery Rebate Credit on your tax return, if eligible. Trump's latest approval rating: What is Trump approval rating after US strikes on Iran? See new poll numbers for US, PA Even if you received a tax extension, you still needed to file your 2021 tax return by the April 15, 2025 deadline to claim that third stimulus check. There are no extensions or appeals available for missed deadlines, and any unclaimed stimulus payments become the property of the U.S. Treasury. While speculation about a fourth stimulus check of $2,000 has surfaced on social media and unverified websites, there has been no official confirmation from Congress or the IRS to support this claim and any such news should be taken with caution as it could be misinformation or attempted fraud. In February, Trump said he would consider the plan to pay out $5,000 stimulus checks to taxpayers in the form of a 'DOGE dividend' during a summit in Miami. He explained it as using part of the 20% of the savings identified by Musk's Department of Government Efficiency (DOGE) and giving it back to taxpayers. However, he has not shared any further specifics or details about the possible 'DOGE dividend' or its certainty since then. Here's what to know about tracking your tax refund and when to expect it. If you filed your federal taxes electronically and included your banking information, then you may expect a direct deposit within 21 days. If you did not include banking information, then you may expect a paper check refund via the mail within six to eight weeks. Submitting your return is not the same as the IRS accepting your return. Once it is accepted, you will know it has if you see a "Refund Sent" alert when you check your tax return status online, at which point you won't have to wait too long for the funds to show up in your account. Once the IRS approves your refund, it could hit your bank account within days via the direct deposit option. The IRS has an online tool called "Where's My Refund" that allows you to check on the status of your refund. Click here. You can start checking the status of your refund within 24 hours after you e-filed your return. The refund information is updated on the IRS website once a day, overnight. The online tool requires you to enter your Social Security number, filing status and exact refund amount on the return. It will then respond with a return received (processing), refund approved (preparing to issue refund by date shown) or refund sent (send to your bank or in the mail). Again, once it shows the IRS has approved your refund, it could hit your bank account within days via the direct deposit option. The other way to check on the status is to call the IRS at 800-829-1954. If your taxes were electronically filed and accepted by April 15, it is estimated that you may expect a direct deposit federal refund from the IRS by May 6 or June 16th by mail. To check on New Jersey online portal for state tax refund, click here. Maria Francis is a Pennsylvania-based journalist with the Mid-Atlantic Connect Team. This article originally appeared on Do you qualify for second stimulus check? Amount of stimulus check Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
UAE Moments
06-07-2025
- Business
- UAE Moments
Do You Qualify for a New Stimulus Check in 2025?
Do You Qualify for Another Stimulus Check? The topic of stimulus checks continues to spark discussions among taxpayers even in 2025. Many are curious about potential new payments under proposals from government officials or wondering about unclaimed payments from previous stimulus rounds issued by the Internal Revenue Service (IRS). Below is a detailed breakdown of stimulus check amounts, eligibility criteria, and updates on their status. Understanding the First, Second, and Third Stimulus Checks First Stimulus Check The first stimulus payment, issued in March and April 2020, provided up to $1,200 for individuals and $2,400 for married couples. In addition, families received $500 for each qualifying child under the age of 17. Second Stimulus Check The second round of payments, issued by January 15, 2021, included up to $600 per individual, $1,200 for married couples, and $600 for each qualifying child under 17. Third Stimulus Check The third stimulus check, issued between March and December 2021, increased the payment to $1,400 per eligible individual. Married couples filing jointly also received $1,400 for each qualifying dependent. Claiming Unclaimed Stimulus Payments The opportunity to claim the first and second stimulus payments has now passed. Taxpayers who were eligible for the third stimulus payment, however, had until April 15, 2025, to file their 2021 tax return and claim the $1,400 Recovery Rebate Credit. This deadline marked the three-year period for claiming tax refunds or stimulus payments. If you believe you missed out on any stimulus payments, working directly with the IRS or consulting a reputable tax professional is the best course of action. Remember, any unclaimed stimulus payments after the deadlines automatically become the property of the U.S. Treasury. No appeals or extensions are offered. Speculation Surrounding a Fourth Stimulus Check Recently, rumors about a fourth stimulus check worth $2,000 have surfaced on social media and certain unverified websites. However, there is no official confirmation from Congress or the IRS about these claims. Taxpayers should approach such information with caution, as it may be misinformation or even an attempt to defraud. Trump's DOGE Dividend Plan In February, former President Donald Trump discussed a possible $5,000 stimulus payment to taxpayers, referred to as a 'DOGE dividend,' during a summit in Miami. This proposal involved utilizing 20% of the savings identified by Musk's Department of Government Efficiency (DOGE). However, Trump has yet to provide further details or outline specific plans for implementing this idea. Beware of Stimulus Check Scams The Better Business Bureau (BBB) has issued warnings about scams related to stimulus checks. Some scammers pretend to be the IRS and send fake text messages, claiming eligibility for payments like the $1,400 tax rebate. Always verify the authenticity of such communications directly with the IRS to avoid falling victim to fraud. Tracking Your Tax Refund Taxpayers eager to know the status of their federal refunds can rely on several tools and methods offered by the IRS. Below are steps to ensure you stay informed and avoid unnecessary delays. Expected Timeline for Receiving Tax Refunds Electronic Filing: If you filed your federal taxes electronically and included your banking information, direct deposits are typically processed within 21 days. Paper Filing: Refunds sent by mail can take approximately six to eight weeks to arrive. Keep in mind that submitting your return does not guarantee immediate acceptance. Once accepted, you will receive a "Refund Sent" notification when checking your tax return status online, signaling that your funds are on the way. How to Check Your Refund Status Online Option: "Where's My Refund" Tool The IRS provides an online tool called "Where's My Refund" that allows taxpayers to track the status of their refunds. This tool is updated daily, and you can begin using it 24 hours after electronically filing your return. Visit the "Where's My Refund" page on the official IRS website. Enter your Social Security number, filing status, and the exact refund amount stated on your return. The tool will display one of three statuses: Refund Received (processing), Refund Approved (preparing to issue refund), or Refund Sent (on its way). Once approved, refunds processed via direct deposit may reach your bank account within just days. Phone Support If preferred, you can check on your refund status by contacting the IRS at 800-829-1954. IRS Refund Schedule for 2025 For taxpayers who electronically filed their returns by April 15, 2025, the estimated direct deposit dates for federal refunds are May 6 or June 16 (if sent via mail).
Yahoo
31-05-2025
- Business
- Yahoo
Are We Likely To Get Stimulus Checks Under Trump? What Experts Say
If you've been on social media this year, you've probably seen posts about a $5,000 DOGE stimulus check — called the DOGE Dividend — possibly coming your way. But where would the money come from, and how likely are the American people to get these checks? Read Next: Find Out: The answer to the first question is simple. The $5,000 would theoretically come from the federal savings — which, at the time the DOGE checks were first mentioned, were anticipated to be about $2 trillion — gained from the Department of Government Efficiency (DOGE). Approximately a fifth of that would go toward the 79 million Americans who pay federal income tax. As for whether stimulus checks are likely to be sent out during Trump's second term, here's what the experts say. Between 2020 and 2021, the IRS sent out a total of three stimulus checks, or Economic Impact Payments. The deadline for most taxpayers claiming the third and final payment was April 15, 2025. So, what are the chances of receiving a fourth stimulus check — or the DOGE Dividend? According to experts, it's pretty unlikely. 'There is almost no realistic scenario where Americans will get a stimulus check under Trump's current term,' said Nicholas Creel, an associate professor of business law at Georgia College and State University. 'The majorities the GOP has in the legislature are paper thin, and a significant contingent of the party is far too concerned with the deficit to allow for that sort of massive spending program any time soon.' Other experts are inclined to agree. George Carrillo, co-founder and chief executive officer at the Hispanic Construction Council and former director of social determinants of health for the state of Oregon, noted that federal stimulus checks are unlikely in the near future due to a number of factors, including inflation, budget constraints, no legislative support, no concrete action and a current lack of bipartisan support. Be Aware: Stimulus checks are used as a way to jumpstart the economy — more money in taxpayers' hands potentially means more spending. But generally speaking, these checks are a short-term solution rather than a long-term one. 'I'd equate stimulus checks to the sugar rush you get when eating a lot of candy. Yes, eating candy boosts your energy, but it is short lived and leaves you worse off in the long term,' said Creel. 'You'd be far better off in the long term eating a proper diet and exercising, but of course that's never as fun!' Carrillo added that floating around the idea of a fourth stimulus check could also be a political move on the part of President Donald Trump. 'It could be a strategic move to win favorability and maintain control of the House and Senate, as financial relief tends to resonate with voters,' he said. Just because there might not be another round of stimulus checks — at least not in the foreseeable future — doesn't mean there won't be other financial relief for those who need it. According to Carrillo, 'Some states are stepping up with their own relief programs, so there may be local options to explore.' For example, New York intends to issue a one-time 'inflation refund' check this October. Eligible taxpayers could receive between $150 and $400. New Mexico is also rolling out its own relief program. State residents who qualify could receive $500 to $1,000. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses The 10 Most Reliable SUVs of 2025 This article originally appeared on Are We Likely To Get Stimulus Checks Under Trump? What Experts Say Sign in to access your portfolio
Yahoo
24-05-2025
- Business
- Yahoo
Can you get a stimulus check in 2025? Here's Trump stimulus check status update
Some economists have warned that President Donald Trump's tariffs will cause prices to rise and could trigger a recession in the United States. Will there be a stimulus check to alleviate some of that pain? During the COVID-19 pandemic, the government approved three economic impact payments, or stimulus checks, in March 2020, December 2020, and March 2021. The opportunities to file or claim these stimulus checks have now passed. If you didn't get the full amount of the third stimulus check, you were eligible to receive the $1,400 Recovery Rebate Credit of 2021. However, the deadline to file for this last payment was April 15, 2025. Even if you received a tax extension, you still needed to file your 2021 tax return by the April 15, 2025 deadline to claim that last payment. There are no extensions or appeals available for missed deadlines, and any unclaimed stimulus payments become the property of the U.S. Treasury. While there have been rumors about a fourth stimulus check of $2,000, there has been no official confirmation from Congress or the IRS to support this claim. Be wary of any news as it could be misinformation or attempted fraud. While President Donald Trump said in February that he would consider a plan to pay out $5,000 stimulus checks to taxpayers in the form of a 'DOGE dividend,' he has not shared any further specifics or details about the possible 'DOGE stimulus' since then. Any form of stimulus payment has to be approved by Congress. That number was also based on the original DOGE goal of $2 trillion, which has since been revised to $150 billion. And at a rally in Wisconsin in March, Elon Musk said that the checks may not come. At the state level, some states are giving out "inflation checks." New York, for example, is issuing checks between $150 to $400 to some households. California and Colorado are also sending checks to some taxpayers, according to Nasdaq. While there are no stimulus checks on the horizon, you may still be awaiting your tax refund. If you filed your federal taxes electronically and included your banking information, then you may expect a direct deposit within 21 days. If you did not include banking information, then you may expect a paper check refund via the mail within 6-8 weeks. Amended returns can take four weeks or more, and, if your return needs corrections or extra review, it could take even longer Submitting your return is not the same as the IRS accepting your return. You will know it is accepted once you see a "Refund Sent" alert when you check your tax return status online. Once the IRS approves your refund, it could hit your bank account within days via the direct deposit option. The IRS has an online tool called "Where's My Refund" that allows you to check on the status of your refund. Click here. You can start checking the status of your refund within 24 hours after you e-filed your current-year return. The refund information is updated on the IRS website once a day, overnight. The online tool requires you to enter your Social Security number, filing status and exact refund amount on the return. It will then respond with a return received (processing), refund approved (preparing to issue refund by date shown) or refund sent (sent to your bank or in the mail). The other way to check on the status is to call the IRS at 800-829-1954. If your taxes were electronically filed and accepted by April 15, it is estimated that you may expect a direct deposit federal refund from the IRS by May 6 or later if by mail. Most states have created dedicated online portals for tracking income tax returns. In most cases, you can check the status of your state refund by providing the tax year, your SSN or ITIN, and refund amount. To check on your state tax refund in Maine, click here for the online portal. There is no state income tax on individual wages in New Hampshire. This article originally appeared on Portsmouth Herald: Stimulus check 2025: Trump new stimulus check status update
