The cost of living and inflation have led to thousands of families seeing their incomes eroded by rising street prices. For this reason, at the end of September, the New York State Department of Taxation and Finance will begin distributing millions of checks to help residents cover their basic needs. The measure, announced months ago, seeks to alleviate the burden left by rising prices since Donald Trump took office.
This payment will be distributed to residents who meet the requirements based on their self-reported income
Going into detail, Governor Kathy Hochul announced that more than 8 million New Yorkers will receive a one-time payment ranging from $150 to $400. This payment will be distributed to residents who meet the requirements based on their self-reported income and marital status.
How will the checks be distributed and when?
According to official information, check distribution will be done by mail over the next few weeks, so some people will receive their benefits sooner, regardless of region or zip code. To qualify, taxpayers must have filed Form IT-201 as a New York resident, meet the income thresholds, and not have been claimed as a dependent on another return. This is very important, as meeting the requirements is essential to receive the checks.
Inflation refunds will be sent via check, even if you received your last tax refund via direct deposit
Continuing with key points, the main requirement to receive this benefit is to be up to date with your 2023 tax return. Furthermore, beneficiaries should be aware that they won’t need to register or apply for anything. In all cases, inflation refunds will be sent via check, even if you received your last tax refund via direct deposit. According to Jared Walczak, vice president of state projects at the Tax Foundation, sales tax revenues grew as a result of rising prices, which generated a surplus. “This refund check is a response to that.”
New York is the only one to announce a specific inflation-linked plan so far
It’s important to note that retirees who receive Social Security or disability benefits are not required to file taxes because their income isn’t high enough. Although other states have provided stimulus payments in the past, New York is the only one to announce a specific inflation-linked plan so far.
Inflation refunds will be sent via check, even if you received your last tax refund via direct deposit
An important focus of the New York offices is the prevention of refund-related scams. With the expectation of checks between $150 and $400, fraud attempts could arise in which taxpayers are told they must pay a fee, register on unknown platforms, or use supposed intermediaries to receive the money. In all cases, inflation refunds will be sent via check, even if you received your last tax refund via direct deposit. Additionally, checks will be automatically mailed to those who qualify, without the need to fill out forms, complete additional procedures, or even hand over money to third parties.
It is essential to always consult official information before providing personal or financial information
All of this must be taken into account to avoid fraud, which is unfortunately common. Remember that people who access state aid lack financial support to cope with unforeseen events; in many cases, they combine different jobs, and changes in requirements can be confusing. For these reasons, they may be misled by misinformation and fall for scams. It is therefore essential to always consult official information before providing personal or financial information.
