Fourth Stimulus Check Calculator: How to Compute for $1200 Golden State Payment, Eligibility

Fourth Stimulus Check Calculator: How to Compute for $1200 Golden State Payment, Eligibility
A new stimulus check is coming out sometime in September! Approximately two-thirds of California residents should be eligible for these checks and could receive up to $1200. Photo : Chung Sung-Jun/Getty Images

A new stimulus check is coming out sometime in September! Approximately two-thirds of California residents should be eligible for these checks and could receive up to $1200.

Many have been searching for their fourth stimulus check update from the federal government. Unfortunately, various factors lead to assumptions that it is a highly unlikely event. No budget was allocated or approved to be used as a fourth national stimulus check.

However, some states might have a few stimulus programs of their own. Each state has received a share from the $1.9 trillion budget of the American Rescue Plan that aims to support and speed up recovery for U.S. citizens.

In particular, California Governor Gavin Newsom recently signed a law approving a fourth stimulus check for the residents of the Sunshine State, according to Marca.

Fourth Stimulus Check: Golden State Stimulus

The Golden State Stimulus check budgets $600 for eligible recipients, with an extra $600 for people with ITINs (Individual Taxpayer Identification Numbers). Also, it is important to note that taxpayers with dependents could also receive an additional $500.

CalMatters tweeted that "$11.9 billion will be spent on Golden State Stimulus checks, a one-time benefit that won't continue in the future."

There are two eligibility requirements for the Golden State Stimulus check. First, individuals must be earning only $75,000 or less, and families earn only $150,000 or less. Second, they must be California residents who has lived more than half of the 2020 tax year in the state.

For people who have these eligibility requirements, a Golden State Stimulus check should be written in your name.

Fourth Stimulus Check Calculator

The exact amount receivable from this stimulus check can be calculated on the Golden State Stimulus official estimator tool.

Information needed includes: dependent eligibility, California residency, filing status, adjusted gross income, wages, SSS or ITIN, and whether the filer has a dependent or not.

Read Also: Online Petition for $2000 Fourth Stimulus Check: When Will It Hit 3 Million Signatures?

Fourth Stimulus Check Release Date

Marca also reported that the State of California Franchise Tax Board has scheduled the Golden State Stimulus checks to begin delivery sometime in September this year.

The Golden State Stimulus check would be delivered by direct deposits or paper checks. A regular tax filer could expect their stimulus payment delivered in two to six weeks. Late filers might get their stimulus check after 45 to 60 days of their tax return filing, as indicated by the Franchise Tax Board.

With this proposal officially approved by the state government, families have a lot to look forward to by next month. Families could use this money to plan ahead for the rest of 2021 expenses. The money is predicted to be used on immediate expenses like rental fees, loans and necessities like food, electricity and water bills. Note, however, that this is a one-time payment support from the state. Families are recommended to plan their budget carefully.

The current times are a challenging period to survive since the pandemic continues to affect people's daily lifestyles. Fortunately, the government seems ready to support its citizens with some financial aid to help them get by the current living conditions.

Related Article:  Child Tax Credit: Calculator, Portal, Income Limit and Eligibility, Payment Dates, and More 

© 2021 iTech Post All rights reserved. Do not reproduce without permission.

More from iTechPost