Tuesday, February 27, 2024
HomenewsResidents of New Jersey Want More Financial Support From the State

Residents of New Jersey Want More Financial Support From the State

Subtly, the end of 2022 is approaching, and some of the not-so-subtle signs of the times produce an unnerving sensation of uneasiness about what’s to come in 2023.
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Food inflation, rent inflation, price inflation, economic uncertainty, etc. It’s no secret that New Jersey’s cost of living has skyrocketed in the past year.

Is it possible to tell if an additional $500 would make a difference? More than 60,000 low-income families in New Jersey will each receive $500 as part of the ITIN (Individual Taxpayer Identification Number) Assistance Program, announced by the United States Department of the Treasury.

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The Excluded New Jerseyans Fund was created to help those who were unable to receive earlier economic stimulus payments due to factors such as homelessness, a criminal record, or an inability to prove legal presence in the United States.

The ITIN Assistance Program funding will come from the state’s allocation of The American Rescue Plan funds, a health crisis relief initiative.

To receive the stimulus payment, New Jersey residents will be automatically verified based on their tax returns from 2021.

If you filed your taxes in 2021 using an ITIN and you were living below the poverty level, you may be eligible for this program. Payments will be sent in the form of checks.

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The Internal Revenue Service (IRS) requires all taxpayers to get a Taxpayer Identification Number (TIN) in order to properly administer tax legislation.

It can be obtained through the Internal Revenue Service (IRS) or the Social Security Administration (SSA).

For example, the Social Security Administration (SSA) is in charge of issuing SSNs, while the Internal Revenue Service (IRS) handles all other types of tax identification numbers (TINs).

New Jersey residents who are eligible for the stimulus program should expect to receive only one $500 payment at this time.

Whether or whether New Jersey will implement additional payments or designate additional funds to handle the increased expenditures is unclear.


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