If you have found yourself reeling from inflation, there could be some relief coming your way over the coming weeks. There are 2 different types of stimulus money coming in Illinois for taxpayers and it's easy to find out if you're eligible.

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24/7 Wall St reported that there are two different types of stimulus checks which will begin their distribution over the next 8 weeks. They involve two different categories of payments:

  • One-time individual income tax
  • Property tax rebates

What about the individual income tax stimulus?

According to 24/7 Wall St, individual income tax filers are eligible for $50 checks while couples filing jointly would be eligible for $100 payments. In addition, there are $100 payments for each dependent with a maximum of 3 being paid out.

What about the property tax rebate payments?

The property tax rebate for Illinois homeowners requires that they have paid the property tax on their primary residence in 2021. The maximum rebate is $300. The income limit is $250,000 or less for individuals and $500,000 for joint filers. 24/7 Wall St says "those who have filed their 2021 IL-1040 and Schedule ICR will get the rebate money automatically".  For more details and eligibility, check out the Illinois state website.

How will rebates and stimulus checks be received?

The report says that you'll receive stimulus money in the same way you received your income tax refund. If it was direct deposit, that's the way you'll receive this relief money. If yours came in the mail, you'll need to check your mailbox for these funds in the coming weeks.

When will the rebates be sent out?

The report says that stimulus payments and rebates will begin to be sent out starting September 12 and continuing over the following 8 weeks. You can check the Illinois state website for the status of your refund if you believe you have one coming.

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