Hey folks, school’s back in swing! And for many New Yorkers, this spells a nice surprise in the form of an average stimulus check for $1,407 heading their way soon.
Are You Eligible for a STAR Check?
For homeowners in New York State who tick all the required boxes, the anticipated STAR check will find its way to you in the forthcoming weeks. Why, you ask? This neat little financial boost is designed to lighten the load of your school tax bill. Pretty cool, right?
The Nitty-Gritty of the STAR Checks
The average moolah handed out across the state breaks down like this: $778 for the standard Basic STAR check and a handsome $1,407 for those receiving the Enhanced STAR. Just a heads-up, New York’s started distributing both the Basic and Enhanced STAR checks.
Enrolling for Your STAR Check
Thinking, “How can I jump aboard?” Simple. If you’re not registered, you won’t see a dime. But don’t sweat it – signing up is a breeze online or over the phone.
Basic vs. Enhanced STAR Checks – What’s the Deal?
The Lowdown on the Basic STAR Check: The Basic STAR is up for grabs for every eligible homeowner who earns under $250,000 a year. Age? Doesn’t matter here.
Unlocking the Enhanced STAR Check: The Enhanced STAR, on the other hand, is like a VIP pass, especially for seniors. If you fit the bill – that is, you’re touching 65 by the close of 2023 and your home is, well, your home – this one’s for you. But there’s more:
- Firstly, you should be the proud owner of your residence and call it home.
- Hit 65 (or beyond) by December 31, 2023? Perfect. And if it’s a shared property, just one of you, be it spouse or sibling, needs to hit that age benchmark.
- Keep that income under $93,200. This cap takes into account everyone who owns a bit of the place, whether they live there or not. And if an owner’s other half lives there, count them in too. When we say “income”, we’re looking at your federal adjusted gross without the IRA distributions.
- To see if you’re in the Enhanced STAR league for 2023, whip out your 2021 state or federal tax returns. Check the Federal Form 1040 and the New York State Form IT-201.
Already Enjoying STAR Perks? For many of you, your STAR benefits might be auto-deducted from your tax bill. If you’re scratching your head or have questions, pop over to the New York State website or give your local town a shout.
Need the complete checklist? The New York State website has all the deets.