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Old 04-25-2008, 05:47 PM   #1
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Quick question

DW asked if we were going to get a stimulus check...... We had plenty of interest from cash investments,capital gains from stocks/mutuals and large long term capital gains from sale of investment property.
Does this qualify for the stimulus checks?

Thanks in advance!
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Old 04-25-2008, 05:52 PM   #2
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All you need to do to get a check is file a 2007 return.
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Old 04-25-2008, 06:00 PM   #3
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Quote:
Originally Posted by Donzo View Post
DW asked if we were going to get a stimulus check...... We had plenty of interest from cash investments,capital gains from stocks/mutuals and large long term capital gains from sale of investment property.
Does this qualify for the stimulus checks?

Thanks in advance!
Quick Answer: Economic Stimulus Payments Information Center
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Old 04-25-2008, 06:12 PM   #4
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Thanks for the link RW - so the "qualifying $3,000 income can be from any source?
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Old 04-25-2008, 06:29 PM   #5
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Originally Posted by AzDreamer View Post
All you need to do to get a check is file a 2007 return.
NOT SO FAST ... you have to make under a certain amount of money. I forget what it is, but we don't qualify.
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Old 04-25-2008, 06:35 PM   #6
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NOT SO FAST ... you have to make under a certain amount of money. I forget what it is, but we don't qualify.
Thats what I was afraid of - that the $3,000 had to be wages.....anybody know? I looked briefly through the link that RW provided - but it did not answer this question ....
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Old 04-26-2008, 06:27 AM   #7
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Try this Calculator (Need your 2007 Tax Return to get the Numbers From to Plug In): Economic Stimulus Payment Calculator - Welcome to the Economic Stimulus Payment Calculator
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Old 04-26-2008, 07:16 AM   #8
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sans any 2007 wages, turbotax said i'll get stimulated, um, i mean, well, you know what i mean.

sadly, turbotax did not say that i made too much money for a stimulus check.
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Old 04-26-2008, 10:21 AM   #9
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Thanks for all the replies
I plugged in my #'s on the link that RW provided....and I am getting stimulated also! It is reduced because I am over the $150,000, but I am getting alittle.
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Old 04-26-2008, 11:13 AM   #10
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Originally Posted by megacorp-firee View Post
NOT SO FAST ... you have to make under a certain amount of money. I forget what it is, but we don't qualify.
I went to a seminar at my brokers. The presenter asked- how many will get a refend check?

Out of 20 people or so, only three raised their hands. It doesn't take that much income to miss out; I will not be getting one.

Ha
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Old 04-26-2008, 11:43 AM   #11
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For those who are getting one. You will be early stimulated next week.
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Old 05-10-2008, 04:25 PM   #12
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Not so fast about just filing a 2007 return to get one. There is income that is excluded. This is copied right from the IRS website:

Exclusions

Individuals who file Form 1040NR, 1040PR or 1040SS are not eligible for the stimulus payments. These returns are normally filed by Nonresident Aliens, residents of Puerto Rico and residents of the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands (CNMI). Residents of U.S. possessions will be receiving their rebates directly from the possessions.

Also ineligible are individuals who can be claimed as dependents on someone else’s return.

Dividends, interest and capital gains income is not included when determining qualifying income. Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment. Also not included in qualifying income are non-veterans or non-Social Security pension income (such as those from Individual Retirement Accounts).

Stimulus payments will be subject to offset against outstanding tax and non-tax liabilities in the same fashion as regular tax refunds.

In addition, the IRS emphasizes the stimulus payments will not count toward or negatively impact any other income-based government benefits, such as Social Security benefits, food stamps and other programs.

There was also a question and answer on there that might be of interest to some:

[FONT='Arial','sans-serif']Q. Are pension and annuity amounts provided by state, federal or private sector employers considered qualifying income in determining eligibility for the economic stimulus payment?[/FONT]
A. No, these payments are not included in the legal definition of qualifying income. [FONT='Arial','sans-serif'][Updated 5/7/08][/FONT]


So if your only income is pension income and from interest, dividends and capital gains and you aren't drawing social security, don't expect a check.
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