Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Many Retirees get to Double Dip?
Old 02-27-2009, 06:12 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,664
Many Retirees get to Double Dip?

I know what this BankRate piece says, but I find it hard to believe that they would allow some retirees to claim both checks.

What if you don't get a paycheck? You still might be eligible for a $250 credit.
The new law says that amount will go to individuals receiving certain Social Security, Supplemental Security Income, Railroad Retirement benefits and veterans' benefits. This money will be sent out as a separate check.

The logistics for distributing the $250 payments have not yet been announced. The assumption, however, is that the IRS will follow a plan similar to the 2008 stimulus payments.

Many retirees work part-time to supplement their government benefits. In these cases, older workers will not get both the full $400 Making Work Pay credit and the $250 payment. Any payments received for Social Security or similar benefits will reduce the payroll credit amounts a worker gets, tax analyst Luscombe
Stimulus tax payout small (Page 2 of 2)

Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-28-2009, 07:43 AM   #2
Full time employment: Posting here.
Lakedog's Avatar
Join Date: May 2007
Posts: 623
I don't believe they can claim both, which is what the last sentence of the quoted article says. If they get the $250 payment, this amount is subtracted from the maximum $400 credit they could receive by working. So, the max benefit is still $400 (not $650).

Lakedog is offline   Reply With Quote
Old 02-28-2009, 09:07 AM   #3
Thinks s/he gets paid by the post
OAG's Avatar
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,594
See the answers on the SSA Site: Social Security Online - Economic Recovery One-Time Payments Information Page
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Do you have a double? ls99 Other topics 45 02-23-2009 09:29 AM
Should I dip into my HELOC to buy? ER_Hopeful FIRE and Money 45 10-18-2008 03:08 PM
Double standard Mwsinron Other topics 11 05-16-2007 12:25 AM
Triple Dip tryan FIRE and Money 12 10-10-2005 11:47 PM


All times are GMT -6. The time now is 12:54 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.