Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
STIMULUS my a$$
Old 05-24-2010, 04:31 PM   #1
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
STIMULUS my a$$

F%$ The IRS and the US Gov't!! Remember that 'stimulus check' you got a while back? That 'free money'? Pretty cool huh? Well, if you by chance overpaid the government throughout the course of 2009, as i did, you get a refund. No interest, but at least you get your money back. HOWEVER, they will deduct that 'free money' FROM YOUR REFUND.

If I had been a slacker and just not done my estimated quarterly payments, I would've technically 'gotten' my free money because I would've OWED them and it wouldnt come into play. So....I pay them their money in ADVANCE, they get to use my money to bail out GM,fight a war, etc....and in return they jacked me for $475. F##$ THAT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Am I missing something here?
__________________

__________________
thefed 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 Early-Retirement.org 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 05-24-2010, 04:35 PM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,129
Quote:
Originally Posted by thefed View Post
Am I missing something here?
Restraint?
__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 05-24-2010, 04:36 PM   #3
Recycles dryer sheets
Steve O's Avatar
 
Join Date: Dec 2007
Posts: 291
Ford bailed themselve's out with private loans and the share price should be zero...
__________________
FIRED at 39 in 2008...
Steve O is offline   Reply With Quote
Old 05-24-2010, 04:56 PM   #4
Dryer sheet wannabe
 
Join Date: Apr 2007
Posts: 15
Quote:
Originally Posted by REWahoo View Post
Restraint?
__________________
I always wanted to be a procrastinator.
sidney is offline   Reply With Quote
Old 05-24-2010, 07:01 PM   #5
gone traveling
 
Join Date: May 2008
Posts: 3,864
Quote:
Originally Posted by thefed View Post
F%$ The IRS and the US Gov't!! Remember that 'stimulus check' you got a while back? That 'free money'? Pretty cool huh? Well, if you by chance overpaid the government throughout the course of 2009, as i did, you get a refund. No interest, but at least you get your money back. HOWEVER, they will deduct that 'free money' FROM YOUR REFUND.

If I had been a slacker and just not done my estimated quarterly payments, I would've technically 'gotten' my free money because I would've OWED them and it wouldnt come into play. So....I pay them their money in ADVANCE, they get to use my money to bail out Ford,fight a war, etc....and in return they jacked me for $475. F##$ THAT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Am I missing something here?






You do get to keep the change.
__________________
Westernskies is offline   Reply With Quote
Old 05-24-2010, 07:12 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,978
But what do you really think?
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is online now   Reply With Quote
Old 05-24-2010, 08:10 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 5,193
fed, where did you see this? I don't believe it.
__________________
RunningBum is offline   Reply With Quote
Old 05-24-2010, 08:32 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Jun 2006
Posts: 1,666
I thought I remembered hearing that the $250 was taxable, but not that they would deduct the full amount.
Are you sure about that?
__________________
"We do not inherit the earth from our ancestors, we borrow it from our children.
(Ancient Indian Proverb)"
Zathras is offline   Reply With Quote
Old 05-24-2010, 08:34 PM   #9
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 10,155
I never heard it described as anything but an advanced tax refund. I certainly never expected it to be "free".
__________________
Living an analog life in the Digital Age.
Gumby is online now   Reply With Quote
Old 05-24-2010, 09:04 PM   #10
Moderator Emeritus
 
Join Date: Oct 2007
Posts: 4,929
Interesting. I paid estimated federal taxes, wound up owing no tax for the year, and was refunded all my estimated taxes plus the stimulus money. I never got a stimulus check in 2009, just the 'bonus' refund of more than I paid in.
__________________
M Paquette is offline   Reply With Quote
Old 05-24-2010, 10:04 PM   #11
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
t i am waiting on their 'letter of explanation'. my refund was short of my expectations by the exact amount of my stimulus check.

EDIT: the more i think about this, the more confused I am. I got the check in 2008...so why now?



waiting on the letter
__________________
thefed is offline   Reply With Quote
Old 05-25-2010, 01:24 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,933
Any possibility of an error in filing for a recovery rebate credit on your 2008 tax return? Recovery Rebate Credit Information Center

That credit (valid if your income increased in 2008 over 2007) would have you subtract your stimulus rebate received in 2008 (based on 2007 income) from the "preliminary recovery rebate". If, by chance, you didn't subtract out that stimulus rebate, you would owe IRS that amount. Kind of seems unlikely since you would think IRS computers would be programmed to detect that error on your 2008 return filed in 2009...............
__________________
kaneohe is offline   Reply With Quote
Old 05-25-2010, 11:06 PM   #13
Thinks s/he gets paid by the post
 
Join Date: Feb 2007
Posts: 2,424
Is this $475 missing from your 2009 refund for the return that you just filed in 2010? Then it's an issue with 2009 not 2008. In 2009 we had the Making Work Pay Credit which should have been a tax credit of $800 for a couple filing Married Filing Joint..

Did you file a Schedule M? http://www.irs.gov/pub/irs-pdf/f1040sm.pdf What did it have on it?
__________________
Married, both 62. DH retired June, 2010. I have a pleasant little part time job.
Sue J is offline   Reply With Quote
Old 05-26-2010, 06:42 PM   #14
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
been talking with the irs, and they seem to think it is actually an error on their behalf....their letter they sent me made no sense.

as of right now, they are saying they are giving me the 475 back plus another 500. go figure.
__________________
thefed is offline   Reply With Quote
Old 05-26-2010, 09:03 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: Following the nice weather
Posts: 6,434
Well, whatever they end up with, I'm still in agreement with the opening line of the OP.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Will Rogers, or maybe Sam Clemens
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 05-28-2010, 04:14 PM   #16
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
sooo....they are sending me a check for $1000. i dont know why. my acct cant figure it out after speaking with them. it came in writing that we are eligible for another tax credit and as such, they are sending me the money. WHY they kept 475 to begin with i have no idea...nor do they....


very odd
__________________
thefed is offline   Reply With Quote
Old 05-28-2010, 04:21 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,531
Don't try to understand it, just enjoy the money. Until the IRS comes knocking on your door in 3 years asking you why you under reported your tax liability by $1000. And they ask for penalties and interest!
__________________

__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (5, 11, and 12).
FUEGO is offline   Reply With Quote
Reply


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
Housing stimulus jIMOh FIRE and Money 57 02-24-2009 12:30 PM
Stimulus for SS Recipients OAG FIRE and Money 2 02-19-2009 05:06 PM
Stimulus checks? slazenger Young Dreamers 92 07-02-2008 01:03 PM
Just blew my stimulus $ GoodSense Travel Information 41 04-24-2008 12:36 PM

 

 
All times are GMT -6. The time now is 04:37 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.