Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 05-23-2008, 01:27 PM   #81
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
Quote:
Originally Posted by Dave J View Post
Impact on 2008 Tax Returns:

The stimulus rebates will be calculated by the IRS using information on the 2007 tax returns. If taxpayers were entitled to a larger rebate based on their 2008 income, those taxpayers will be able to claim a tax credit for the additional amount. Taxpayers won't have to pay back the rebate, however, if using their 2008 income would result in a lower rebate amount.
Great... my 2008 income is going to be considerably under the limit. I will need to go and investigate this a bit more.
I anticipate being in the 15% tax bracket. Is there a 'bonus' for being poor? Is the income on w2 income only or is it AGI (does it count pensions and interest and dividends)?
Thanks... this is good news ... always welcomed.

NEVER MIND. I just went to the irs website. It's AGI. 75K or less gets you full bennies.
It looks like (for now at least) the rules are the same for 2008 as they are for 2007.
If you don't qualify in 2007 (ME) and you do in 2008, you claim the rebate on your 2008 tax return
YAAAAYYYY I finally am on the RIGHT SIDE of one of these things. About time.
__________________

__________________
Life is GREAT!
megacorp-firee 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 05-25-2008, 01:12 PM   #82
Thinks s/he gets paid by the post
 
Join Date: May 2006
Location: Largo
Posts: 1,945
I read on this thread that folks receiving a reduced stimulus payment got a letter of explanation. Did anyone who was not getting a payment in 2008 get a letter of explanation?
__________________

__________________
Buckeye is offline   Reply With Quote
Old 05-25-2008, 02:25 PM   #83
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
Quote:
Originally Posted by Buckeye View Post
I read on this thread that folks receiving a reduced stimulus payment got a letter of explanation. Did anyone who was not getting a payment in 2008 get a letter of explanation?
Nope. I am not getting a payment in 2008 (but now know I can get on in 2009, on my 2008 return) and did not get any letter of explaination.
__________________
Life is GREAT!
megacorp-firee is offline   Reply With Quote
What We Did With Ours
Old 06-01-2008, 02:06 PM   #84
Thinks s/he gets paid by the post
 
Join Date: Jul 2003
Location: Pasadena CA
Posts: 2,695
What We Did With Ours

DW just posted this to a stimulus blog site:

Home | How I Spent My Stimulus


Check out the whole site, pretty interesting.
__________________
T.S. Eliot:
Old men ought to be explorers
yakers is offline   Reply With Quote
Old 06-04-2008, 10:21 AM   #85
Recycles dryer sheets
BigBob's Avatar
 
Join Date: Apr 2007
Location: Sebring
Posts: 190
Quote:
Originally Posted by Buckeye View Post
I read on this thread that folks receiving a reduced stimulus payment got a letter of explanation. Did anyone who was not getting a payment in 2008 get a letter of explanation?
I got a "cookie-cutter" response letter that contained more questions than answers. I called the IRS to discuss the reasons. In a nutshell, I got 300 for each of my 2 youngsters plus 600 total for my wife and I, instead of the normal 1200. The reason, they explained, was because of $0 tax liability due to the fact that we were using adoption credits. The only way to get the full 1200(plus 600 for kids) would be to refile, un-apply $1200 adoption credit(to be used next year), pay $1200 in taxes, get the additional $600 rebate, then next year collect the $1200 in credit refund. (hope this makes sense)
Basically the letter of explanation was less than adequate, but the IRS rep pointed me to the web site that allowed me to enter numbers to calculate what my refund would be. This is how I determined that by not applying $1200 would result in $600 rebate.
--bob
BTW, I am NOT going to refile. It likely will all come out in the wash...
__________________
BigBob is offline   Reply With Quote
Old 06-07-2008, 05:48 PM   #86
Thinks s/he gets paid by the post
 
Join Date: May 2006
Location: Largo
Posts: 1,945
One of the county nursing home residents for whom I prepared a stimulus return got her check last week. She was so excited! Made me feel good.

Unfortunately, another one of the residents died on Monday at 101. His last two are 99 so the check won't be sent for awhile...and maybe not at all. He went visiting with his family on Sunday. He was feeling a bit tired after breakfast on Monday so he laid down to take a nap. He was gone when they checked on him a few hours later. What a way to go!
__________________
Buckeye is offline   Reply With Quote
Old 06-08-2008, 07:13 PM   #87
Thinks s/he gets paid by the post
martyb's Avatar
 
Join Date: Nov 2006
Location: Bossier City
Posts: 2,182
We got our $1200 check yesterday. Since we owed $3.38 this year, I just mailed in a check and we didn't provide any electronic payment info. Our stimulus check arrived via snail mail. Gotta go to the bank tommorrow, and then forward it from there straight to my Vanguard Roth IRA.
__________________
“Change is the law of life. And those who look only to the past or present are certain to miss the future.”
-John F. Kennedy

“Hard work never killed anybody, but why take a chance?” - Edgar Bergen
martyb is offline   Reply With Quote
Old 06-10-2008, 06:59 PM   #88
Confused about dryer sheets
 
Join Date: Jun 2008
Posts: 3
Quote:
Originally Posted by martyb View Post
We got our $1200 check yesterday. Since we owed $3.38 this year, I just mailed in a check and we didn't provide any electronic payment info. Our stimulus check arrived via snail mail. Gotta go to the bank tommorrow, and then forward it from there straight to my Vanguard Roth IRA.
That's great! Have not stimulated anyone but the bank yet.
__________________
SakuICS is offline   Reply With Quote
Old 06-10-2008, 07:39 PM   #89
Thinks s/he gets paid by the post
packrat44's Avatar
 
Join Date: Jun 2007
Location: near Canadian border and near Mexican border
Posts: 1,142
I must be in the minority - I am against the issuing "stimulus checks".

Lowering Government wasteful spending that leads to lowering our taxes, now that is something I could chear about.
__________________
Pigs get fat, hogs get slaughtered. That's my story and I am sticking to it.
packrat44 is offline   Reply With Quote
Old 07-02-2008, 11:07 AM   #90
Thinks s/he gets paid by the post
maddythebeagle's Avatar
 
Join Date: Jun 2005
Posts: 2,450
Shia LaBeouf Fan Media Archive - Saturday Night Live Clip - Suze Orman

see what suze says to do with your checks
__________________
- Hurry! to the cliffs of insanity!
maddythebeagle is offline   Reply With Quote
question re: stimulus check
Old 07-02-2008, 12:06 PM   #91
Recycles dryer sheets
 
Join Date: Sep 2007
Location: near L.A.
Posts: 173
question re: stimulus check

I haven't filed my return yet(I filed an extension), if I'm qualified (which I'm pretty sure I'm), I'd still get the check when I do file my return, correct?
__________________
ER_Hopeful is offline   Reply With Quote
Old 07-02-2008, 12:45 PM   #92
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
We filed late with an extension and yes you will get your check if you are entitled to it, but who knows when it will actually appear.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Old 07-02-2008, 01:03 PM   #93
Thinks s/he gets paid by the post
maddythebeagle's Avatar
 
Join Date: Jun 2005
Posts: 2,450
in addition to what martha said: Filing Tax Returns After the Deadline - TurboTax Customer Care & Support

Can I still get my rebate (economic stimulus payment) after the tax filing deadline?
Yes. You can still get your rebate if you qualify, but you must FILE a tax return to get a rebate. The IRS says it will continue sending rebates until Dec. 31, 2008. See Tax Rebate Plan for more information about getting a tax rebate.
__________________

__________________
- Hurry! to the cliffs of insanity!
maddythebeagle 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
Just blew my stimulus $ GoodSense Travel Information 41 04-24-2008 12:36 PM
Depositing Checks TromboneAl Other topics 10 07-11-2007 09:45 AM
Patnbj checks in patnbj Hi, I am... 0 10-06-2002 10:34 PM
LPuzzle checks in lpuzzle Hi, I am... 6 06-27-2002 09:56 AM

 

 
All times are GMT -6. The time now is 02:52 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.