Stimulus checks?

[ERD50]

My thoughts exactly as I am getting 'zip' (bad timing on my part .. shoulda deferred income to this year, if I had known).

That's another aggravating thing about taxes. They change the rules in the middle of (or in this case AFTER) the game.

Heck, I already know I can't win - but please, tell me the rules before the game starts, and then stick to 'em. At least I can try to plan for playing the 'game', since I can't opt out. And I don't really want to opt out, I recognize I need to pay taxes, just don't make it a convoluted mess.

-ERD50

 

[megacorp-firee]

That's another aggravating thing about taxes. They change the rules in the middle of (or in this case AFTER) the game.

Heck, I already know I can't win - but please, tell me the rules before the game starts, and then stick to 'em. At least I can try to plan for playing the 'game', since I can't opt out. And I don't really want to opt out, I recognize I need to pay taxes, just don't make it a convoluted mess.

-ERD50

WHAT? and give you a chance to actually plan things out? FAT CHANCE

 

[megacorp-firee]

If my understanding is correct, you could time your 2008 income so you would receive the entire benefit. You would get this benefit when you file you 08 return in 09.The current payment is an estimate of the amount you will receive.

? Don't understand this. So I still have a chance to get some of this free money? My understanding was that this is calculated on your 2007 income levels. Pointers please.

 

[Dave J]

? Don't understand this. So I still have a chance to get some of this free money? My understanding was that this is calculated on your 2007 income levels. Pointers please.

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.

 

[ERD50]

Thanks DaveJ. Now that you mention it, I guess I did hear this described as a 'pre-bate' on 2008 taxes.

So, what are the rules for 2008? I don't suppose they have been set, after all, it's only May 2008.....

-ERD50

 

[megacorp-firee]

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.

 

[Buckeye]

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?

 

[megacorp-firee]

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.

 

[yakers]

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.

 

[BigBob]

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...

 

[Buckeye]

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!

 

[martyb]

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.

 

[SakuICS]

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.

 

[packrat44]

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.

 

[maddythebeagle]

Shia LaBeouf Fan Media Archive - Saturday Night Live Clip - Suze Orman

see what suze says to do with your checks

 

[ER_Hopeful]

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?

 

[Martha]

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.

 

[maddythebeagle]

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.