Just Got My IRS $600 Refund

[tryan]

hmmm, good point ... hard to work out of a mattress.

 

[cute fuzzy bunny]

You think Uncle Sam needs your permission to access your mattress?

 

[Notmuchlonger]

You think Uncle Sam needs your permission to access your mattress?

WHAT?

 

[BigBob]

I got $600 bucks Friday. Then picked up my mail Friday and the IRS says I owe $124 on my 2006 taxes. Fidelity's reported income does not match mine on my 1040. wtf?

IRS messed mine up too. Got the $1200 direct deposit, but they must have "forgot" that I have 2 kids under 17 (and 2 more above 17 that don't count ) . Not sure how they could have missed it, as TurboTax has their birthdates and SSNs. Guess I gotta give the IRS a call - or shouldn't I open that can of worms...

 

[yakers]

Wife & I wanted to put it to its best use. So we sent it on to Habitat For Humanity. We returned from working on a HFH project in Biloxi, MS a week ago. The money will be well used. Folks struggling with housing problems there that have nothing to do with the mortgage finance issues in the rest of the country.

 

[cute fuzzy bunny]

IRS messed mine up too. Got the $1200 direct deposit, but they must have "forgot" that I have 2 kids under 17 (and 2 more above 17 that don't count ) . Not sure how they could have missed it, as TurboTax has their birthdates and SSNs. Guess I gotta give the IRS a call - or shouldn't I open that can of worms...

Check into the fine print. There was something in there about reductions in the amounts paid for kids under certain circumstances. I think that if your use of the child tax credit was reduced, so is your kickback.

 

[BigBob]

Check into the fine print. There was something in there about reductions in the amounts paid for kids under certain circumstances. I think that if your use of the child tax credit was reduced, so is your kickback.

Guess I will wait until I get their explanation in writing. I believe bullet item 2 may have applied, as I am still using up our adoption credit from 3 years ago as well as some Hope/Lifetime credits. Doesn't seem quite right, but maybe it all comes out in the wash and will get more back when I file taxes next year.
The snippet from irs.gov Economic Stimulus Payments: Most Frequently Asked Questions says:


Your payment may be less than the maximum for one or more of the following reasons:

• You are single and your net income tax liability is less than $600. If you file Form 1040 net income tax liability is the amount shown on Line 57, plus the amount on Line 52.
• You are married and your net income tax liability is less than $1,200.
• You are single and your adjusted gross income (AGI) is more than $75,000. On Form 1040, AGI is the amount on Line 37.
• You are married filing a joint return and your AGI is more than $150,000.
• You owe back taxes that reduced your payment.
• You have non-tax federal debts such as unpaid student loans or child-support obligations that reduced your payment.

Around the time you receive your payment, you will also receive a notice from the IRS explaining how your payment was calculated. It is important to keep this notice as a record of your economic stimulus payment. In addition, you’ll get a separate notice if you owe back taxes or non-tax debts that were offset or deducted from your stimulus payment.

 

[OAG]

Hang in there - the second letter from the IRS will come about a week after you get you payment along with the phone number to call if you still have questions.

 

[ex_CFO_now_RVer]

Not eligible for stimulus check, but paid $5,500 in AMT.


Dave

 

[cute fuzzy bunny]

Anyone else wish they'd just kept the two "you're a winner!" letters, saved the $xx million in postage and processing, and gave us all an extra .50c?

 

[HFWR]

Anyone else wish they'd just kept the two "you're a winner!" letters, saved the $xx million in postage and processing, and gave us all an extra .50c?

I purchased a couple of items from Home Depot the other day. The actual receipt was required maybe 5-6" of paper; the "log on and respond to our survey" portion was another 10-12"... Wonder how much extra they spend for me to recycle their extra paper...

 

[cute fuzzy bunny]

Lowes did that for me yesterday. I bought one fence board as a sample to show my neighbors ($3.37). I struggled for about 5 minutes with the self checkout that asked me about 15 times to put the item in the bagging area, then take the unknown item out of the bagging area. Then it glerked on my credit card about 6 times in a row. Finally it spit out 3' of register tape.

I'm absolutely sure that no actual profit was generated for anyone in that transaction.

 

[spazz]

Let the spending begin!

NEW YORK -- If U.S. consumers are worried about conserving cash from the tax-rebate cheques they've started getting in the mail, Dean Rallo isn't seeing any evidence of it at the four furniture and appliance stores he oversees in Buffalo.
....

Still, even if consumers end up spending most of their cheques, some economists say the stimulus effort won't be enough to avert what would be the first decline in U.S. personal consumption since 1991.
"I still maintain the business cycle is bigger than the government," David Rosenberg, North American economist with Merrill Lynch, said at a client conference in Singapore yesterday.

full article here, U.S. shoppers are using rebate cheques

 

[happy2bretired]

I've been thinking about splurging on a new washer and dryer with my big $600 check. At least it would help put a dent in the cost of replacing my 12 year pair. Hopefully new machines would lower my utility costs too.

Now I need to revisit the thread on washers and dryers.

 

[Notmuchlonger]

Sweet! im going to Costco today to celebrate!

 

[OAG]

We have LEVERAGED ours from $1,200 to $1,448 by purchasing a set of $1,200 gift cards at two grocery chains for $1,320 each and by purchasing them on the PENFED VISA card for another $48 in 2% cash rebates. Spreading the two purchases over 2 billing periods for another month each of interest free money. As always, paying the monthly bills in full each month.

 

[ladelfina]

I got nothing. Don't think I'm currently eligible. But I'm getting married soon (to a non citizen). I'm hoping that means come tax time I'm eligible and can pick up the $1200 version.

Editorial: No Rebates for You
http://www.nytimes.com/2008/05/15/opinion/15thu1.html

Ninja.. just found out we woulda/shoulda/coulda gotten $1200, but no rebate for non-citizen taxpayers OR their citizen spouses.. no matter whether the citizen would have qualified.

Turbotax told me $1200 and I chose direct deposit, but at the online status-checker, I just kept getting the message that they "couldn't process my request" for info. Now I know why. Grrrr.