IRS Stimulus

[Ksandra]

I dunno how you guys say you don't get anything. This is YOUR money, they're just giving it a year earlier. Come around tax time next year those 19 year old college students won't be getting a 600 cut to their '09 taxes unlike those that are getting the stimulus right now.

Only way you lose out is if you wouldn't make more than 600 in taxes for 08. I guess you can't owe money from the rebate. So basically, next year if you technically make 800 dollars on your tax refund, you will only recieve 200. If you made 400 dollars on your refund, you won't get anything but you won't owe anything either. which might have worked for those college students but then they probably don't make enough anyways to receive the rebate in the first place.

So it was confirmed then that this is merely an advancement of your '08 tax refund next year, to be made up for by future taxes and is not free money?

Not too sure how up to date this is, but here is where i got a lot of my info from:

Tax Rebate FAQ

according to that site it is an advancement on your taxes. My managers and up have been saying it's an advancement (I work at a bank).

I tried finding out which is true on the irs website and couldn't find it saying anything.

If someone could clarify this from the irs site would be great. As that would be the official word.

[terranova]

The whole thing doesn't make any sense to me. I thought the US was in huge debt but their just giving away money o_o.

(I'm one of the ones in the "300$" range)

[omgaggrohelpme]

check here... friend of mine whom I met in the IRS over the years of doing displays and such told me that MOST info should be here...

http://www.irs.gov/newsroom/article/0,, ... 91,00.html


HERE FOUND IT!!

http://www.irs.gov/newsroom/article/0,, ... 03,00.html

check here, putting a small sample of the questions..


Q. I have not yet filed my 2007 tax return. Can I still qualify for a stimulus payment in 2008?

A. Yes, but you must file a 2007 tax return. The IRS encourages you to file a return even if your income is low or much of your income is tax-free. File your return, if possible, by the regular April 15 deadline. If you file after April 15, with or without a tax-filing extension, your payment will be delayed. If you qualify for a payment, you can ensure that you get it by filing your return by Oct. 15, 2008.

Q. I owe some money on my 2007 tax return but the amount I owe is less than my expected stimulus payment. Can I wait to pay the balance due and simply let my stimulus payment cover it?

A. You should file your 2007 return and pay the entire balance due by April 15. You should not wait for your economic stimulus payment to offset the balance due. If you wait, penalties and interest will accrue between April 15 and the date the balance is paid, even if it is ultimately covered by the stimulus payment, which will not be available before May. [New 2/28/2008]

If the filers chose to have their tax refund direct-deposited, the stimulus payment will be directly deposited into the same account that received the tax refund.

[bold]Q. Is my stimulus payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.

Q. If my stimulus payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08]

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

Q. I don’t qualify for a stimulus payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?

A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.

Q. I'm eligible for a payment but I still owe federal income tax from a prior year. Will my payment be reduced?

A. Yes. For this purpose, the stimulus payment is treated like any other tax refund. This means that part or all of your payment can be used to pay past-due federal or state income taxes or non-tax federal debt such as student loans and child support.

Q. How will I be notified if my stimulus payment was used to offset an outstanding debt?

A. If this occurs, you will receive a letter explaining how the stimulus payment was applied. [New 4/11/08]
[/bold]


In other words, the money is free it is a 1 time refund that was to be given in 2008-2009 Income Tax.. AKA this time next year, but the Gov. approved it to be hand it out this year, from what I got from talking with my friend it works like this:

If you qualify for $600 rebate, but when the tax comes into effect next year you only qualified for 300$ you won't have to pay the difference back, if you got a 300$ but u were supposed to get a $600. then the Gov. will give you the additional amount.

[kuronosan]

To update this, the IRS now has a link on their site for "Where's My Rebate?". I went there and punched in my info, and I'm scheduled to receive my rebate this Friday. If you haven't received it yet, and are interested, just go here for details.

[Churchill]

The whole thing doesn't make any sense to me. I thought the US was in huge debt but their just giving away money o_o.

(I'm one of the ones in the "300$" range)

[Intense]

To update this, the IRS now has a link on their site for "Where's My Rebate?". I went there and punched in my info, and I'm scheduled to receive my rebate this Friday. If you haven't received it yet, and are interested, just go here for details.

Great! I should get mine tomorrow and get the full amount!

[Tyche]

Mine isn't showing up, and that worries me a bit

last 2 digits are 30.

[Viq]

Mine isn't showing up, and that worries me a bit

last 2 digits are 30.

If this week's deposits are scheduled like last week's, then a majority (roughly 2/3) of them are going out on Friday.

[Bardicrune]

Just checked my bank account and it dropped for me today.

[Woozie]

I got mine yesterday :D

(too bad rent was due the day before yesterday)

[Norelco]

Wife and I got $1200 combined. PS3 here I come.

[Tomiko]

Got mine last night/this morning.

$600

[Zigma]

i just found out im not getting shit... Goodbye $1800, lol.

[omgaggrohelpme]

i just found out im not getting shit... Goodbye $1800, lol.

you owe money to the govt?

[Djghost454]

Hmm... what time do these hit bank accounts? I should have gotten mine by now, and if i use that "Where is my return" or whatever it is, it says "Sorry unable to something" and gives me some bullshit excuse, any ideas?

[Zigma]

i just found out im not getting shit... Goodbye $1800, lol.

you owe money to the govt?

fuck no, i just don't qualify.


edit: oh shit, they gave me 1200 :D :D :D :D

[Tyche]

Hmm... what time do these hit bank accounts? I should have gotten mine by now, and if i use that "Where is my return" or whatever it is, it says "Sorry unable to something" and gives me some bullshit excuse, any ideas?

I had the same issue, thought maybe I didn't qualify after all or something. However, I just checked my account, and it's in there now. It wasn't 2 hours ago.

[kuronosan]

Usually hit around 9AM EST it looks like. Went to bed at around 2AM CST and it wasn't there, but my paycheck was... then woke up this morning and just checked... IRS deposited $313.

[Intense]

Woot, got $600 depositted yesterday!

[Doombear]

Well according to the IRS Schedule i should have seen mine today and didn't so i did a bit more reading up (which admittedly i should have done sooner).

Apparently since we filed our taxes online, and the direct deposit was routed through that Santa Barbara Bank... we will not get our stimulus direct deposited (since that routing account is a temp account and closed after deposit). I am not entirely clear though whether they will be MAILING the check out today as per the schedule or if it won't go out until the actual paper check schedule for my SSN which is in June =(

Bah. Anyone on here file online similarly and actually see a direct deposit?