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We just got word of this from the IRS. Treasury also issued a Fact Sheet as guidance, but I am not techie enough to post the pdf file here. Sorry.
IRS Says Stimulus Payments Will Be Sent Automatically Starting in May
Posted Feb. 13, 2008, 2:45 PM ET
The Internal Revenue Service Feb. 13 said it would send stimulus payments automatically starting in May, adding that eligible taxpayers must file a 2007 tax return to receive a rebate.
In a news release (IR-2008-18), IRS said in most cases taxpayers will not have to do anything extra to get the payments under the economic stimulus package, signed into law today by President Bush.
"If you are eligible for a payment, all you have to do is file a 2007 tax return and the IRS will do the rest," acting IRS Commissioner Linda Stiff said in the release.
IRS also issued two fact sheets with more information on the stimulus payments, one with general information (FS-2008-15) and one with information specific to low-income workers and recipients of Social Security or certain Veterans' benefits (FS-2008-16).
Text of FS-2008-16, Stimulus Payments: Instructions for Low-Income Workers and Recipients of Social Security and Certain Veterans' Benefits, is available at http://op.bna.com/dt.nsf/r?Open=csaz-7bsqv4.
What defines an eligible taxpayer??? I did pay taxes in 2007 but I think I'm getting it all back. Maybe my newfound airline job will allow me to get my refund.
-MJ
I have yet to see a rational explanation as to how this stimulus plan is going to save us from a recession. We are essentially "borrowing" this money from China since the hope, I think, is for consumers to spend the entire amount on goods. It would be more worthwhile to fix the underlying economic and fiscal problems we have. Bernanke, however, is bent on lowering interest rates instead.
Well, ooopsy, not pilot or aviation related. We better stop, jungle.
Can anyone help here. If I'm not eligible for the stimulus check due to my income, and also subject to the AMT, would my 2 college age children be eligible for the stimulus check if I don't claim them on my tax return. Or are they eligible anyway, just for filing and having earned income?
I have yet to see a rational explanation as to how this stimulus plan is going to save us from a recession. We are essentially "borrowing" this money from China since the hope, I think, is for consumers to spend the entire amount on goods. It would be more worthwhile to fix the underlying economic and fiscal problems we have. Bernanke, however, is bent on lowering interest rates instead.
Well, ooopsy, not pilot or aviation related. We better stop, jungle.
I spent my stimulus package already on airline tickets for my wife and kids over springbreak. My wife needs abit of sun now and then. I get to leave and go to work, but she gets to enjoy the PDX weather year round. We have been stimulating the economy like this since we moved here in 2001.
EZED, this is what we received from the IRS as of 2/20/08 (excerpted of course).
Quote:
Only taxpayers who file a 2007 tax return with valid Social Security numbers will be able to receive a stimulus payment. If filing a joint return, both spouses must have valid Social Security numbers. And, children must have valid Social Security Numbers to be eligible as qualifying children. Individual taxpayer Identification Numbers (ITINS) and adoption taxpayer identification numbers (ATINs) are not eligible.
So, if your children had at least $3000 of earned income, have a valid Social Security Number, and filed a return for 2007, they should be eligible for the rebate. The IRS makes mention of this, however, in the link above (emphasis added):
Quote:
Q: I know some people won’t get a stimulus payment. How do I know if I’m one of them?
A: You won’t get a stimulus payment in 2008, if any of the following apply to you:
-You don’t file a 2007 tax return.
-Your net income tax liability is zero and your qualifying income is less than $3,000. To determine your qualifying income, add together your wages, net self-employment income, nontaxable combat pay, Social Security benefits, certain Railroad Retirement benefits and certain veterans’ payments.
-You can be claimed as a dependent on someone else’s return. For example, this would include a child or student who can be claimed on a parent’s return.
-You do not have a valid Social Security Number.
-You are a nonresident alien.
-You file Form 1040NR or Form 1040NR-EZ, Form 1040PR or Form 1040SS for 2007.
However, given your posted rudimentary scenario, it looks like you would not be claiming your children anyway. You probably want to figure your return and that of your children to see if your refund, if any, amounts to the rebate checks your children may be getting. In other words, do your return with you claiming them both, and then do their returns where they (1) claim themselves and (2) do not claim themselves. This is what we have to do all the time, especially with that doggone Hope Credit and Lifetime Learning Credit. Speaking of which, if you are paying their college tuition, you can claim this credit, depending on your AGI.
Clear as mud, eh? PM me if you have more questions and I'll ask the IRS specialist on staff.
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