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View Full Version : Stimulus Payments Begin In May


vagabond
02-13-2008, 01:59 PM
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 IR-2008-18 is available at http://op.bna.com/dt.nsf/r?Open=csaz-7bsqmn.

Text of FS-2008-15, Facts About the 2008 Stimulus Payments, is available at http://op.bna.com/dt.nsf/r?Open=csaz-7bsqud.

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.


cfii2007
02-13-2008, 02:44 PM
It's an election year.

The rebate checks are a slap in the face to every working, tax paying American.

Zapata
02-14-2008, 09:47 PM
It's an election year.

The rebate checks are a slap in the face to every working, tax paying American.

Ditto!

I encourage everyone to not buy a thing with the check and either use it to pay down debt or save it.


mjarosz
02-14-2008, 10:07 PM
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

jungle
02-16-2008, 04:01 AM
Your Honor, wouldn't a similar "stimulus" by an individual constitute theft and bribery?

vagabond
02-16-2008, 08:27 AM
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. :)

EZED
02-26-2008, 02:20 PM
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?

74plb
02-26-2008, 02:32 PM
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.:)

cfii2007
02-26-2008, 02:34 PM
I'll probably use mine towards a suit for upcoming airilne interviews........

vagabond
02-26-2008, 03:29 PM
EZED, this is what we received from the IRS as of 2/20/08 (excerpted of course).

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.

You can also find some information on the IRS website itself:
http://www.irs.gov/irs/article/0,,id=177937,00.html

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):

Q: I know some people wonít get a stimulus payment. How do I know if Iím one of them?

A: You wonít get a stimulus payment in 2008, if any of the following apply to you:

-You donít 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 veteransí payments.
-You can be claimed as a dependent on someone elseís return. For example, this would include a child or student who can be claimed on a parentís 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.

EZED
02-27-2008, 04:05 AM
Thank you Vagabond for the references. I'll crunch the numbers and go with
the obvious.

B717U2
02-28-2008, 03:54 AM
I have yet to see a rational explanation as to how this stimulus plan is going to save us from a recession.
"Mindless consumerism got us into this mess, surely mindless consumerism will get us out!"

citationdrvrmob
02-28-2008, 06:45 AM
The sad part of the whole thing in my mind is that this "stimulus" is supposed to stimulate the U.S. economy. Instead of putting this to good use and reducing debt, I would venture to say many Americans will spend this on a new flat screen tv, or iPod, or iPhone, or something that would inherently stimulate the Asian economy instead.....

Freightpuppy
02-28-2008, 07:44 AM
This thing is b.s. If you make over 75K, you don't get squat. Personally, if you make more, you should get more back, cuz you friggin paid more taxes. A bunch of crap if you ask me. I am so sick of this attitude that if you make over a certain amount, you are not eligible for gov't handouts.....how the heck does the gov't get money for free handouts? Yes, from people that make the money!!!!!!!!!!

Ted Striker
02-28-2008, 09:07 AM
The sad part of the whole thing in my mind is that this "stimulus" is supposed to stimulate the U.S. economy. Instead of putting this to good use and reducing debt, I would venture to say many Americans will spend this on a new flat screen tv, or iPod, or iPhone, or something that would inherently stimulate the Asian economy instead.....

very true ... they should of only allowed the money to be spent on american made goods.

LJ-ABX
02-28-2008, 11:25 AM
that would inherently stimulate the Asian economy instead.....

Imports represent about 15% of our total economy.

What do you think that those Asians do with the money that we send to them in exchange for their products?

citationdrvrmob
02-28-2008, 02:21 PM
Imports represent about 15% of our total economy.

What do you think that those Asians do with the money that we send to them in exchange for their products?

Buy "blue jeans" and other Americana made in places other than America.

DYNASTY HVY
02-29-2008, 04:49 AM
Imports represent about 15% of our total economy.

What do you think that those Asians do with the money that we send to them in exchange for their products?
Build up their own military? ie CHINA:eek:

LJ-ABX
02-29-2008, 09:23 AM
Buy "blue jeans" and other Americana made in places other than America.
Build up their own military? ie CHINA:eek:

Then where do the dollars go? What happens when the amount of dollars outside of the US increases?

vagabond
04-09-2008, 11:05 PM
April 15 is only a few days away and it can't come soon enough for me! This year, in what little spare time I have, I help run an IRS-sanctioned free tax preparation site. Our "constituents" are those whose AGI averages $18,000. They are essentially the working poor to the dirt poor. Many qualify for the Earned Income Credit.

Whoever dreamed up of the stimulus rebate package should be kicked in the privates. When the IRS sent out letters exhorting people to get their taxes done so they can get free money, the practical results were obviously unknown to them. Ever since those dang letters went out, every senior citizen and disabled person, many of whom have not left their rooms in two years, spilled out of nursing homes and such, and travelled to our little tax site in canes, walkers and wheelchairs. There were a few I thought were going to die on us; they were that old and feeble. At least they got to see the sun for a little bit.

So, if ever you think you have a lousy job, just think about what happened to me this tax season. By the way, what are YOU going to do with your rebate check? :p

LifeNtheFstLne
04-10-2008, 07:25 AM
April 15 is only a few days away and it can't come soon enough for me! This year, in what little spare time I have, I help run an IRS-sanctioned free tax preparation site. Our "constituents" are those whose AGI averages $18,000. They are essentially the working poor to the dirt poor. Many qualify for the Earned Income Credit.

Whoever dreamed up of the stimulus rebate package should be kicked in the privates. When the IRS sent out letters exhorting people to get their taxes done so they can get free money, the practical results were obviously unknown to them. Ever since those dang letters went out, every senior citizen and disabled person, many of whom have not left their rooms in two years, spilled out of nursing homes and such, and travelled to our little tax site in canes, walkers and wheelchairs. There were a few I thought were going to die on us; they were that old and feeble. At least they got to see the sun for a little bit.

So, if ever you think you have a lousy job, just think about what happened to me this tax season. By the way, what are YOU going to do with your rebate check? :p

The whole principle idea behind the check was to put money back into OUR pockets and in turn back into our U.S. economy. Well, like my good friend said:

'If I use the money to buy toys for my kids - the money goes to China. If I use it to fill up my car - the money goes to the Arabs. If I use it to buy electronics - it goes to Mexico. The only logical solution is beer and hookers. It doesn't get any more American than that.'

AMEN

vagabond
04-10-2008, 07:44 AM
You forgot gambling as another great American product. :)

BTW, gambling winnings must be reported on Line 21 of Form 1040. You can deduct losses, but only to the extent of your winnings. Just another friendly tip from your tax guru. :D

DYNASTY HVY
05-03-2008, 06:43 PM
very true ... they should of only allowed the money to be spent on american made goods.
Did,nt know that anything was left to be made over here !:eek: