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Yeah, more info for debate but hey I am posting anyway LOL

IRS Will Send Stimulus Payments Automatically Starting in May; Eligible Taxpayers Must File a 2007 Tax Return to Receive Rebate
WASHINGTON — The Internal Revenue Service today advised taxpayers that in most cases they will not have to do anything extra this year to get the economic stimulus payments beginning in May.
“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,” said Acting IRS Commissioner Linda Stiff.
The IRS will use information on the 2007 tax return filed by the taxpayer to determine eligibility and calculate the amount of the stimulus payments.
The IRS will begin sending taxpayers their payments in early May after the current tax season concludes. Payments to more than 130 million taxpayers will continue over several weeks during the spring and summer. A payment schedule for taxpayers will be announced in the near future.
Stimulus payments will be direct deposited for taxpayers selecting that option when filing their 2007 tax returns. Taxpayers who have already filed with direct deposit won't need to do anything else to receive the stimulus payment. For taxpayers who haven't filed their 2007 returns yet, the IRS reminds them that direct deposit is the fastest way to get both regular refunds and stimulus payments.
Most taxpayers just need to file a 2007 tax return as usual. No other action, extra form or call is necessary. This Web site will be the best information source for all updates and taxpayer questions.
In most cases, the payment will equal the amount of tax liability on the tax return, with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return).
The law also allows for payments for select taxpayers who have no tax liability, such as low-income workers or those who receive Social Security benefits or veterans’ disability compensation, pension or survivors’ benefits received from the Department of Veterans Affairs in 2007. These taxpayers will be eligible to receive a payment of $300 ($600 on a joint return) if they had at least $3,000 of qualifying income.
Qualifying income includes Social Security benefits, certain Railroad Retirement benefits, certain veterans’ benefits and earned income, such as income from wages, salaries, tips and self-employment. While these people may not be normally required to file a tax return because they do not meet the filing requirement, the IRS emphasizes they must file a 2007 return in order to receive a payment.
Recipients of Social Security, certain Railroad Retirement and certain veterans’ benefits should report their 2007 benefits on Line 14a of Form 1040A or Line 20a of Form 1040. Taxpayers who already have filed but failed to report these benefits can file an amended return by using Form 1040X. The IRS is working with the Social Security Administration and Department of Veterans Affairs to ensure that recipients are aware of this issue.
“Some people receiving Social Security and veterans’ benefits may not realize they will need to file a tax return to get the stimulus payment,” Stiff said. “To reach these people, the IRS and Treasury will work closely with the Department of Veterans Affairs, the Social Security Administration and key beneficiary groups on outreach efforts.”
Eligible taxpayers who qualify for a payment will receive an additional $300 for each child who qualifies for the child tax credit.
Payments to higher income taxpayers will be reduced by 5 percent of the amount of adjusted gross income above $75,000 for individuals and $150,000 for those filing jointly.
Taxpayers must have valid Social Security Numbers to qualify for the stimulus payment. If married filing jointly, both taxpayers must have a valid Social Security Number. And, children must have valid Social Security Numbers to be eligible as qualifying children.
Taxpayers who file their tax returns using an Individual Taxpayer Identification Number issued by the IRS or any number issued by the IRS are ineligible. Also ineligible are individuals who can be claimed as dependents on someone else’s return, or taxpayers who file Form 1040-NR, 1040-PR or 1040-SS.
To accommodate taxpayers who file tax returns later in the year, the IRS will continue sending payments until December 31, 2008. The IRS also cautions taxpayers that if they file their 2007 tax return and then move their residence that they should file a change of address card with the U.S. Postal Service.
The IRS will mail two informational notices to taxpayers advising them of the stimulus payments. However, taxpayers should be alert for tax rebate scams such as telephone calls or e-mails claiming to be from the IRS and asking for sensitive financial information. The IRS will not call or e-mail taxpayers about these payments nor will it ask for financial information. Scam e-mails and information about scam calls should be forwarded to phishing@irs.gov.

I wonder they they don't just knock that much off your taxes for the year? Wouldn't it save money to add "line 3967, subtract $XXX.XX from your tax obligation" instead of blowing lots of cash on checks, postage and handling?

Yes grey beard, but that would make sense! I say, if you have that much extra laying around. Forget the check, and take less please!

NY city is now accepting Euros as legal tender due to the weakness of the US dollar, and here we go giving away more money.
http://www.reuters.com/article/domesticNews/idUSN0655798320080206

US financial strategies = house of cards

I think that you have to have a Nigerian contact on the outside to claim it .

Unfortunately, I am disqualified by the terms of the package to receive a rebate chack and do my share to participate in stimulating the economy. So, to those who WILL be participating, please go forth and buy American (if you don't plan on paying off some of your debt, investing the money, or saving it).

Most of us will just pay bills. The rest will mainly buy foreign goods and send the money overseas. A shot in the arm for the Chinese economy. I plan to use it to make a few car payments on the car I already own. (Made in England by the way)

Why is it that more money in our pockets is good for the economy if it's filtered though the government, but not if it's left with us in the first place?

Government handouts = Good
Tax cuts = Bad

Stupid, stupid, stupid.

I think that it comes down to handouts = lots of politician's friends and inlaws having high paying do-nothing jobs "administering" it all.

yep, fairtax .org would eleminate this a be a perpetual stimulous package !


ya gotta laugh at the politicos.......the slime !
Ooops, that was an insult to slime !!!

Wow i get a 900 dollar check.. Wow, i made just under the cap lol.. Oh Brent, Mr Gov-ment man want me to buy some of yo stuff.

Is this a political thread?

It's getting there...

Don't forget, all of our custom made items are made right here in Jefferson, Texas by American workers who pay taxes to the American govt.

http://www.newspeedmaster.com

Why won't we want to buy your stuff??? We can get Chinese knock offs for 1/2 price?

let me remind those who know or educate those that don't. from everything i've read, this is NOT a rebate. it is a "pre-refund" on your 2008 taxes filed in 2009. meaning come april 2009, the refund we think we'll be getting will have been spent 10 months prior. we are being hoodwinked and bamboozled by our government. and just fyi, i am a republican voter since ronald wilson reagan in 1980. shoot man, i run with 7 deductions on my federal w-4. my refund averages 1300 to 1700 dollars (depending on ot) and i'm supposed to get a 1500 dollar 'rebate'. does this mean i'm gonna owe money in 2009 because i was 'stimulated' in 2008?!?

Quote:

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we are being hoodwinked and bamboozled by our government.

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NO!!!
Especially not in an election year!!!!!

Wonder if I can get it in Euros

I agree, call it what it is. I'd like the option to decline this advance, so I'll not have to hold it just in case things change and I'd owe next year. Guess I'll put it in savings and collect $5 interest over the year....

later, Tom.

It appears there will be no effect with this "stimulus payment" on your 2008 tax return. This is a FAQ from the IRS site:

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 or increase your refund when you file your 2008 return.

Here is a link to the FAQ IRS site: FAQ link

Good one Jack! And a cite for your source too!



Too bad more people don't check their facts...

Thanks for the facts Jack. The problem is that in 2001 when they did this it was exactly as Jethro describes. Anyone else remember having to declare that government check as income?

Sorry I don't have a source on this one other than the local newspaper, but it just seems really short sighted to borrow money to dole out like candy. The way I understand it, the plan is literally to run the national debt up by the same amount as the billions in "refunds!"

I'm struck with the same sense of "oh, yeah, duh" that I once got as a kid. I asked my dad if I could write a letter to President Carter to tell him to just print more money to pay off the national debt... (Remember when the size of the national debt was news and we were concerned about it?)

It took dad a couple of tries to explain that one.

chrome, I see more free chrome in my future.....

Yes I do remember that. I was not going to cash the check if it was the same. I kept an eye on the IRS site for this info and answer. I think maybe the folks up in Washington might have gotten the message last time when so may of us got mad to the bone about it. But I do pay taxes, along with self employment taxes, and I have no problem getting some of it back. We do have a high deficit, but this is but a ripple in the pond (as in between USA and the UK)

As W would say, It's America.............
People need money..............
We're gonna print some...........
Help stimulate everyone............