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2008 Tax Rebate Stimulus Package Explained
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1/15: The Committee on Appropriations just released the an executive summery of the details of the American Recovery and Reinvestment Plan.
This post refers to the first economic stimulus package of 2008. You can read about the second stimulus package here.
Looks like the stimulus payments will be sent out ahead of schedule, with the 800,000 direct deposit payments on Monday April 28th, Tuesday, Wednesday, and a whopping 5 million on Friday (none on Thursday). The schedule of payments will follow the original schedule, just accelerated by a week.
No doubt you’ve heard the “great” news that a deal on a stimulus package has been reached and that checks will be in the mail as early as May. Whether you believe the naysayers that say we’re really just propping up the Chinese economy (or oil rich nations) because we’re borrowing from them to buy their goods or whether you believe the proponents that say this will boost own economy in magical ways the fact of the matter is a deal has been reached – so what is it? Essentially, it’s a removal of the 10% tax bracket for everyone with some modifications. It includes phaseouts that begin past annual incomes of $75,000 and a component that includes those working Americans that don’t earn enough to pay income taxes.
To get a clearer understanding of the rules, let’s walk up the income levels and explain how it works; beginning first with those filing their taxes as singles and then adding in families. How the phaseouts work, from what I can understand, is that you first determine eligibility (if you earned more than $3,000 and paid taxes) and then, if you fall in to the phaseout, start reducing your benefit.
Singles
Determine Eligibility:
If you earned less than $3,000 – unfortunately you’d get nothing.
If you earned more than $3,000 but paid no taxes, you’d get $300.
If you earned more than $3,000 and paid taxes, you get $600.
If you have children, add $300 per.
Determine Phaseout Reduction:
The phaseout levels begin at $75k and end at $87k, at a reduction of 5% per $1,000 over the lower limit. If you earn above $87k, you’re over and thus get nothing regardless of the math.
Couples
Determine Eligibility (appears to be the same as singles):
If you earned less than $3,000 – unfortunately you’d get nothing.
If you earned more than $3,000 but paid no taxes, you’d get $600.
If you earned more than $3,000 and paid taxes, you get $1,200.
If you have children, add $300 per.
Determine Phaseout Reduction:
The phaseout levels begin at $150k and end at $174, at a reduction of 5% per $1,000 over the lower limit. If you earned above $174k, you’re over and thus get nothing regardless of the math.
Some Common Examples
These are taken from a post by Gridking on Tickerform.org:
- An individual with $2,500 in earned income in 2007: Disqualified because income fell below the $3,000 threshold. No rebate.
- A married couple with no children, with adjusted gross income of $100,000 in 2007: Would qualify for the full $1,200 couples. A $1,200 rebate.
- A worker with one child, who earned $9,000 and owed no taxes in 2007: Would qualify for the $300 rebate available to individuals who pay no taxes but earned at least $3,000, plus an additional $300 for the child. A $600 rebate.
- A couple with income of $145,000 in 2007, with three children: Would qualify for the full $1,200 for couples, plus $300 for each child. A $2,100 rebate.
- A couple with income of $160,000 in 2007 with two children: Would qualify for a partial rebate, reduced by 5 percent for every $1,000 in income above the $150,000 threshold. An $1,800 rebate $1,200 for the couple plus $300 per child — would go down by 50 percent for this family. A $900 rebate.
- A couple with income of $200,000 and four children: Disqualified because their income exceeded $174,000, the phase-out limit. No rebate.
There were a few other salient details to the bill, including a temporary raising of the individual mortgage ceiling that Fannie Mae and Freddie Mac could purchase (FHA loan limits) – increasing it to a whopping $729,750 (up from $417,000), and business tax breaks for infrastructure investments.
Some Questions & Answers
Here are the answers to many of the questions in the comments below, I wanted to wait until the Senate and House agreed on something before trying to tackle these:
Is this a rebate? What is it a rebate on?
The funds are NOT a rebate on the taxes you will pay next year, they are based on your 2007 tax return. Next year, after you file your taxes, the IRS will calculate what you should’ve gotten and adjust your return. So if you received too much “rebate,” they let you keep it. If you received too little, they decrease what you owe next year. (Correction made, Thanks Phil!)
How do I know what I get?
What you receive in May (or June or July) will be based on the tax return that is due April 15th. It will then be adjusted next year if necessary. So, it is based on your 2007 return, use the math I outlined above or the calculator below to determine what you’ll be getting.
Tax Rebate Calculator
This is a calculator that you can find on Consumerism Commentary and has been vetted by tax professionals, this is NOT tax advice so please consult a professional if you have additional questions:
(Photo: Tracy O)
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You guys bitch way too much! First of all, we are all lucky enough to live and, for the majority, be born in this Country. Yet, you sit here and whine about the poilicies and how the country is too liberal and that there is too much diversity. I’m confused, are you patriots or not. IF not, quiit complaining and move elswere! Maybe a few of you should take a look at a little document called the Constitution and the Bill of Rights. If you have a problelm with your government advocate, don’t sit at your computer and be just another motionless voice. I also say that the diverse population of our great nation is what makes it so great. Everybody is intitled to their own manifest destiny and you have no right to say weather or not anyone can persue a better life for themselves and their families. Take a look at the immigration numbers that left the United States during the Great Depression, we are all the same, we all want what is best for ourselves and our families. Don’t be so quick to judge just because you were lucky enough to be born here!!!!
This has been a question between my parents and I. I started working September 2006, and worked until February 2008, until I moved. I will be starting work here soon again. Now, I made over $3,000 in the year of 2007, which I hear is the supposed minimum. My parents filed my taxes for me this last year, and this year. Do I get money, or not?
Do any of you fat people out there know why us skinny people on S.S.I. don’t get to participate in the stimulas package payments? If you don’t know what I’m talking about, just put aside your Roast Beef sandwiches, Chocolate milk, and Doughnuts for a minute, and look it up! I can’t seem to find out why. Then after you finish eating your Spagetti and Candy Bars, maybe you could be kind enough to respond on this forum. Believe me, you,ll feel much better than you did when you weighed in this morning…
Question: If a couple is filing jointly will there be 1 or 2 stimulus check(s)
mailed to the couple?
Just another example of socialist, income redistribution. I guess because I’m successful and earn over $400K in annual income, I just get a thank you and more of my money goes to people with no fiscal responsibility and 18 kids.
My wife and I are newly married and we filed as a couple for our 2007 return. In 2006 we filed separately and my wife used her maiden name. We just recently received a letter explaining the rebate but it came to my wife only and under her maiden name. We have not received one for us. Should we call someone?
Thanks,
Dave
TO: DAVID HALLMON Yes David, you should call somebody. First a psychologist, and then the POPE! I’M JUST SO glad I COULD HELP… Where should I send my bill?
when will these checks be mailed out are they coming from the state or federal.
federal yeah
state boo
Everyone who is complaining that what they make exceeds the amount necessary for the tax rebate. You make enough money as it is, relax! There are others who need the money way more than you do, and no we’re not all a bunch of people who are on welfare, or sit on our asses all day. Some of us are college students who don’t have parents that can afford to pay for our school because they never had money to go to college! Some of us are students who work our asses off to pay for school, and still have no money! We pay ridiculous tuition rates, pay too much money for textbooks, taken public transportation, and live on our own! For those of you who have become sucessful and own nice houses and nice cars and have the luxury of being able to complain that you have too much money, you should be ashamed of yourselves. There are people out there who struggle to make ends meet, and a $300 or $600 check is like a being a little kid on Christmas morning to some of us. It might not fix all of our problems, but it sure does help! So be a little more considerate of others. And if you would like to whine about your great job some more, than I would like to switch places with you for a week so that you can see what it’s like to live without a lot of things. I hope that everyone who really needs this check gets it, and I hope that you use it for something that you and your family have wanted for a long time but could never afford to have it
will someone let me know if my handicapped daughter who receives social security is eligble for this money. I receive earned income credit, because she lives with me and I have to care for her. I receive social security, also. I recieved something from the IRS sent to me for her, but I don’t know if she is eligible because of my earned income credit. HELP
i dont think its fair that i dont get the full 600 rebate..they say for single people such as myself it varies between 300 and 600.. so for married they get 1200….meaning as individuals they get the full 600….so why is it that way..i have already used that calculator thing. it says i will get 350 or so..the amount of taxes i had to pay last year.. so if they are saying its based on that..then why dont married couples have that requirement…i bet theres alot of married couples that didnt have 1200 dollars combined in taxes paid>>>
I need to know if my 88 year old Aunt will get a check. She is on Social Security but obviously does not work to have any “earned income”. We are confused. Does she qualify?
Has anyone read the question posted on March 19, 2008, from someone named Needy & Skinny? Even though he or she insulted those of us who are plus size, I too am looking for that very same answer. Can anyone help?
Why is it as a single person who earned more than 9,000 (earnings were 12,500) and I paid taxes (220) am only getting $300 rather than the $600 as you outlined. I also got social security (15,000) which was not taxable.
I am very confused because as you explained, I am single, earned more than 9,000 and paid taxes, so that should be $600, but the calculator says only $300.
I FILE MY TAXES IN JANUARY 2008 AS OF YET NO LETTER YET REGARDING A REBATE NOTICE DOES THAT MEAN ANYTHING, I AM LOW INCOME
MS J GARCIA
I HAVEN’S RECEIVE A REBATE LETTER AS OF YET, I AM LOW INCOME W/ 19 YEAR OLD, 13 YEAR OLD DOES THAT MEAN NO REBATE CHECK?
Ok so here is the easy way to explain it.
If you received $3000.00 or more in income (even if if was not taxable) you rate a check.. But you have to file for taxes, even if you don’t have to pay any.
If you are single you get $600
if you are married filing seperately you get $600 and your spouse gets $600
if you are married filing jointly you get $1200
if you have kids that you can claim on your taxes you get $300 for each kid.
Once you get your money do one of 2 things.. put it in savings or write a check towards the US debt YES YOU CAN DO THAT….
The Stimulus Package is stupid. We are trillions of dollars in debt and it is causing our economy to crumble. SO we will put more money out there making the Dollar worth less… which means stuff is more expensive.
Where is this money coming from? Our country is bankrupt. The national
debt is through the roof. This is a quick fix that is going to backfire. Depite what President Bush tells us, we are in a recession. If any of the big banks fail I fear it will be a depression much worse than the one before. This rebate is not going to pull us out of the woods.
Why does a person who made money this past year, but didn’t pay taxes getting money back? How come people who paid taxes but didn’t make $3000 not getting anything? What if you worked for the past ten years paying taxes, and you had one crappy year where you haven’t been able to work most of it but still had income and paid taxes but didn’t make the $3000 dollars that is required. I think this is completely unfair. It should be as simple as black and white, if you paid taxes you should get money back, if you didn’t, you shouldn’t.
Alright here is my question, I am considered a dependent. My parents claim me on their taxes. However, I filled my taxes for both federal and state, I have earned over 3,000 and meet all qualifications. Would I be eligible for the rebate check?
Alright people i’m going to tell you all the bad news that the TV News isn’t telling you. This rebate check we are due to receive starting in May is just a LOAN from your 2009 tax filing for 2008. You all will receive 300-1200 less on your 2009 return. This is what they are not telling you. Complete ****!!!
And heres the proof so don’t get all excited
to whom it may concern,i dont think any of us so called people who use the system or the people the system use like my self are doing any cursing or fusing over the tad bit of money.i worked for 22 years as a waitress and a house keeper as a mother of two i never once took any money from the gov.i never once got any childsupport from anyone .i was injured and keeped off from work just long enough to not have enough quaters in to draw my full ss.so i draw ssi.what happened to all the taxes i payed in .who got that i sure didnt. It seems that now im on welfare do you know how that makes a person feel??????? i do but i do agree that theyere some who dont deserve it.when i see a man who is suing anotherfor his hard earned money buying things i could onlydreamabout.when it takes everything i make to eat i wish they would give methe job they do rather poorly so i could”fire” themand put the money to better use .people we have to do something things are not good inthis country when we pay illegelA”s to do our work in this country.what happened to our pride and our abilityto make together through the good and the bad.we arent being fair theyer are some of us who did get the shaft i guess i need to go to theyre country and do like they do and apply for all the help i can get ,it would be my luck id be deportedand then jailed .so the next time u run across ajob giv me a shout cause i do just about any thig to not her someone say u are on welfare.i might feel good about myself and actually get out of the rut im in. happy spending but remmber to save a dollar you might be where im at someday at 50 .to young to die andto old to get a discent job and make enough to pay my house paymentand my 2000.00 amonth meds and batteries for my wheel chair. never give up live like today is your last and put that money to good use buy yourself a bond and let mature i suggest you buy every child in your family one before this is over we will be paying it back with interest.;do something good for the poor who need it not the pot heads or couch tots,just member some of us poor folk waited on u rich people and where would u have eaten or layed your head if it wasnt for us that do those things. i pray for all those who talk bad about those of us who cant change things cause of stupidlittle things the gov dose after i still pay taxes on my home..food i cant buy cloths cause there 2 much thats a lux. i dont have a car . so tell me how to change this and i will,just dont judge me till u liv in my shoes that were give to me.
I too think this is bs yes I did earn over the limit for a single tax payer, but they won’t figure in the fact that almost 1/2 of that came from a buy out when they closed the factory where I had worked for 31 1/2 yrs. Thank God I was able to retire, but this is whats wrong with America today reward the ones not trying to work and punish the ones who try to work there butts off to have things. Now living on retirement pay lost my job and will not get any of the rewards as they will call them even if I was getting something I’d rather them keep this money and spend it to help reduce our need for foreign oil plus it will not help the economy it’s just a feel good thing for the government.
do i get a rebate for my son who is 17yrs old
don’t get too happy- IF you happen to owe any taxes to IRS, you WON’T get anything at all or it will be reduced- this is per the IRS
and how do i know this? because I just got off the phone with the IRS myself- and i won’t get anything because i still have money owed to them-however i will have to claim it as income on next years return-even though i won’t get it
I heard that we will have to pay taxes on the Stimulus rebate. Is that true. What about the people with large families who will get at least $3000 how can they pay taxes on that amount.
I think the stimulus payment is a “pretty good idea”, especially for us Poor people who make less than 50k a year. We work just as hard and try to support ourselves just like the folks who make 150k yearly. It just might be a case of living in an area where the businesses are leaving the area or sending the jobs overseas and being done for a lot less wages. That’s the trouble with the U. S. of A. right now. People can’t feed and cloth a household of two people, let alone buy gas for your car on the minimum wage today. Just try to pay all the small things such as your utilities only on $6.50 per hour. Most all the comments I read made a good point for their situation, but most of us that need the stimulus payment feel like we just got a break. It won”t make a big dent in our situation but it will sure make me feel better. I sort of feel like I’ve had to pay more than my fare share over the past 37 years. Middle class Tax payers get hit pretty hard on their paycheck every other week. We just keep on plugging’. Ooh, in case you are wondering, NO, we DO NOT lay on the couch and live on drugs, nor have we ever received any government assistance—ever. As a matter of fact I am a Cancer Survivor and made it back to work within the same year that I had 7 surgery’s and 4 months of KEMO thearpy.
Maybe I’ll just go out and buy myself a really expensive Hat!!!!!!!!!!!!!
SOMEONE – ANYONE, Please tell me, is this a Stimulus Payment or Some kind of Rebate that we have to add as income on the 2008 Tax Returns??????
I LIKE GOTCHA2000’s ANSWER. I HOPE HIS WIFE/CPA IS CORRECT!!!!!!
my understanding is that my college children who work part time and make over 3000 will not get the rebate, because we claim them as dependents, and we wont get the 300 per child because they are older than 17. so no double dip or rebate for college students who can be claimed as dependents, but not child, on their parents income tax return. this is not fair to them. college students could benefit from the rebate and should get it if they work.
what if you and your spouse is seperated and you filed single and head of your household, and you have 2 childrensat home, one 16, 15, and a boy in college age 19, and you claimed him on your taxes for 2007.
what if you and your spouse is seperated, and you file seperated and head of household. And you hsve two childrens at home 15, 16, at home. And a son in college who is 21 years old, and you filed him on your year 2007 taxes. How much do i expect.
MY ONLY SOURSE OF INCOME IS SOC. SEC. I HJAVE TWO SPECIAL NEEDS CHIRLDREN RECIEVING DEATH BENEFITS FROM FATHER & IM DISABLED HOW DO I CLAIM THIS REBATE OF DO I NOT QUILFY? WHAT FORM DO I NEED?
There is entirely too much greed and gelousy being shown by all of you ignorant people who don’t know how to accept a gift from our great American Government! I therefore suggest that you immediately donate your “Economic Stimulas Package Gift” to your local S.P.C.A. upon receipt. You see, the animals won’t complain about why the dog got more than the cat etc. Lets’ have a little more respect for our Internal Revenue Service…
How will this rebate affect those elderly folks that receive SSN and Medicare/Medicaid if they file a tax return this year? Will they be penalized next year forward, will their benefits then be subject to review and possible elimanation or decrease of these already established benefits (due to retirement, disability, etc)???
HOW MUCH WILL I GET BACK IF I CLAIMED ONE CHILD. HEAD OF HOUSEHOLD AND MADE $10191.00.
I NO SEE PAPER,FOR MY REBATE
I HAVE REBATE OR NO
THANKS YOU
Senad Karabegovic
My question may have been asked and answered already. If this is the case I apologize.
background to question: I meet all requirements for receiving the stimulus finical boost. However, I am finishing my taxes online right now and I have gotten a response saying that I do not get anything because I filed under the status of “married filing separate”
I don’t understand. I am waiting for my ex husband to sign the MDA so that our divorce can be completed civilly. Hopefully it will be over by the end of April.
We were technically married in 2007, but I can prove “legal separation” for over 6 months.
My question is: Is there away around this “married filing separately” problem for those who are in the process of divorce?
Last year my wife and I were expecting a refund of over $1100 but the feds kept it to pay towards my wife’s student loan that she owes. The $1100 towards the loan went mostly towards interest (go figure). Is the big eye in the sky going to take our rebate this year and put it towards the student loan? Hope not, I can use the $1200 rebate to off-set the huge amount I pay for gasoline to commute to and from work. I have a feeling the only thing that is going to get stimulated from this rebate package is big business’s already bulging fat wallets. Hmmm, more gas will get used while everyone is driving around spending there temporary pacifying payment. Most homeowners are probably going to pay mortgage, so there goes a lump sum of the rebates right into the banks vaults. Then there is the ever-present car payment (paying the bank once again). Let’s not forget insurance (legal rip off). I like to think the wool is not being pulled over my eyes. I just stand here and watch as the little money I have gets siphoned off by the big grasping greedy hand that is in most American’s pockets. Well, look at the bright side. Bunches of people are getting money that they otherwise wouldn’t have. I like the darker side better. It makes me feel good to complain. Life is great though, as a spoiled American. I can honestly say that I would much rather be in the situation I’m in now than those that are starving in war torn countries. Darn it, I wrote too long of a message now no one is going to read it!
RE:
bryan responds:
Posted: March 19th, 2008 at 9:58 pm
Just another example of socialist, income redistribution. I guess because I’m successful and earn over $400K in annual income, I just get a thank you and more of my money goes to people with no fiscal responsibility and 18 kids.
Hey Bryan,
Just another example of arrogant rich folk that think their fecal matter doesn’t stink. The tax rebate is going to hard working people that haven’t been as successful as you “claim to be”. while you’re driving your Ferrari around town for no reason other than showing off, low and middle class parents are buying groceries for their children that may one day be more successful than you. You had to start off some where right, or where you successful at birth with a rich mummy and daddy that hired a nanny to wipe your snot nose.
This whole forum reminds me of when my grandmother decided to distribute some of her assets before she died. Everyone that received money and goods complained about what the other received instead of them. Before long no one was speaking to one another. Granny said “My previously very close family has eroded relationships amongst one another just because they were given something they didn’t have before” Grandma has since passed away. Upon the reading of her final will, all of those same relatives were dismayed to see that the remainder of her assets were left to charity. They were really shocked when they found out that those assets included bank Certificates of Deposits worth over $500,000.
DO YOU GET THE REBATE IF YOU DO NOT HAVE A INCOME OF 3000. I WORK I FILED A 2007 TAX RETURN BUT I DO NOT THINK I MAKE OVER 3000 A MONTH. IS THAT 3000 A MONTH OR 3000 A YEAR. I THINK THE REBATE SHOULD BE FOR THE PEOPLE WHO DO NOT HAVE ALOT OF MONEY WHO ALSO PAY TAXES AND NOT JUST FOR THE PEOPLE WHO HAVE MONEY AND PAY TAXES THAT IS NOT FAIR WE ARE ALL TAX PAYERS.
about what time should i receive my rebate check and is there a way to determine by using my SS number. I also was wondering if I was going to receive a letter that was sent out last week to some people i didn’t receive it.
This message is for SAVANNH posted on 3/28/08 The answer to your question is no, you don’t have to make $3000 a month, or even $3000 a year. You have to make $3000 a week. I hope this new information will be helpful to you.
I didn’t receive a letter like everyone else I know did. Does that mean I’m not getting anything?
my problem is the same as vincent’s and tina above: i have not received a notice about my rebate either1 can someone please help us out on this matter? thanks.
Congress needs to make the stimulous package fair for everyone. Its not fair that they go by your adjusted gross income. Do they not realize that you have health insurance deductions, taxes taken out, etc out of your paycheck. Everyone should be treated equally.
If I receive my social security in another country other than the U.S.A.and pay tax in the country in which it is received do I declare this tax on my 2007 tax return? or is it not taken into account because it is paid outside the U.S.A.?
It’s a shame that people making so much money will get more money while people on Social Security and single will get so little. The stimulus money should be distributed to those who have poverty level incomes.
Regarding how the tax stimulus package is calculated:
Why is the amount of Tax Liability from box 10 on 1040EZ used instead of Federal Tax Withheld in box 7 on 1040EZ?
It seems people with more money get more from the stimulus package than those making far less, so who is it really helping?
Those who severely need it, make very little, and could Really use it don’t really benefit from this package.
$600.00 may not seem like a lot to those who use 1040 or 1040A but to those who use EZ it may mean their bills get paid on time, or their cars get repaired without having to shortchange the rent, or school clothes and supplies, or field trips, or children’s birthday’s, or more food in the house, or doctors visits etc…
Thanks
If I just got notice that |I owe the IRS money, will I still get my
rebate check.
This answer is to Troy-who wrote early this morning; Troy my friend, I hate to ruin your day, but you’re screwed. And I don’t mean by a pretty blond either! Maybe next time you won’t try to beat the government. Just pay your fair share of taxes like everybody else you (MORE-ON)…
thank you very much now when do i get my 40 acres and a mule?
i thought that all tax rebate checks would be mailed out the first week of may
I have 4 children I take care of and couldn’t find work. I worked bartending and working at a retail store. I take care of my children, I pay taxes on everything I buy, I pay my dmv taxes, I pay on my phone bill, garbage bill, and any other service I used throughout the year. I do not qualify for this tax rebate. I would use it to buy my children the things they need. I can’t even afford to get to work barely with the gas prices. People that are this poor, would spend the check on the things in the stores to boost the economy. The people who make a lot of money, and don’t need it, will probably invest it or something stupid like that, and try to make more money off of it or puting it in the bank and letting it sit there. It doesn’t matter how much you paid in or not. The more money you make, the more money you owe at the end of the year. Just cause you make more money doesn’t mean you work harder. It makes me sick the way people think. They think poor people sit on the couch all day and smoke pot. That is trash talk. It is stereo typical. Live a day in my house, not be able to buy stuff for your kids live in a house where the yard is small and the paint is peeling off the walls and there is mold on the ceiling. The economy and inflation are attacking the poor. The hybrid is available for people who can afford a new car. Thats great for them. My first hour of work is dedicated to get there and back in my 1994 dodge spirit with bald tires. I work just as hard as the next person. My parents couldn’t afford to send me to college. I guess that makes me a pot smoking couch lounger. This country is filled with so many greedy people it makes me nautious. Keep your stupid tax money, I don’t care, I can handle being poor, I am used to it. I’d like to see most of you try it for a day. You’d cry like little babies.
THis message is for MANDY… who provided us wealthy people with some good bedtime fictional reading last night. Mandy dear,- how long have you been writing short stories? Did you know that “Readers Digest” is paying $100 for your kind of writing. Keep up the good work! I’m looking forward to seeing more of your fiction in print… Sincerely Yours, Bart
If a couple is legally married and spouse A earns $90,000 and spouse B earns $0, the couple gets a $1,200 check from the government. If that same couple is not allowed to marry because they happen to be gay or lesbian, the couple gets nothing. How fair is that?
my question is me and my husband have always done direct deposit. This tax season is the first time in like 13, 14 years we didn’t. I read somewhere on the internet that if they have your infomation on file that you can still get the rebate check on direct deposit… I hate to have to wait till july. the last two of the social is 91. so we would get it in may through direct deposit… Right in time for our vacation on the 28th,.. i hope i can still get it direct deposit even though we didn’t do direct deposit on our tax’s this year. we have though all previous years. If anyone knows PLEASE let me know…
thank you
It seems that if you have been injured on the job, and were on Workman’s compensation during all off 2007, you will not be illegible for this stimulus package. But if you are to lazy to get a job, then belly up! The taxpayers are going to shell out more money to you! Those on welfare are illegible, those on workers compensation are not. And the worker get screwed again. I for one will vote against any senator who supported this unfair plan.
To Mandy and everyone else who hates the rich:
If you’re struggling to make ends meet take a look around you and figure out what you’re paying for that you don’t need. Do you have a t.v.? Do you have a computer? a cell phone? Cable? All of these are things that you don’t need to live and cost money. If you are struggling as much as you claim then maybe you should let some of that stuff go. Guess what, my parents have not paid for my college but I am about to graduate. I worked during the summers, started my own businesses, saved my money, purchased what I could afford, applied for scholarships. I got enough to pay for school on my own, you could have too. Take some personal responsibility, investing isn’t stupid. It is actually very smart, it makes you more money.
I don’t have money I am a poor college kid, but I do not think that it’s fair to have arbitrary figures to decide who gets what. All of you people saying “Poor people are the ones who build your house, clean your house, cook your food…etc.” Guess what, the people who hire you are the ones supporting your ass. So don’t have the attitude that they owe you something. I get real pissed when people complain about only making minimum wage and how it isn’t fair how CEO’s make much more. Or come up with some B.S. about being fortunate. Most people work their tail off to get where they are, the whole fortunate concept..B.S.
This country penalizes those who are successful to me that is the atrocity here.
To those who earned the right to be classified in the top 10% of earners…Thank you, you give me a model to aspire to.
This is a link to a great speech. It has formed many of my ideals for which I am thankful to the man who wrote it.
http://boortz.com/more/commencement.html
Do we get a rebate if we are retired but paid Federal Taxes in 2008?
Do we get rebate if we collected SSI?
If my husband passed away in May of 2007 and the IRS let me file as married and jointly, will I still get the benefit for him also. Before he passed away, he was drawing SS Disabiltiy. I did work and fit in the allowable income bracket.
Can you explain to me what happens if you are a student (as in, in college and over 18) claimed by one of your parents because you are a student, but were working and paid taxes etc…do you benefit from this even though you were claimed by a parent?
Do you know where there is printed information about the benefits geared towards business? I hear there are some benefits for businesses to spend money on equipment in 2008 as part of this package, but I have not seen anything published about those incentives?
Thanks BUsh for tha money…
the question that I want to ask deals with the mother who have full custody of the child but agree to do tax every other year. He have he odd years and I have the even year. This year is a odd year and he claimed him on his tax return tis year. But he lives with me who suppose to clsim him for the stimilus packages?
First of all, I don’t buy my bag of weed until AFTER all the bills are paid out of my weekly pay check. And on Saturday and Sunday morning when some of you are watching Cartoon network with the kiddies, I’m going to my weekend job, after working 45 hours at the office. So if I want to sit on my couch for a few hours before the week starts all over again and smoke my dutch you shouldn’t have a problem with it.
And if I wanted to use the rebate to buy an ounce there shouldn’t be an issue with that either. Rest assured that I wont be buying any big ticket item with the rest of it. That $900 will make a big dent in my credit card balance or give me a month free from my mortgage payment. Heck, I might just park it in my ING account to await the next household emergency.
And for your information, I know quite a few people over the 75,000 to 150,000 threshold who will be sitting on their couch with their bag of purple haze too. No body turns their nose up at you when you spend $20-$40 at the liquor store/ bar to get your fix.
I receive a portion of 2 retirements from my ex-husband because of a divorce agreement. I pay state and federal taxes on these 2 retirements (on form 1099R). The amount is over $12,000. Can I expect a $600 or $300 check or will I get anything at all?
TJA
What crap this whole thing is! How is $600.00 supposed to help and why do people with 6 figure incomes need the money? The government is, as always dilusional. They don’t know what it’s like to worry about gas prices, job loss, mortgage issues.
Anyone remember last time there was an National election up for grabs to either party ( 2000 ) Gore promised to use the “tax surplus” to rescue social security. Bush jr promised to take that money and give everyone in the country $300, which of course we would only get if enough of us voted for him. Hey I’ll give you $300 if you vote for me. Now that it is an election year again where the current administration is highly unpopular, hey we’ll give you $600 ….
You guys are all just a bunch of little piss ass whiners. If you have to rely so much on this little stimulus package and do i get this much or that much and when do i get you got bigger problems. Stop relying on hand outs and fend for yourself. maybe you’ll have to cut the trip to the bahamas this year and pay your mortgage off or something. Man you people make me sick.
Hey, Tommmy. Congrats on getting thru college on your own. Enjoy the loans.
It’s certainly been a surprise that people of modest wealth like yourself so strongly advocate for the rich and their rights out of the self centered delusion that they, too, will one day be rich. Give yourself a few decades of busting your butt just to be middle class and hopefully retire one day and put your kids through college and see how you feel.
Hey Dan,
It’s very telling how you come down on a young adult entering the real world and say I will only attain middle class. Even if thats all I achieve which isn’t a bad life I still will not think it’s good to take something from someone else who worked for it. Don’t come down on me Dan because your choices you made in life didn’t get you where you’d hoped to be.
Let me put it to you this way Dan, let me educate you. Well educate is a stretch considering that you’d have to be unintelligent or just plain self centered to not see the logic in my argument.
Let’s say Dan that you have a watch, a very nice watch. This watch is something you’ve worked long and hard to be able to afford. Now, out of your dutiful and diligent labor you’ve accumulated enough money to purchase this watch. Now you have it on and you’re walking around town with it and someone sees it and wants it. They tell you that you should give it to them because they could never afford it. Now you think to yourself “No way, I worked for this watch, it is mine.” You tell him “No, you can buy one yourself” Now this man tells you it isn’t his fault that he can’t afford a watch and that you are a greedy asshole for not giving it to him. Then he petitions the government and they agree with him. The legislation is passed and you are forced to give him the watch you worked so long and hard for. Does this seem fair to you Dan? No, of course not but it is the same thing with welfare, stimulus packages, and whatever government program that takes money from “People who have enough and don’t really need it” to give to the ones who “Just weren’t quite as lucky”
Dan I hope that you can understand this analogy it seems pretty basic. But chances are you don’t get it, and will think that the two have nothing to do with one another.
Adios Dan,
Tommy
Oh one more thing Dan, I guess you didn’t catch it in my initial post. I do not have loans to pay back. See when I said I worked and applied for scholarships I meant that I have school paid off. So, I will not experience what paying back a school loan is like. I knew you’d want to know that and that you’d be happy for me so thanks in advance for the congratulations.
Congrats to you Tommy… and F-you Dan.
I’m with you T-man. I’m from a comfortable upbringing, but this is only because my mom worked 2 jobs since I was 10 to raise me and my 2 siblings. My dad died when I was 10 so my mom did what she needed to do… and we got by. Now, 25 (or so!) years later I’m making well into 100K a year with no college, just hard ass work and I’ll be damned if someone is going to take my nice watch! Go get a job, have a work ethic, and decide what is important to you in life.
Good luck, my brotha I know you’ll make it!!
olie 08/04/08
I’m a US citizen, born in Calif. 1924 & moved Canada in 1972 as a landed immigrant. I get my social security from the states & also an old age pension from Canada.
The SS made me sell my company & stock & send proof from the high courts, it took two years to get cleared. The only thing I could own was my home. I went to three banks in the states & asked them to help me to make my business more profitable. They turned me down because I did’nt have a big debt & no credit rating. I told the banks to put there money where the sun does’nt shine & moved to Canada.
I gave the states three years of my life in the south pacific war, so I,m trying get a little back in Bush’s Stimulus passage.
My Understanding Is that this rebate ; Is to stimulate the economy and get America back on it’s feet ! I guess I’m not worthy to recieve this stimulous rebate: because I was injured on the job and am collecting Labor & Industries Insurance. I’ve paid Taxes most My life ,till injured on the job !Most everybody Is eligable except The Injured Worker. I pay Child Support and have a Child & Wife at home. I only recieve 60% of what I normally make on the job.Now I have to get retrained and start out at entry level.What’s realy going on in America !They even treat you like your on public assistance when injured on the job.Sincerely Jeffery :The unworthy!!!!!!!!!!
this whole rebate thing is so ridiculous. Why does the government think that every economic crisis can be solved by shopping?
write in Ron Paul, abolish the Fed (the root of all the problems), reduce spending, restore the republic.
oh, by the way, I’m buying gold with my $600. lol.
up yours Bernanke, at least i’ll have some gold when the dollar slips past the peso.
Look, I’m pretty much an idiot. Help a brother out, please. Let’s say I get an economic stimulus check for $600. When I go to pay my taxes next year (2009), will my refund be $600 less? Essentially what I’m asking is, is this check coming out of next year’s refund? (Sorry if this is too basic a question, or if it’s been asked here before.)
Updated March 7, 2008
by msnbc
“The notices are going out this month to an estimated 130 million households who filed returns for the 2006 tax year, at a cost $41.8 million, IRS spokesman John Lipold confirmed.That works out to about 32 cents to print, process and mail each letter. It doesn’t include the tab for another round of mailings planned for those who didn’t file tax returns last year but may still qualify for a rebate.”
The actual rebate checks are scheduled to go out starting in May, after the IRS has finished separately mailing out routine refunds for the 2007 tax year.
The letters will be a reminder that people need to file a 2007 tax return so they will receive the rebate if they are eligible for it.
SO PEOPLE WHO DID NOT HAVE ANY INCOME FOR 2006 AND DIDNT FILE TAX FOR 2007 TAX RETURN WILL NOT GET ANYTHING.IS THIS WHY WE DIDNT GET ANY LETTER?
I have moved recently will my stimulas check be fowarded?
I carry my mother on my income tax. Is there a rebate for her?
HERES THE THING. THIS IS AN ECONOMIC STIMULUS PACKAGE. THE RICH DONT NEED ANYMORE MONEY. IF YOU CAN AFFORD TO PAY YOUR BILLS AND DRIVE A DECENT CAR AND LIVE IN A NICE HOUSE PLUS HAVE SOME MONEY TO BURN THEN WHY DO YOU CARE ABOUT A FEW HUNDRED DOLLARS. AND THE RICH ARENT BEING PENELIZED BY THE GOVERNTMENT BY NOT GETTING THIS CHECK. ITS TO HELP PEOPLE WHO NEED THE MONEY. THATS WHY THEY ARE GIVING IT TO THE LOWER TAX BRACKET. TRUE IT WONT HELP MUCH IN THE LONG RUN BUT THE GOVERNTMENT CANT JUST HAND OUT FREE MONEY ALL THE TIME AND IF WE WANT A GOVERNMENT WE HAVE TO PAY SOME KIND OF TAXES. AND IT SHOULDNT BE FOR JUST PEOPLE WHO PAY TAXES. THAT IS WHAT A TAX RETURN IS FOR. THAT ISNT WHAT THIS IS. NOT ALL POOR PEOPLE ARE DEADBEATS. AND EVERYONE MAKES MISTAKES AND LIVE WITH THEM EVERYDAY. THIS IS A STIMULUS PACKAGE. IT IS TO STIMULATE THE ECONOMY. NOT GIVE RICH MONEY TO PUT BACK AND SAVE. AND TO THE PEOPLE WHO ARE IN COLLEGE LIVING AT HOME…WHY DO YOU NEED THE 300 OR 600 DOLLARS. YOU LIVE AT HOME!!! AND AS FAR AS THE CONFUSION ABOUT FILING MARRIED OR SEPARATELY AND HOW MUCH YOU GET. ITS NOT HARD TO UNDERSTAND…NOONE GETS MORE THAN 600 DOLLARS PER PERSON. 600X2=1200. THATS HOW U FIGURE IT OUT. IF THERE IS ONLY ONE OF U THEN U GET 600 DOLLARS. IT BOILS DOWN TO THIS; IF U TRULY NEED THE MONEY AND THE HEPL THEN YOU DESERVE IT. IF YOU ARE DOING FINE IN LIFE YOU DONT NEED THE MONEY SO YOU CAN HAVE MORE THINGS THAT YOU COULD LIVE WITHOUT…WETHER YOU PAY TAXES OR NOT.
Let’s remember what the package is supposed to do; stimulate the economy. Whether or not it’s fair, giving $1200 to a person that makes $150,000 a year won’t help the economy, it will just pile on top of their other money and then instead of having $40,000,000 they will have, $40,001,200. I just use that amount as an example, but my point is, that is a tiny amount of money to anyone above the cap and it really won’t affect their spending like it would for someone who has very little. The people above the cap don’t NEED the money. That’s really what this is about. Yes, I personally know people that struggle to pay bills and yet always have fake nails and Starbucks every morning, but I would hope that this kind of loser is the exception, no the rule. I haven’t seen an answer yet as to how it works for non-custodial parents that claim children on their 2008 taxes. Should the money go to the parent that claims the kids or the one they live with?
I’m really surprised that Bush doesn’t call it a “stimlious” package, you know, along the lines of “nuclear” versus “nucular”. What a tool!
My only income comes from the sale of stocks. Do I qualify for the tax rebate?
i think thats the stupidest shit ever. what about the people like me who made 2,900$ last year. screw those people right. now i have to watch everybody around me get 600$ for nothing. while i still have nothing
what if your eighteen and make over 3000, and in high school. do i get any money????
im on ssi and have 2 children ??? do i get a refund
IF you filed a return for 2007 you are SUPPOSED TO be eligible for the ’stimulis package’. But you have to have filed.
I was denied the child credit of $1000.00 on my federal return as my daughter turned 17 in November and I will most likely be denied $300.00 more in this ’stimulis package’ for the same reason. And she is in 11th grade.
I heard some static that this is an “advanced rebate payment” for 2008 taxes paid this year and when filing the 2008 return it will be deducted from any refund due.
If due a $1500.00 refund, subtract $1200.00 rebate, get $300.00 refund.
But if due a $1000.00 refund, got $1200.00 rebate, no refund-no repay.
As I said before, Republican Voodoo Economics.
And the national deficit climbs another trillion dollars.
i am retired receive s.s. disability did work 34 years .
i received the rebate app. in the mail . my wife and i can get 1.200.
but thinking it over for a week i decided to throw it in the trash.
the reason being i do not trust george w. bush .and because of him i no longer have faith in the goverment.i am positve i did the right thing.
actually proud of myself for not kissing bush’s …a–
if u file a extension, do u still qualify for the check? our home recently burned????????????
Contrary to what people are saying, the rebate is NOT a “prebate” nor is it taxable income. This will not decrease your rebate in 2008, nor will it mean you have to pay more taxes. This is explicitly outlined on the IRS FAQ page for the stimulus rebate. Don’t buy all this other crap. These people don’t know what they’re talking about.
I am on SSI and am a single mother of one. Can I file for the tax rebate?
I have a stupid question. We have to pay in to the government this year, so they will just keep that money and put it towards what we owe, right? Surely they would not give me a check so I can write one back. Either way works for me, I just need to know if I should write a big check now or just hang back.
Is a 1040NR-EZ tax filer is eligible for this rebate????
I filed using direct deposit for 2007. However, I have closed that account since then. What will happen if there is an attempt to deposit into a closed bank account?
I am a full time college student who made more than $3,000 in 2007 and filed a tax return. I was clamed on my parents as a dependant but am 18. Will i get a rebate or will my parents get it or neither.