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Another Stimulus Check? Perhaps.

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Another Economic Stimulus Check?Update: Here’s the latest on the second stimulus package.

When Democratic Presidential hopeful Barack Obama mentioned a second stimulus check in a speech in early June, I didn’t think that it would actually happen. Presidential nominees do a lot of talking in the months leading up to November and I chalked the idea of another stimulus check as a short term as just that – talk.

Well, turns out that the Democrats, led by House Speaker Nancy Pelosi, want another stimulus check. As expected, the Republicans are firing back, President Bush is asking that we “wait for the stimulus package to fully kick in,” and it’s simply business as usual in Washington.

I have mixed feelings about yet another stimulus check. On one hand, I understand that there are many families on the boundaries getting squeezed by soaring fuel and food prices. On the other, I don’t think the “stimulus package” is really stimulus at all and I don’t really think a stimulus package is the solution to our economic woes. Overall, I think it’s just political maneuvering and time that would be better spent on more important issues like education, medicare care, or climate change.

At this point, it’s merely political fodder and we shouldn’t expect another stimulus check, just that there have been discussions of one. As anyone who has watched Congress work can attest to, there are plenty of discussions in Washington that lead nowhere.

Democrats plan second economic stimulus bill [Associated Press]

(Photo: daquellamanera)

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221 Responses to “Another Stimulus Check? Perhaps.”

  1. Karen says:

    I found this on line and thought it might help with the many questions people have. It says it won’t hurt our taxes. So lets hope it doesn’t…

    Economic Stimulus Payment Q&As: Offsets, Taxpayers Outside the U.S. and More

    Updated Aug. 5, 2008

    Following are answers to questions regarding the economic stimulus payments. Scroll down the list for information on offsets, taxpayers residing outside the United States and other topics. Or choose one of the following categories:

    Eligibility
    When Will I Get the Payment?
    Did I Get the Right Amount?
    Amended Returns
    Change of Address
    Taxpayer Identification Numbers
    Direct Deposit
    Armed Forces
    Business
    Offsets, Taxpayers Outside the U.S. and More
    Offsets, Taxpayers Outside the U.S. and More

    Q. My stimulus check was lost or destroyed. How do I get a new one?

    A. Call the IRS toll-free at 800-829-0582 and, when asked for an extension, enter 726. Overseas taxpayers may call 215-516-2000 (not a toll-free number). If your stimulus check has not been cashed, we can normally provide a replacement within six to eight weeks. If your stimulus check has been cashed, the Financial Management Service will provide a claim package which includes a copy of the check. FMS will review the claim and the signature on the cancelled check before determining whether another refund can be issued.

    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.

    Q. I am filing a joint tax return with my spouse who has a past-due obligation. How can I ensure that I still get my share of our joint stimulus payment?

    A. In this situation, you are considered an injured spouse. To get your share of a joint income-tax refund, as well as your share of the stimulus payment, you can file Form 8379, Injured Spouse Allocation. You will get your share of these payments, and your spouse’s share will be applied to his or her past-due federal or state income taxes or non-tax federal debt such as student loans and child support. Your allocation request will be processed more quickly if you attach Form 8379 to your regular 2007 federal income tax return.

    Q. How will the IRS treat a stimulus payment when there is an innocent spouse involved?

    A. An innocent spouse determination for a 2007 income tax return would follow the filing of the return. In most instances, the stimulus payment will be issued before such a claim is filed and before a determination can be made.

    Q. My spouse and I have divorced and the stimulus payment check is made out to both of us. Can I cash it?

    A. If the check is made payable to both of you, then both must endorse the check. Even if you and your spouse are now divorced, both must sign the check. By law, each spouse is considered to receive half of the payment in cases where a joint 2007 return was filed.

    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.

    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.

    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 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. 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.

    Q. Who can sign a tax return if the taxpayer is mentally or physically unable to sign it?

    A. If the taxpayer is mentally incompetent and cannot sign the return, it must be signed by a party with a valid power of attorney or a court-appointed representative who can act for the taxpayer. If the taxpayer is mentally competent but physically unable to sign the return or POA, a valid “signature” is defined under state law. It can be anything that clearly indicates the taxpayer’s intent to sign. For example, the taxpayer’s “X” with the signatures of two witnesses might be considered a valid signature under a state’s law.

    Q. Is the “stimulus payment” statement required for correct processing of low-income/Social Security/VA benefits returns? Will the lack of the statement have a detrimental effect on taxpayers whose returns were filed without it?

    A. No, as long as the information is in the correct place the IRS will be able to calculate the correct stimulus payment amount.

    Q. If I live in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam or the Commonwealth of the Northern Mariana Islands, will I get a stimulus payment?

    A. In many cases, the answer is yes. But special rules in the law apply to these five U.S. territories (possessions). In general, the tax authorities in each possession will make stimulus payments to eligible residents. The law provides guidelines under which the Treasury Department will make payments to each possession for this purpose. People in these areas with questions about the economic stimulus payments should contact their local tax authority.

    Q. Federal employees residing in some U.S. territories are required to file two tax returns, one with the territory and one with the IRS. Will two checks be issued, and, if so, should they return one of the checks? Which check should be returned?

    A. Individuals residing in the U.S. territories should receive their economic stimulus payment from the territory. If a stimulus payment is received from both the United States Treasury and the territory, the Treasury payment must be returned to the Internal Revenue Service. The U.S. territories include American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, and the U.S. Virgin Islands.

    Page Last Reviewed or Updated: November 06, 2008
    Accessibility | Freedom of Information Act | Important Links | IRS Privacy

  2. Dexter says:

    if you divorced after you and your wife cashed the stimulas check,and each took half the money, do you devide the amount you put down on your taxes?

  3. chester says:

    DO I GET A STimuls CHECK THIS TIME PLEASE LET ME KNOW SOON

  4. MG says:

    @Dexter: As I recall the stimulus check was NOT taxable income so it wouldn’t matter… going by memory but I think that’s correct.

  5. latina dace says:

    I think that a stimulus check will help alot of people thats behinde on bills.And for people that really struggling in this time of need. So i think another stimulus check is good.

  6. Do u all think we will get another stimulus paayment and if so how much do u think it will be….

  7. tammy says:

    i was just wonding how we can find out how to get stimulus payment and what do you got to go to get it

  8. CHERYL says:

    WHY DO I NOT RECIEVE A STIMULAS CHECK BECAUSE MY HUSBAND IS ILLEGAL,WE DO OUR TAXES IM A CITIZEN AND SO ARE MY CHILDREN,WERE QUALIFYING NOT MY HUSBAND,HE FILES WITH HIS I-TEN NUMBER?

  9. farley says:

    Stimulus bill will not work because of the price of gas.

  10. kd says:

    Its all for the rich and poor.. working ppl do not get nothing but an extra 7.00 on paycheck each week… We keep bailing out all of these banks and auto industry! and they get their big checks and bonus from our MONEY!

  11. MICHI says:

    I have read most of the comments and I have to be honest with some of you guys. I work as a coordinator at a homecare agency and we have plenty of work for whomever wants to work. The problem is that a lot of woman are very comfortable with welfare and do not want to work and also how do you explain that eventhou the economy is bad there are so many people on welfare getting that free money and like someone commented car dealers and banks brought this problems to themselves and we should not have to suffer the consequence. Also gas stations and supermarkets let themselves go by the suppost to be bad economy to kill us with their high prices. It is simply ridiculus. God Bless us all in this corrupted world

  12. Karen says:

    Does people realize with us getting this extra money in our checks a week will mean less money we get back at income tax time? Yes, extra money will be nice no matter the amount. But I think I would rather get it all at once at income tax time. It just seems like a lot more all at once, then spreading it all out over the year.

  13. kd says:

    The only way this nation is going to get back on track is if these Companies put their production back in the U.S.! When they shipped everything offshore for cheaper pay just because they wanted their bonus bigger.. I keep hearing put your money back in the market?? are you crazy! President! When I see you hold these companies put this all back in the U.S. then I’ll think about it! He needs to hold those companies feet to the fire! People if you do not stand up for your country things are going to get worse!

  14. donny n. says:

    I’m 23 years old with an aspiration for wealth. Its easy to see that the economy is shit and that it’s tough to get through these tough times, but what is not as visible are the peoples’ actions. Shut the fuck up and take care of your own shit. Control what YOU can control and everything else will be positively effected. Bottom line is everybody has bills, familys, and etc. Just stop depending on something that may or may not happen. Sure I’d love the stimulus check as much as the next guy, but let us not wait around to better our lives. Good luck to all.

  15. Dnece says:

    First off for one of the stupid comments about our Presidents name- Barack means blessed.. and that is how I feel about having the first Black American in office, I pray this man will turn this country around for the better, I know he has the drive to do it.

    Second yes we all do need another stimulus check it will help alot of us americans struggling without jobs, both my husband and I are both out of work, no health insurance, we go to social services to try to get some help and unless you are of a different race other than “white” you can’t get help from the Gov’t at all. they claim that we made to much money that we aren’t poor enough, in the meantime my rent needed to be paid, my bills were overdue…. but it seems like unless you don’t speak english and have 6 babies you can’t get help( I’m sorry if I sound prejiduce, but I’m just pissed my kids need health insurance) . I am now in school full time to try and change my career path and hope that I will be able to find a job, and my husband who is disabled but still wants to work can’t find any work.
    So in conclusion yes another stimulus check would be a great help.

  16. Michelle says:

    Obama is going to give the people on SSI $250.00 in May. What about the other people that are not on SSI. They are out here working there butts off and isn’t recieving nothing. What’s wrong with that pic. and how does he suppose thats going to boost the economy!!!!!!!!!! SOMEBODY TELL ME.

  17. Deborah Dunn says:

    I have faith that Barack Obama will do what he said he would do. He a strong man of faith and he shall help our nation recover.

  18. trina says:

    I think now that they are not concern about the people now.True our education,health is very important,but what would the good if the childerns are homeless and no food to get up and go to school.The people in Washington have good jobs and money,so why should they worry about how the lesser class make it.Before we got in office it was all this talk now it’s a different talk.People need help not later,but now.

  19. mary says:

    i agree with another stimulus check ,everyones having a hard now .

  20. janette says:

    I feel That if auto companies and big banks are being bailed out then the american people should be bailed out!

  21. Karen says:

    I guess that Obama thinks the extra $13 a week in our paychecks IS our stimulus check, and good enough to help the people out… That is all we are getting how it sounds…

    • Kerry says:

      Well that extra 13.00 or less a week went to POT after gas prices started to rise again! He isn’t causing nothing but a big ole cluster #@$!…

  22. Karen says:

    I know what you mean…. All we can really do is hope things get better and turn around… I have been out of work for over a year now. (So I’m not getting that extra $13 a week. I get nothing…not even unemployment.). Luckily my husband still has his job and we are surviving on one paycheck (barely). The only thing that is good about me not working is my daughter qualified for more financial aide for college. What scares me is when she graduates she won’t find a job with how the economy is, and the students loans are due 6 months after you graduate!! I am just glad that it is summer now, the heat bills are lower, and we have a garden planted that will help with the food bill. Good luck people. Try to hang in there.

  23. Karen says:

    The only ones that got anything this year was the people on welfare and food stamps! (as if getting eveything handed to them on a silver platter wasn’t enough already?) They got $200 each kid for “school supplies”. The rest of us got NOTHING (like usual). The thing that bother’s me the most, the majority of those people didn’t even use that money on their kids! I heard some bragging that they blew it on this or that… It just makes me mad that we have to pay to support them when we have ourselves (and our own kids) to support and we have to go without. They even got more money handed to them in their welfare checks! Doesn’t Obama realize that after we buy our food, pay our deductables, co-pays and co-insurances (on our health insurance), pay our heat bill etc…(everything that they are getting for free) that we are just as poor as the welfare people? Actually, they are probably better off then we are in the end, since they get everything handed to them for free… Maybe a good solution would be… Everyone go on welfare. Why would they ever want to work and better themselves when they get everything for free and we have to pay to support them? IT’S BULL CRAP!!

  24. Carolyn says:

    I don’t know what people on welfare got but I do know that people on Social Security Did Not
    get a raise for 2010 yet our Soc. Sec. premium went up, our prescription drug plan went up along with the cost of the medicine and yet all the big shots in Washington gave them selves a raise. Yet they told Seniors that we would not get a raise because inflation did not go up in 2009. I don’t know what planet they live on but where I live everything went up but my SS check. Explain that.

  25. angelina says:

    I would like to know when will I get another stimulus check or is it just talk.


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