So, does anyone have their "economic stimulus" pay

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Appa23 · #26 Post by **Appa23** » Tue Apr 29, 2008 8:09 am

MarleysGh0st wrote:
Appa23 wrote: Right from the IRS webpage about the stimulus payments:

It's an economic stimulus payment that more than 130 million households will receive starting in May. It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return.
That's not as I thought. Let me read your quote again.

Appa23 wrote:It is no different than a few years ago. Think of it as an advance on your tax rebate (above and beyond what you otherwise would have received had they not made a temporary change.)
So, if I get a stimulus check--and that's still not clear, since they are fuzzy about what happens about a certain threshold--there will be no notation of that fact whatsover in next year's 1040.

[Where's the emoticon for showing skepticism?]

From my understanding, from reading the IRS wesbsite in passing, there will be a line or two on the 2008 1040 form for those taxpayers who did not get a full stimulus payment (for example, you had a child during 2008), or who become eligible in 2008. They will get the additional payment reflected on their 2009 taxes.

Keep in mind that they are writing for a general public that immediately jump to confusion about anything tax-related.

The IRS website just is trying to calm any fears that your 2007 or 2008 tax bill will be more than it otherwise would be if there were not this stimulus program. (I did oversimplify my initial statement, as it is not a true tax rebate, as people who do not have any tax liability also are getting payments.)

TheCalvinator24 · #27 Post by **TheCalvinator24** » Tue Apr 29, 2008 8:45 am

Appa23 wrote:
MarleysGh0st wrote:
Appa23 wrote: I (along with a few other people) posted answers weeks ago, when the question was raised.
Yes, I remember that we discussed it, but it was the multiplicity of those answers which made me ask again, hoping for one official answer. Maybe even one that was honestly and forthrightly posted by the IRS.
Right from the IRS webpage about the stimulus payments:

It's an economic stimulus payment that more than 130 million households will receive starting in May. It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return.

Then it's not exactly like it was a few years ago. The last time they did this, the payment was considered a pre-payment towards the following year's refund. I remember the line on the 1040 that was added to input the amount received in the prior year as a "stimulus."

Appa23 · #28 Post by **Appa23** » Tue Apr 29, 2008 10:00 am

TheCalvinator24 wrote:
Appa23 wrote:
MarleysGh0st wrote: Yes, I remember that we discussed it, but it was the multiplicity of those answers which made me ask again, hoping for one official answer. Maybe even one that was honestly and forthrightly posted by the IRS.
Right from the IRS webpage about the stimulus payments:

It's an economic stimulus payment that more than 130 million households will receive starting in May. It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return.
Then it's not exactly like it was a few years ago. The last time they did this, the payment was considered a pre-payment towards the following year's refund. I remember the line on the 1040 that was added to input the amount received in the prior year as a "stimulus."

Of course it is not exactly like a few years ago. Then, it was a permanant change to the tax table that resulted in an advanced rebate. As of right now, this is just a temporary adjustment to get money into the hands of people.

It also may be that the IRS will add a line to the 1040, like it did then. They have not said one way or the other. The language that I posted was just an explanation so that people stop overreacting or thinking that there is some "catch".

lilclyde54 · #29 Post by **lilclyde54** » Tue Apr 29, 2008 3:26 pm

I'm with gsabc. Since I write a check every year, I always wait till the day before the deadline.

gotribego26 · #30 Post by **gotribego26** » Tue Apr 29, 2008 9:50 pm

My tax guy told me that if you qualified based on your 2007 return you get the payment and no matter what happens in 2008 it is yours to keep. It won't change your tax due next year.

If you had things happen in 2007 (like me) so you don't get a payment, but your 2008 figures make you qualify you will fill out a form and get a credit for that when you file next year. This will probably happen for me.

As pointed out if you added a dependent in 2008 (and qualify), you will get another $300 in 2009 to reduce your 2008 tax liability (or increase your refund).

I suspect there will be a form and a line on the 1040 for folks who need to adjust for this in 2009.