Economic stim questions

Discussion in 'Vintage Topic Archive (Sept - 2009)' started by p7196, Mar 22, 2008.

  1. p7196

    p7196 Guest

    Do we have an accountant in our midst? Do we have to file anything other than our 07 return? I am confused. I am looking for serious answers here.
     
  2. If you filed your 07 taxes already, you should simply receive your check in the mail sometime around May. If you used direct deposit for your return, the $600 will be deposited into your checking account as well. So there's no extra paper work for the extra refund check :)
     

  3. p7196

    p7196 Guest

    Cool thanks for clearing that up for me. So now I can buy more guns and ammo.
     
  4. Jettster

    Jettster Member

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    But don't forget to calculate that as income when you do your '08 taxes, if I recall.
     
  5. AndrewST

    AndrewST Guest

     
  6. Silicon Wolverine

    Silicon Wolverine Well-Known Member

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    WRONG. The money you recieve must be listed as income on your 08' returns. It isnt taken off the top of your refund like it was seven or eight years ago when we got our 300$ checks but it still must be listed as income. There is a FAQ on the irs website that lists this but i cant find it at the moment. Ill do dome digging and find a link for you.

    ETA linky http://www.irs.gov/newsroom/article/0,,id=179095,00.html
    read down through to where it says that you should save the IRS notice of the amount of your stimulus payment for next years tax preparation.

    SW
     
  7. Strangerous

    Strangerous Member

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    SW,
    The limit on income you may recieve and not have to claim it is $600, This "free money" clearly stated on the Department of the Treasury mail-outs clearly say "up to $600 for singles" so it will be less than $600, more that likely anyways, and therefor you do not have to claim it.

    HOWEVER, i wonder just where this money is coming from. Did they just print it up and hand it out? If they did, they are causing INFLATION. :lol:
     
  8. Mike_AZ

    Mike_AZ U.S.S. Member

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    From http://www.irs.gov/newsroom/article/0,,id=179181,00.html

    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. In the event you do not qualify for the full amount this year but you do next year, 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.
     
  9. p7196

    p7196 Guest

    Ok so in essence it is an advance on your 08 return. ?
     
  10. Strangerous

    Strangerous Member

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    Mike_AZ just posted a link and quote from the IRS saying that it is not an advance, and it will not be required to be claimed as income. :roll:
     
  11. The "up to $600" is because there is a cutoff income. If you made less than $75k last year ($150k for couples) you will get the whole $600 ($1200 for couples) The cutoff is $85k, so if you make between $85k-$75k you will get between $1-$600. You won't be taxed on it, have to repay any of it, or have it deducted off of what you would receive next year. Here's a link to a site that tell you when you can expect your check:

    http://www.abcactionnews.com/conten...ntent_id=76db8947-88cc-452d-8d31-dfead62f4215

    Here's the cut and paste of just the dates info:

     
  12. p7196

    p7196 Guest

    Strangerous he posted it I guess as I was posting mine. Thanks Mike_Az & Silicon Wolverine , theonly chuck for the helpful links. That did help clear it up some for me. I guess I googled the wrong word(s). I couldn't find anything that was understandable. Too much written in gubment talk which I don't speak. lol :lol: What I like is having the 2 kids as earned income so that could increase it for my family.
     
  13. hero_saku39

    hero_saku39 Guest

    :cry:

    94.........why didn't they just send the checks out in place of the letters telling us what we already knew....... :evil:

    edit: direct deposit by may may 16th! the government will be stimulating my second amendment right by way of AR-15!