4X4 Stimulus Pkg - Dates of Checks

SHINTON

SHINTON

Well-Known Member
Joined
Mar 17, 2005
Location
Triad area of NC
http://www.irs.ustreas.gov/newsroom/article/0,,id=180247,00.html

Just for those interested in when they should be getting their moolah!!

If you filed your return electronically by 4/15 and are getting direct deposit:

If the last two digits of your Social Security number are:
Your economic stimulus payment deposit should be sent to your bank account by:

00 – 20
May 2

21 – 75
May 9

76 – 99
May 16

For you paper filing folks...

If the last two digits of your Social Security number are:
Your check should be in the mail by:

00 – 09
May 16

10 – 18
May 23

19 – 25
May 30

26 – 38
June 6

39 – 51
June 13

52 – 63
June 20

64 – 75
June 27

76 – 87
July 4

88 – 99
July 11
 
If it weren't for the damn media, I could have secretly used it for the truck. Gr, now it';ll be spent on our silly old home instead.
 
Assuming you're under the max AGI (which is a lot, can't reemember exact amount) it's $600 per adult ($1200 filed jointly) plus $300 per child
 
Caver Dave said:
Yeap, taken right off the top of NEXT years return = probate. At least they're allowing YOU to make the interest on it for a year... :rolleyes:
Click to expand...

That's not really quite true.
Technically it's a tax rebate, but for the 2008 return. They are using this year's taxes as an estimate of what it should be next year and giving it to us 10 months early..
Basically in '08 taxes they are giving everybody a rebate, just like there are several misc rebates (in the form of "credits") we've been able to get for awhile for things like energy conservation, certain education expenses, children etc.
However instead of making eveyrbody wait and file for the rebate next year, they are just giving them early based on what they estimate your bracket to be. And, interestingly, if they overestimate, you get to keep the excess anyway, but if they underestimate, you can get the rest from them when you file next year.

It's not like the $1500 I'm getting in May, I will just have to pay back in the following April. If that were the case, it wouldn't not be costing hundreds of billions of dollars (whcih is the biggest complaint about it). The cost to the gov't would be $0.

From the IRS FAQ:
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.
 
Caver Dave said:
Yeap, taken right off the top of NEXT years return = probate. At least they're allowing YOU to make the interest on it for a year... :rolleyes:
Click to expand...

ARE YOU SURE ITS A PREBATE?
I THOUGHT WE HAD THIS DISCUSSION I THOUGHT IT WAS A REFUND BUT WOULD BE TAXABLE INCOME....
 
rebate...prebate....master....well you get what i mean. its a big circle j3rk
 
NOT TAXABLE

From same IRS page:
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.

Linky:
http://www.irs.gov/newsroom/article/0,,id=179181,00.html
 
I honestly don't know that it has been nailed down EXACTLY how this will work, other than it "should" not change your 08 return.

IOW, if you normally get a $2000 refund every year, you will STILL get a $2000 refund (not $800...)

They can accomplish this a couple of different ways, they can change the tax rate (which is what they did last time, creating a new 10% bracket)

They can change the tax table itself, which effectively does the same as above...

They can declare this as a CREDIT (most likely scenerio) and then show the amount already received against the credit.

[So in this case, if you have a kid in 2008...that would not have shown on your 07 return...so you/wife got 1200..but when doing 08 return, you got a 1500 credit, 1200 received, and would get the 300 for the kid on your 08 return]

The Credit is the most likely method of managing this cash, it is MUCH easier to compute, but you will need to keep that letter/when you get your money...

But NOT a pre-bate according to everything we are reading in the tax journals.

Mine is going to buy a laptop for the wife...and on the 4x4 side I am getting a winch and slider/steps for the Cruzr (and maybe a small OME lift)

Sam
 
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