IRS Stimulus Payment???

[tnovak]

Just received our notice from the IRS about the Stimulus Payment.......can't the gonernment do anything that the taxpayer can understand????????????? Can't make heads or tails of what our "payment" will be! What a waste to spend millions to mail out a useless piece of paper!!!

 

[Sonya]

I think you can go to the IRS webiste and it might be able to tell you. I agree...why send a piece of paper out just to say that they will send another paper telling you what your refund will be! Leave it to the govt! I really am not convinced that this payment is going to do anything to help the economy....my income is too high according to the IRS, so I won't be getting any...which I don't really feel is fair anyhow. Those who make no income whatsoever can qualify, but I (who pay an awful lot in taxes) won't get any??...very frustrating.

 

[Jill]

I think you can go to the IRS webiste and it might be able to tell you. I agree...why send a piece of paper out just to say that they will send another paper telling you what your refund will be! Leave it to the govt! I really am not convinced that this payment is going to do anything to help the economy....my income is too high according to the IRS, so I won't be getting any...which I don't really feel is fair anyhow. Those who make no income whatsoever can qualify, but I (who pay an awful lot in taxes) won't get any??...very frustrating.

I have had very much the same thoughts!!!

 

[Basketmiss]

Has anyone gotten the email saying when you would get your money?

It had a chart that had numbers so whatever the last 2 numbers of your social (first persons on your taxes) you go look at the chart and see when. My husbands number if correct we would get money the end of Sept...

Then I got another email saying this email wasnt correct!!

I agree why do they waste paper and postage on a silly letter, just send the money. I mean EVERYONE has heard about this on the TV or radio!

Alot of companies do this wasting of money, it bugs the crude out of me.

Plus all the junk mail we get everyday, what a waste of paper, postage= MONEY!! I shred them all

 

[Bluerocket]

Duplicate info - see Davie's post

 

[Davie]

This was taken straight off the IRS website.

There is a calculator on the website to help you see what your payment will be according to your tax return. You must have your return in order to get some figures that are needed.

Go to: www.irs.gov and at on the top middle of the page is Stimulus Payments Rebate Questions, click there and it will take you to a new page and part way down is a link to the calculator.

Stimulus Payment Schedule for Tax Returns Processed by April 15

Economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. People who use direct deposit also will be among the first to receive the payments starting May 2. Paper checks will be put in the mail starting May 16.

DIRECT DEPOSIT

Last two SSN digits: Payment will be transmitted:

00 through 20 May 2

21 through 75 May 9

76 through 99 May 16

PAPER CHECK

Last two SSN digits: Payments will be mailed by:

00 through 09 May 16

10 through 18 May 23

19 through 25

May 30

26 through 38 June 6

39 through 51 June 13

52 through 63 June 20

64 through 75 June 27

76 through 87 July 4

88 through 99 July 11

People who file a return after April 15 will receive their economic stimulus

payment, but probably about two weeks later than the schedule shows. A

return must be filed by October 15 in order to receive a stimulus payment

this year. See the online calculator for an estimate of the amount you will

receive.

 

[Basketmiss]

Oh thanks Davie, then I will get mine sooner cause we did direct deposit!! Yeah May is better than Sept...

 

[HorseMom]

Thanks Davie, that was very helpful. I'm so happy I did direct deposit.

Heather

 

[stormy]

Had a completely differant payment schedule on the news tonight, guess I'll believe it when I see it...ought to fill the truck a couple times anyway!

 

[Nathan Luszcz]

You have to earn over $87,000 to not recieve any payment. Double that if you file jointly.

To calculate your return, figure out your adjusted gross income. If that number is under $75,000, you will receive $600. If you earned between 75 and 87,000, subtract 75000 from your adjusted gross income and multiple that number by 0.05. Subtract that number from $600. That is your return.

http://www.irs.gov/newsroom/article/0,,id=179214,00.html

Full info is available from the IRS website, at http://www.irs.gov/newsroom/article/0,,id=177937,00.html

 

[pineyoaks miniatures]

My husband recieves SS disability which calculated and added to my income isn't even enough to pay taxes on. So usually our taxes are just my income, my question, if a married couple is suppose to get $1200 then why does the calculator show we will only get $600. and I did show we filed jointly.


Does my husband have to file a seperate stimulas paperwork? Yes, he does recieve over $3,000 a year.

 

[Cathy_H]

Did you know that is is costing almost 42 million to mail those letters? Then how much to mail the checks? I also heard that it is costing thousands more to man the phones to answer all the calls regarding the payments.............. OH! ............ Why didn't they just lower the sales tax or something? Sorry - off topic but it looks like you got your answer already.

 

[Charley]

My husband recieves SS disability which calculated and added to my income isn't even enough to pay taxes on. So usually our taxes are just my income, my question, if a married couple is suppose to get $1200 then why does the calculator show we will only get $600. and I did show we filed jointly.Does my husband have to file a seperate stimulas paperwork? Yes, he does recieve over $3,000 a year.

Here is what it says about SS Disability - Hope this helps you figure it out.

Link to info on info Economic Stimulus Payments - Social Security Benefits

Economic Stimulus Payments: Information for Recipients of Social Security Benefits

Updated March 12, 2008

This section is for people who receive Social Security retirement or disability benefits. The IRS and Treasury will be working closely with the Social Security Administration to ensure that all eligible individuals know what to do to receive a stimulus payment.

Normally, certain Social Security payments are not subject to income tax. However, the economic stimulus law passed in February contains a special provision allowing Social Security recipients to count those benefits toward the qualifying income requirement of $3,000 and thereby qualify for the stimulus payment.

For eligible Social Security recipients who do not normally file a tax return, the IRS has prepared a 10-page informational package that provides instructions, a sample Form 1040A and a blank Form 1040A — everything needed to file the tax form today. See eligiblity requirements below.

Package 1040A-3, 8-page informational package

Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment.

 

[Buckskin gal]

What a mess and we will be paying for this for a long time. Think the only ones who will truly benefit from this are the Chinese. OH!

 

[Boinky]

I went to the web page and it doesn't cover the supplemental social security payments that many people get for disability.

Honestly I think this is all a ploy to find out who is paying taxes and who isn't and to real/entice in those that have cheated on taxes. Otherwise some of this stuff (like for the social security payments) could just automatically be taken from THEIR OWN SYSTEM of listings and NOT have to file a useless file just to get it.

 

[Charley]

It is stated in the info:

Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment.

 

[Charley]

You are correct. The information on the site does not address your specific situation. The 1040 EZ does not have a line for the Social Security received and the Social Security taxable. Since it is not reported on your return, they probably won't go to SSA looking for it. So I would contact IRS and ask the question to them. Here is a link to find your local office. Keep in mind that the disability income counts but the SSI does not.

http://www.irs.gov/localcontacts/index.html

I assume that you filed jointly. They will not want you to file a 1040 A now as you have already filed a 1040 EZ. If you need to file something, it would be a 1040X Amended form. The numbers would work out the same but the Social Security would be listed on the line as received XXX and the taxable 0.00. Before you do this you need to check with the local office. If you have the figures in front of you for both your tax return and your husbands disability they can tell you if you need to file the amended form. Make them take time to talk to you, don't let them rush you. If you are not satisfied with what they say, ask to speak to another IRS representative. If you are not satisfied with the answer, hang up, call back, and talk with another representative.

Let us know how it goes.

 

[Charley]

b]My husband recieves SS disability which calculated and added to my income isn't even enough to pay taxes on. So usually our taxes are just my income, my question, if a married couple is suppose to get $1200 then why does the calculator show we will only get $600. and I did show we filed jointly.

This is off the IRS Site info on the package. It goes by income as to how much you get back. So it showing $600 could be $300 for each of you. Of course if it is not adding in the disability income this could be figuring it wrong. Call your local IRS representative and ask them to figure it out for you.

How much will you get? The actual amount depends on the information contained on your tax return. Eligible individuals will receive between $300 and $600. Those who are eligible and file a joint return will receive a total of between $600 and $1,200. Those with children will get an additional $300 for each qualifying child. To qualify, a child must be eligible under the Child Tax Credit and have a valid Social Security number. We have various examples for you check out.
The payments phase out at certain income levels, so those with higher incomes may receive a reduced payment or even no payment.

Here are their examples: I hope this helps some.

In most cases, payments will range from $300 to $600 for individuals and $600 to $1200 for joint filers. Taxpayers may receive $300 for each qualifying child. Payments could be less, depending on tax liabilty and Adjusted Gross Income. Phaseout reduction begins at $75,000 for single filers and $150,000 for joint filers.
Examples of ways the Economic Stimulus Act of 2008 may affect taxpayers who are married, file a joint return and are either childless or do not have children who qualify for child tax credit payment:

1) Married couple with no children, wages of $4,000, no federal income tax liability.

Rebate is $600

2) Married couple with no children, no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal income tax liability.

Rebate is $600

3) Married couple with no children, no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability.

Rebate is $600

4) Married couple with no children, no wages, no social security benefits, no veterans’ payments, AGI is $20,000, federal income tax liability is $250.

Rebate is $600

5) Married couple with no children, AGI is $25,000, federal income tax liability is $750.

Rebate is $750

6) Married couple with no children, AGI is $60,000, federal income tax liability exceeds $1,200.

Rebate is $1,200

7) Married couple with no children, AGI is $160,000, federal income tax liability exceeds $1,200.

Rebate is $1,200

Phaseout reduction is ($500)

TOTAL is $700

 

[Pepipony]

Maybe instead of paying the consumers, they should figure out why we are fixin to pay $4 for a gallon of gas, and why diesel is so outrageous. The news stated last night, that diesel was so high because they cant keep up with demand. So that begs the question, who is running out? Has anyone seen any station out of diesel? I wonder how much per gallon, these gas companies profits add up to. One good reason our economy is slumping is because of the cost of everything. I get that companies need to make profits, but there comes a time when greed overruns profit.

 

[Charley]

Here in the northern Georgia and Atlanta area we are paying 3.99 per gallon for diesel and not seeing it hesitate in going up. And considering the price of oil and the declining value of the dollar the price will not go down.

Given all the problems with refinerys (fires, explosions, flooding from Katrina, etc), it could be true that there is a shortage. We are still in the heating oil season of the year. Let's see if production of diesel is given a boost when we are no longer heating in the colder areas of the country.

Our government needs to earn those big salaries and figure it out. I don't think there is any quick fix, but a slow down and eventual stop or rollback on these at the pump prices would be helpful. Still I don't see it slowing at all.