questions regarding the stimulus rebate?

[Dragonfly acres]

hello everyone! don't know if this is the right place for my question but
I was wondering if someone can answer a couple of questions regarding the stimulus rebate.
I have heard about it for many years I've heard of people that have received them throughout the years.
today while talking to a neighbor she stated that the rebate will come in handy I responded by saying I wish we would get one that's when she said I should of been getting them all along.
my question is dose everyone get them?
my husband and I make under 60,000 have six kids file taxes every year and have never received a rebate.
is there a special form to fill out that I don't know about?
our taxes are filled out by a tax firm but no one ever mentioned anything about a stimulus rebate to us.
thanks

[mtfarmchick]

Hi there! I know when the $600 rebate came out a few years ago my husband and I didn't get one. It seemed like everyone else did. We made under $40,000/year and have 5 kids. We should be getting the one that everyone is talking about now. I would think you would too. Someone posted a link to the IRS webpage that had a "calculator" for figuring out if and how much you would receive. You just need your 2007 return to answer a few questions. I'm sorry but I don't know what the link to that site is but I'm guessing that if you go to the IRS website and type "stimulus rebate" into the search field you should be able to find the calculator. Hope this helps.

[uncle Will in In.]

If you filed federal taxes this year you should be getting $600 each for the man and wife plus $300 for each kid, if you didn't make too much money.
I think this is their Trickle Up policy. Every time it changes hands taxes trickle back up to the IRS.
I've heard that it only takes 6 hand changes for the IRS to get it all back.

[Ken Scharabok]

My understanding is this isn't a 'free rebate'. You will have to report it as income on your 2008 return.

Idea is to stimulate spending, which then helps the economy, which then increases federal revenue.

Couple of problems with this one though:

- Apparently a substantial number of people will use it to pay bills, which generates little additional economic activity. More will invest it in some manner. Perhaps less than half will actually be used for new purchases.

- If they do make a purchase, such as a large screen TV, the bulk of the money goes quickly to Asia, where it stimulates the economy there (e.g., China). What is retained here is only the profit on the sale to the middlemen and seller. (I've heard Wal-Mart doesn't buy much of their inventory for resale. It is on consignment. The supplier doesn't get paid until the item sells.)

- If you use it to purchase vehicle fuel it generates little new economic activity.

For the full impact 100% would have to be used to purchase something completely made in the U.S., which isn't much these days. Buy bedsheets made with Eqyptian cotton, some portion of the sale is going to Egypt. Buy a vehicle, many parts in it are made outside the U.S. and assembled here. On TVs and such, I've heard there is no longer any U.S. production of them (but some assembly might occur). Buy clothing and much of the money goes to Latin America or Asia. Bought scallions a couple of days ago. Imported from Mexico. I've head much of the patty meat in a fast food restaurant comes from South America or Australia. If you buy a bag of ice, the ice itself may be totally U.S. made, but the bag may have been produced elsewhere (the bags in which my local farmers' co-op fills with whole kernel corn come from India).

[rkintn]

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.


This information came straight from the IRS
http://www.irs.gov/newsroom/article/...,00.html#Other

[Ken Scharabok]

Thank you for the correction.

Since the topic is open, how do you plan to use your stimulus payment?

[happycat]

I am an accountant, and I work for an IRS enrolled agent, and the IRS has told her (and other enrolled agents) that the stimulus payment will be considered in the total taxable income for 2008. You may not owe tax specifically on the amount of the stimulus payment you received this year, but it will be added to your other income to determine if you reach the taxable income level or not. I understand that this is in direct conflict to what their website says...doesn't make sense but I am only passing along the information given to enrolled agents at an IRS seminar (who is to say that individual giving the info was correct?)

If you are not normally required to file a return (because you have non-taxable social security or retirement benefits) you MUST file a 1040A this year in order to receive the stimulus payment. You must also have at least $3,000 in income to receive it.

If you file your return the regular way, if eligible, you will receive your refund without any additional paperwork. If you got a refund and had that refund directly deposited to your checking or savings account, your stimulus payment will also be automatically deposited to that same account.

If you received a refund via regular check in the mail, your stimulus payment will be sent to you via regular check in the mail.

[happycat]

Here is a link to their calculator to find out how much you will receive in your stimulus payment.

http://www.irs.gov/app/espc/

Since the topic is open, how do you plan to use your stimulus payment? Ours will just about cover the cost of the root canal I had to get done a couple weeks ago.

[pcdreams]

Originally Posted by Ken Scharabok

Thank you for the correction.

Since the topic is open, how do you plan to use your stimulus payment?

Well now that you ask...

I plan to open a new savings account and never touch the $$. To me its stupid
to borrow money (from china no less), making the national debt even larger to "stimulate" the economy. Hope others follow suite.

[Dragonfly acres]

I checked out the site to see if I qualify and we do, we did last time too but never received it. I was just wondering why?
my friend makes almost 75,000 has 2 kids and she and her husband received it last time.
also she just received a letter from the IRS stating she will be getting it again
I have never gotten a letter or anything.
im just confused why we never got one, and wondering if we will get one this year? also wondering if I was sent one last time and it got stolen, a story of this was just on the news the other day warning people of this.
I wonder if there is a way to check.
thanks

[Beaners]

Dragonfly acres...is there any way you can call the IRS and ask them if you cashed a check from the last time?

Someone filed a former coworker's taxes (without him knowing) and claimed the check too. The way they tracked the person down was by finding where the check had been cashed.

Kayleigh

[TNHermit]

Are we talking about two different things here. Some are talking about something that has been happening for years and the rest are talking about the current rebate. Not that it makes any difference to me. These things always escape me somehow.

[Alice Kramden]

There has only been ONE previous "rebate". It was several years ago when Pres. Bush first took office.

The Earned Income Credit is for low income with children, you get money back for filing that, if you are eligible. It has been going on for years.

I ain't eligible for nuthin'.

[Beeman]

You mean you haven't been getting free money from the gov't every year? I hope next years is bigger, don't you?

I'm going to spend every dime of it on American made beer and liquor, then this will all become much clearer.

[Christiaan]

We're going to spend ours on a vacation in Canada. Tofino here we come!

[Faithful One]

What I understand is this money you get from the stimulus package is borrowed money, correct?

My question is, if we are borrowing this money, then are we really gaining anything? Borrowed money has to be paid back, with usually obsene intrest, right?

The bottom line is borrowing is the one thing that is killing this country, and surely too many Americans think to use one credit card to pay off another is a great Ideal, even when our money is worth less.

[TNHermit]

Originally Posted by Faithful One

What I understand is this money you get from the stimulus package is borrowed money, correct?

My question is, if we are borrowing this money, then are we really gaining anything? Borrowed money has to be paid back, with usually obsene intrest, right?

The bottom line is borrowing is the one thing that is killing this country, and surely too many Americans think to use one credit card to pay off another is a great Ideal, even when our money is worth less.

HEY!
Your on the hook for the 30 billion to bail out the hot shot bankers. The stimulus is the gooberments way of saying "thanks sucker". Gotta keep them CEO pmts up and support Starbucks now don't we. NOT!!

[Alice Kramden]

I've heard it compared to dipping water out of the deep end of the swimming pool to fill up the shallow end. :baby04:

[Beeman]

Originally Posted by Alice Kramden

I've heard it compared to dipping water out of the deep end of the swimming pool to fill up the shallow end. :baby04:

Yes, that's the same analogy as trickle down economics also, GWH Bush stopped calling it Voodoo.

Of course it's borrowing and it's killing the country. That's why we should buy American beer and have a party while the band plays and the ship sinks!

Going to Canada is really going to get you less for your money. By the time you get the check what will the dollar be worth?

[longshadowfarms]

It is BORROWED money????????????????????????? Wow! I knew this country was in bad shape. I didn't realize it was THAT bad!