Got my tax stimulus money

[NeverQuietHere]

I did the calculator and it says that me and hubby shoudl get $1800. BUT...he owes child support and they have already flagged that $600 and I filed injured spouse so I would be getting the other $1100, but we owed $701 in taxes this year so they will take that out and give me a check for $499. In any other year we wold have gotten $1100...so that kinda stinks!! But at least I filed my name first this year, cause my last 2 SS# are 36 and hubby's is 51, so now we will be getting the check at the end of May.

 

I talked to the "irs" last night. Hubby filed an injured spouse from that was finally rec'd in March. The guy said that with the rebate, they will split that down the middle. NICE. Hubby was the only one who worked last year and you'd think they would give him the $1500 and keep my portion ($600) instead. Not according to this guy. So instead of it being even $1500 that we get back, it will be $1050 according to the gentleman last night on the phone.

[EarnIt]

We were supposed to get our DD by May 16th so anything early is bonus to me.

 

Myself, DW, and 3 children = $2100.00.

 

DD was born Dec. 30th (Just in Time). She is such a sweet little tax credit.

[wake86]

To the guy that said he was a student expecting $300... sorry, but not gonna happen. As I learned myself, if you COULD be claimed as a dependant, even if you ARE NOT CLAIMED, you cannot get it. I.e., if you are under 25 years old, no tax refund for you (or me).

[hurricanesfans27]

To the guy that said he was a student expecting $300... sorry, but not gonna happen. As I learned myself, if you COULD be claimed as a dependant, even if you ARE NOT CLAIMED, you cannot get it. I.e., if you are under 25 years old, no tax refund for you (or me).

 

 

actually if you claim yourself as an exemption and you reported over 3k in income you do get it. regardless if you are a student.

[tgsweat]

To the guy that said he was a student expecting $300... sorry, but not gonna happen. As I learned myself, if you COULD be claimed as a dependant, even if you ARE NOT CLAIMED, you cannot get it. I.e., if you are under 25 years old, no tax refund for you (or me).

 

i'm independent and 25

[sk8erchick]

I wish I could get $600, I only qualify for $300. Seems like a person who makes less should get more than a person who makes more per year, but I guess the poor will stay poor lol. I'm a student so i will take whatever I can get

 

You would think so, but we're still going to pay tax on this rebate next year, so whatever, I guess!

 

 

There is no tax on this rebate for next year!

Many think there is, but its not. Its free money.

 

BUT, we all pay for it at somepoint in someway

 

Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount and the approximate time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year.

 

that doesnt sound all that free to me. i have to file it for next year.

[inspiringmind]

I wish I could get $600, I only qualify for $300. Seems like a person who makes less should get more than a person who makes more per year, but I guess the poor will stay poor lol. I'm a student so i will take whatever I can get

 

You would think so, but we're still going to pay tax on this rebate next year, so whatever, I guess!

 

 

There is no tax on this rebate for next year!

Many think there is, but its not. Its free money.

 

BUT, we all pay for it at somepoint in someway

 

Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount and the approximate time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year.

 

that doesnt sound all that free to me. i have to file it for next year.

 

Normally I don't file...so how would they get it back or tax it in that case? (I mean, most people who get social security do not file, but this year I did and I had special circumstances.) But next year, I will not have to file...unless they give another stimulus.

[sk8erchick]

I wish I could get $600, I only qualify for $300. Seems like a person who makes less should get more than a person who makes more per year, but I guess the poor will stay poor lol. I'm a student so i will take whatever I can get

 

You would think so, but we're still going to pay tax on this rebate next year, so whatever, I guess!

 

 

There is no tax on this rebate for next year!

Many think there is, but its not. Its free money.

 

BUT, we all pay for it at somepoint in someway

 

Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount and the approximate time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year.

 

that doesnt sound all that free to me. i have to file it for next year.

 

Normally I don't file...so how would they get it back or tax it in that case? (I mean, most people who get social security do not file, but this year I did and I had special circumstances.) But next year, I will not have to file...unless they give another stimulus.

all i can say is wow, but for the people that file that sux. sounds like you will have to pay it back......its not free.

[Saria]

I wish I could get $600, I only qualify for $300. Seems like a person who makes less should get more than a person who makes more per year, but I guess the poor will stay poor lol. I'm a student so i will take whatever I can get

 

You would think so, but we're still going to pay tax on this rebate next year, so whatever, I guess!

 

 

There is no tax on this rebate for next year!

Many think there is, but its not. Its free money.

 

BUT, we all pay for it at somepoint in someway

 

Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount and the approximate time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year.

 

that doesnt sound all that free to me. i have to file it for next year.

 

 

The stimulus payments ARE NOT TAXABLE.

 

Here's why you need to save your notice for your 2008 taxes:

 

The stimulus payments are essentially an advance on a new credit for 2008. However, they're basing them on your 2007 income and such. If your situation changes in such a way that they UNDERpaid you, you can get a credit for the increased amount when you file your 2008 taxes. However, if they OVERpaid you, you do NOT have to repay it. Bottom line, the stimulus payments can only help you when you file for 2008, not hurt you.

 

This is according to information from the National Association of Tax Professionals.

[wake86]

To the guy that said he was a student expecting $300... sorry, but not gonna happen. As I learned myself, if you COULD be claimed as a dependant, even if you ARE NOT CLAIMED, you cannot get it. I.e., if you are under 25 years old, no tax refund for you (or me).

 

i'm independent and 25

 

My apologies. You are a lucky man (or gal)!!!

 

From my Google News searches, however, (in response to the other post) college students will not be getting stimulated.

[Saria]

To the guy that said he was a student expecting $300... sorry, but not gonna happen. As I learned myself, if you COULD be claimed as a dependant, even if you ARE NOT CLAIMED, you cannot get it. I.e., if you are under 25 years old, no tax refund for you (or me).

 

i'm independent and 25

 

My apologies. You are a lucky man (or gal)!!!

 

From my Google News searches, however, (in response to the other post) college students will not be getting stimulated.

 

That's just because most news outlets are assuming that all college students are claimed as dependents by their parents. There are lots of folks around here for whom that's not the case.

[Ryan Mercer]

You know the IRS FAQ says it is not taxable.

 

"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."

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

Edited April 27, 2008 by Ryan Mercer

[800county]

You know the IRS FAQ says it is not taxable.

 

"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."

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

 

 

key word here is " federal" might have to claim as income on your STATE AND LOCAL !

[spikedup]

key word here is " federal" might have to claim as income on your STATE AND LOCAL !

 

The reason why it says federal is because the IRS only deals with Federal income taxes.

 

The odds of a tax on the rebate on state or local is between nil and none.

[ArnoldPalmer22]

Yay! I would be pyched too if I wasn't a "high earner" and made more than $75k/ yr.- which, by the way, is ridiculous. $75k in NYC or Boston is about the equivalent of $30k in Kansas City. It's incredibly unfair that a cost of living consideration isn't accounted for in this whole "refund" (read: redistribution), no?

 

PS I make $105k a year in the metro Boston area and don't come even close to the "living standards" of my friends in Charlotte who make $60k/ yr. Just an observation....

[wake86]

To the guy that said he was a student expecting $300... sorry, but not gonna happen. As I learned myself, if you COULD be claimed as a dependant, even if you ARE NOT CLAIMED, you cannot get it. I.e., if you are under 25 years old, no tax refund for you (or me).

 

i'm independent and 25

 

My apologies. You are a lucky man (or gal)!!!

 

From my Google News searches, however, (in response to the other post) college students will not be getting stimulated.

 

That's just because most news outlets are assuming that all college students are claimed as dependents by their parents. There are lots of folks around here for whom that's not the case.

 

I hope that's the case, but from articles like the one below, it doesn't seem to be the case.

 

http://media.www.kstatecollegian.com/media...d-3289488.shtml

[Saria]

To the guy that said he was a student expecting $300... sorry, but not gonna happen. As I learned myself, if you COULD be claimed as a dependant, even if you ARE NOT CLAIMED, you cannot get it. I.e., if you are under 25 years old, no tax refund for you (or me).

 

i'm independent and 25

 

My apologies. You are a lucky man (or gal)!!!

 

From my Google News searches, however, (in response to the other post) college students will not be getting stimulated.

 

That's just because most news outlets are assuming that all college students are claimed as dependents by their parents. There are lots of folks around here for whom that's not the case.

 

I hope that's the case, but from articles like the one below, it doesn't seem to be the case.

 

http://media.www.kstatecollegian.com/media...d-3289488.shtml

 

From the article you linked to:

 

"While it might seem that many K-State students are about to receive $300-$600 checks from the government beginning May 1, that is simply not the case. The IRS stipulates that if a person can be claimed as a dependent on someone else's return, then he or she is not eligible for the stimulus check."

 

I am a college student. I cannot be claimed as a dependent on anyone else's tax return. Therefore, I will be receiving a stimulus check. While this may not be the case for most college students, there are plenty of others in the same situation as I am.

[Krish]

[quote

 

The stimulus payments ARE NOT TAXABLE.

 

Here's why you need to save your notice for your 2008 taxes:

 

The stimulus payments are essentially an advance on a new credit for 2008. However, they're basing them on your 2007 income and such. If your situation changes in such a way that they UNDERpaid you, you can get a credit for the increased amount when you file your 2008 taxes. However, if they OVERpaid you, you do NOT have to repay it. Bottom line, the stimulus payments can only help you when you file for 2008, not hurt you.

 

This is according to information from the National Association of Tax Professionals.

 

I still do not understand this..

 

Does this mean that, if we get this stimulus refund, and once we file our 2008 taxes and expect a refund, they get this money and send us the remaining?

[Xecuter2]

I cannot be claimed as a dependent on anyone else's tax return.

Do you know the specific reason why you cant be claimed as a dependant?

[Saria]

I cannot be claimed as a dependent on anyone else's tax return.

Do you know the specific reason why you cant be claimed as a dependant?

 

Because I'm completely self-sufficient and haven't received any financial support from anyone since I was 17 years old.

 

Here are the criteria that must be met to claim someone as a dependent:

A dependent must be a member of your household, be a US citizen or resident, not be married and filing a joint return, have income less than $3,050, and you must provide more than half of their support.

[spikedup]

I still do not understand this..

 

Does this mean that, if we get this stimulus refund, and once we file our 2008 taxes and expect a refund, they get this money and send us the remaining?

 

No. It's saying that the rebate is a 2008 tax credit that is being advanced in 2007, based on your 2007 income tax forms. It is really an advance on 2008 tax changes, so the rebate should really be based on your 2008 return, but since they want the rebate out now are using the 2007 income tax forms to base your rebate on.

 

Since we don't know what your 2008 taxes will be yet, you could get more next year, and will get a credit. Or if you were overpaid, they won't make you owe anything.

 

Also 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.

Edited April 27, 2008 by spikedup

[alathea]

When in college you can file a financial aid form (mine was called a 'dependancy over-ride') that basically allowed one to suspend the financial aid assumptions that you live off of your parents while in school. I lived in the dorm, filed my own taxes, and the lived in an apartment. Not everyone lives with or is declared by their parents. I used my own income and my parents didn't claim me-It sort of astounds me that so many college kids allow their parents to claim them in the first place.

Edited April 27, 2008 by alathea

[wake86]

To the guy that said he was a student expecting $300... sorry, but not gonna happen. As I learned myself, if you COULD be claimed as a dependant, even if you ARE NOT CLAIMED, you cannot get it. I.e., if you are under 25 years old, no tax refund for you (or me).

 

i'm independent and 25

 

My apologies. You are a lucky man (or gal)!!!

 

From my Google News searches, however, (in response to the other post) college students will not be getting stimulated.

 

That's just because most news outlets are assuming that all college students are claimed as dependents by their parents. There are lots of folks around here for whom that's not the case.

 

I hope that's the case, but from articles like the one below, it doesn't seem to be the case.

 

http://media.www.kstatecollegian.com/media...d-3289488.shtml

 

From the article you linked to:

 

"While it might seem that many K-State students are about to receive $300-$600 checks from the government beginning May 1, that is simply not the case. The IRS stipulates that if a person can be claimed as a dependent on someone else's return, then he or she is not eligible for the stimulus check."

 

I am a college student. I cannot be claimed as a dependent on anyone else's tax return. Therefore, I will be receiving a stimulus check. While this may not be the case for most college students, there are plenty of others in the same situation as I am.

 

Okay, I'm crossing my fingers. I didn't get any IRS notice or anything.

[Athena775]

Ok I am going to chime in on this in regards to amounts of payments and eligibility.

 

The amount of your payment is directly related to your tax liability prior to any tax credits like the CTC.

 

If you are a single taxpayer earning more than $3000 you will get a minimum of $300 and a maximum of $600. For example I know a person whose tax liability was $450, so her rebate will be $450. I personally paid $1100 in taxes so I will get the full $600.

 

For married filing jointly the minimum you can get is $600 and a maximum is $1200.

 

If you have dependent children you get $300 per child.

 

If a person such as a full time student is claimed on their parent's taxes then they are not eligible for a payment even if they file their own return.

 

I hope I helped clear things up.

[hurricanesfans27]

Ok I am going to chime in on this in regards to amounts of payments and eligibility.

 

The amount of your payment is directly related to your tax liability prior to any tax credits like the CTC.

 

If you are a single taxpayer earning more than $3000 you will get a minimum of $300 and a maximum of $600. For example I know a person whose tax liability was $450, so her rebate will be $450. I personally paid $1100 in taxes so I will get the full $600.

 

For married filing jointly the minimum you can get is $600 and a maximum is $1200.

 

If you have dependent children you get $300 per child.

 

If a person such as a full time student is claimed on their parent's taxes then they are not eligible for a payment even if they file their own return.

 

I hope I helped clear things up.

 

 

 

good post and spot on.

 

 

keep in mind the rebate is reduced if income is higher than 75k for singles or 150k for joint filers eventually going to 0.00 the higher income you have.

Edited April 27, 2008 by hurricanesfans27