TranceAddict Forums (www.tranceaddict.com/forums)
- USA - West Coast / Las Vegas
-- IRS Will Send Stimulus Payments Automatically Starting in May; Eligible Taxpayers
Pages (2): [1] 2 »

IRS Will Send Stimulus Payments Automatically Starting in May; Eligible Taxpayers

IRS Will Send Stimulus Payments Automatically Starting in May; Eligible Taxpayers Must File a 2007 Tax Return to Receive Rebate:

IR-2008-18, Feb. 13, 2008
WASHINGTON � The Internal Revenue Service today advised taxpayers that in most cases they will not have to do anything extra this year to get the economic stimulus payments beginning in May.

�If you are eligible for a payment, all you have to do is file a 2007 tax return and the IRS will do the rest,� said Acting IRS Commissioner Linda Stiff.

The IRS will use information on the 2007 tax return filed by the taxpayer to determine eligibility and calculate the amount of the stimulus payments.

The IRS will begin sending taxpayers their payments in early May after the current tax season concludes. Payments to more than 130 million taxpayers will continue over several weeks during the spring and summer. A payment schedule for taxpayers will be announced in the near future.

Stimulus payments will be direct deposited for taxpayers selecting that option when filing their 2007 tax returns. Taxpayers who have already filed with direct deposit won't need to do anything else to receive the stimulus payment. For taxpayers who haven't filed their 2007 returns yet, the IRS reminds them that direct deposit is the fastest way to get both regular refunds and stimulus payments.

Most taxpayers just need to file a 2007 tax return as usual. No other action, extra form or call is necessary. This Web site will be the best information source for all updates and taxpayer questions.

In most cases, the payment will equal the amount of tax liability on the tax return, with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return).

The law also allows for payments for select taxpayers who have no tax liability, such as low-income workers or those who receive Social Security benefits or veterans� disability compensation, pension or survivors� benefits received from the Department of Veterans Affairs in 2007. These taxpayers will be eligible to receive a payment of $300 ($600 on a joint return) if they had at least $3,000 of qualifying income.

Qualifying income includes Social Security benefits, certain Railroad Retirement benefits, certain veterans� benefits and earned income, such as income from wages, salaries, tips and self-employment. While these people may not be normally required to file a tax return because they do not meet the filing requirement, the IRS emphasizes they must file a 2007 return in order to receive a payment.

Recipients of Social Security, certain Railroad Retirement and certain veterans� benefits should report their 2007 benefits on Line 14a of Form 1040A or Line 20a of Form 1040. Taxpayers who already have filed but failed to report these benefits can file an amended return by using Form 1040X. The IRS is working with the Social Security Administration and Department of Veterans Affairs to ensure that recipients are aware of this issue.

�Some people receiving Social Security and veterans� benefits may not realize they will need to file a tax return to get the stimulus payment,� Stiff said. �To reach these people, the IRS and Treasury will work closely with the Department of Veterans Affairs, the Social Security Administration and key beneficiary groups on outreach efforts.�

Eligible taxpayers who qualify for a payment will receive an additional $300 for each child who qualifies for the child tax credit.
Payments to higher income taxpayers will be reduced by 5 percent of the amount of adjusted gross income above $75,000 for individuals and $150,000 for those filing jointly.
Taxpayers must have valid Social Security Numbers to qualify for the stimulus payment. If married filing jointly, both taxpayers must have a valid Social Security Number. And, children must have valid Social Security Numbers to be eligible as qualifying children.

Taxpayers who file their tax returns using an Individual Taxpayer Identification Number issued by the IRS or any number issued by the IRS are ineligible. Also ineligible are individuals who can be claimed as dependents on someone else�s return, or taxpayers who file Form 1040-NR, 1040-PR or 1040-SS.

To accommodate taxpayers who file tax returns later in the year, the IRS will continue sending payments until December 31, 2008. The IRS also cautions taxpayers that if they file their 2007 tax return and then move their residence that they should file a change of address card with the U.S. Postal Service.

The IRS will mail two informational notices to taxpayers advising them of the stimulus payments. However, taxpayers should be alert for tax rebate scams such as telephone calls or e-mails claiming to be from the IRS and asking for sensitive financial information. The IRS will not call or e-mail taxpayers about these payments nor will it ask for financial information. Scam e-mails and information about scam calls should be forwarded to [email protected].
Related Items:
FS-2008-15, Facts about the 2008 Stimulus Payments
FS-2008-16, Stimulus Payments: Instructions for Low-Income Workers and Recipients of Social Security and Certain Veterans� Benefits
Tax forms and instructions
SOURCE: http://www.irs.gov/newsroom/article...=179094,00.html

to sum all that crap up.... do your taxes this year. Get mailed free money.

quote:

Originally posted by Orbital32 to sum all that crap up.... do your taxes this year. Get mailed free money.

Well said Orbital32 =)
$3000 = $300 rebate
Up to $75k = $600 rebate per individual and $1200 joint return
And if you make over $87k per annual for individual & over 162k joint, your shit out of luck.

quote:

Originally posted by djThomasPhan $87k per annual for individual & over 162k joint, your shit out of luck.

or "you dont need it" is more like it

speaking of taxes I need someone to do my taxes. Does anyone have any referrals in the San Fran Bay Area?

quote:

Originally posted by nerdgrl416 speaking of taxes I need someone to do my taxes. Does anyone have any referrals in the San Fran Bay Area?

I do taxes!
Big discounted for TranceAddict!

these tax rebates are fucking retarded

quote:

Originally posted by djThomasPhan And if you make over $87k per annual for individual & over 162k joint, your shit out of luck.

tongue in cheek i'm sure

Watch for some reason I will be excluded from this one too!

really??? free $$$ just for filing your taxes?? i just filed. getting back a decent refund this year. last year i actually had to pay
but that would definitely be awsome to open my mailbox and get another check!!!

quote:

Originally posted by gypsygirl really??? free $$$ just for filing your taxes?? i just filed. getting back a decent refund this year. last year i actually had to pay but that would definitely be awsome to open my mailbox and get another check!!!

i would look at it as borrowed money, it's not like the federal gov has this kind of cash to be giving away... "oh well, it's the future's problem" - gop motto

quote:

Originally posted by R!CH these tax rebates are fucking retarded

It's not a rebate. A rebate is you paid for something first and get it back. It's "free money" that will be added to the federal deficit. Even if you don't owe any taxes you are still eligible. Not like the last time this happened where it was a "loan" on your future refund.

The belief behind this is if people have more of what they earn in their pockets they will spend it and thus "stimulate" the economy. I agree.

Polar opposite to the increase taxes/lower discretionary income crowd. Most of congress, including both parties including the president, approve of this legislation/thought process. Yet at least two active presidential candidates want to ramp up income tax rates thus less money in our pocket to stimulate anything. And their supporters hold the majority and helped spearhead this legislation.

This does not make sense to me. Can anybody help me comprende?

quote:

Originally posted by CND The belief behind this is if people have more of what they earn in their pockets they will spend it and thus "stimulate" the economy. I agree.

too bad this oversimplistic economic gamble will fall flat on its face as it has in the past. if you think this one-time payment is going to trigger an economic rebound, then i have a bridge i'd like to sell you too. the reason why so many politicians approve of it is, well, because it's election season and they'll happily suckle off any bit and piece of political opportunity that comes their way rather than make the tough choice, which is to be fiscally responsible and pay for our years of frivilous spending. it is after all harder to defend the idea of paying for a mistake than to throw money at voters and tell them to spend it.

quote:

Originally posted by R!CH too bad this oversimplistic economic gamble will fall flat on its face as it has in the past. if you think this one-time payment is going to trigger an economic rebound, then i have a bridge i'd like to sell you too. the reason why so many politicians approve of it is, well, because it's election season and they'll happily suckle off any bit and piece of political opportunity that comes their way rather than make the tough choice, which is to be fiscally responsible and pay for our years of frivilous spending. it is after all harder to defend the idea of paying for a mistake than to throw money at voters and tell them to spend it.

+1

This does nothing except make a bad situation worse.

quote:

Originally posted by CND This does not make sense to me. Can anybody help me comprende?

election year

quote:

Originally posted by vxman election year

So right.

i like "free" money even though this is total bs

quote:

Originally posted by R!CH i would look at it as borrowed money, it's not like the federal gov has this kind of cash to be giving away... "oh well, it's the future's problem" - gop motto

That is exactly what is borrowed money... BASTARDS!!!

This is going to bite us in the arse somethin fierce.

quote:

Originally posted by Trancelover24 That is exactly what is borrowed money... BASTARDS!!!

borrowing dollars w/ interest that has to be paid back in dollars... yep greatest idea ever!

quote:

Originally posted by djThomasPhan I do taxes! Big discounted for TranceAddict!

Check your pms

quote:

Originally posted by nerdgrl416 Check your pms

I did and will send you info asap nerdgrl416.

quote:

Originally posted by R!CH too bad this oversimplistic economic gamble will fall flat on its face as it has in the past. if you think this one-time payment is going to trigger an economic rebound, then i have a bridge i'd like to sell you too. the reason why so many politicians approve of it is, well, because it's election season and they'll happily suckle off any bit and piece of political opportunity that comes their way rather than make the tough choice, which is to be fiscally responsible and pay for our years of frivilous spending. it is after all harder to defend the idea of paying for a mistake than to throw money at voters and tell them to spend it.

+2

quote:

Originally posted by djThomasPhan I did and will send you info asap nerdgrl416.

Thanks !

Powered by: vBulletin
Copyright © 2000-2021, Jelsoft Enterprises Ltd.