Posted on 02/13/2008 2:11:49 PM PST by Sub-Driver
IRS: File your tax return or no stimulus check Wed Feb 13, 2008 4:56pm EST
WASHINGTON (Reuters) - Americans eligible for tax rebates of $300 to $1,200 under the new fiscal stimulus act will not receive their payments until they file a 2007 income tax return, even if they make too little to owe any taxes, the Internal Revenue Service said on Wednesday.
The tax returns will be used to determine eligibility for the rebate payments, said IRS acting commissioner Linda Stiff.
Stiff said the IRS anticipates that some 10 million to 20 million additional returns will be filed by some low-income workers, retirees on Social Security, disabled veterans and retired railroad workers that were not previously required to file.
"Even if you did not otherwise earn enough to file a return, you will need to file a tax return. You must to do so to receive a payment," Stiff told a conference call.
The tax returns must show income of at least $3,000 in order to qualify for a $300 stimulus payment for an individual or $600 for a couple, plus $300 for each dependent child.
Social Security, Veterans Administration or other federal benefit payments can be applied toward this income level.
Most taxpayers will receive payments of $600 for an individual and $1,200 for a couple. IRS officials confirmed that the payments would not be subject to federal income taxes for the 2008 tax year.
(Excerpt) Read more at reuters.com ...
this sounds discriminatory, I want my free money - whatya mean I have to file taxes?????????
Erm... I doubt I’ll be getting one anyway, so does that mean I can skip filing ?
I am detecting an ulterior motive here. They want to find and track low income people who never file taxes. If I thought they were going after illegals, I would have no problem. But if they are only trying to track people who otherwise are not required to file, why?
I send in my payment on April 15 but don’t file the papers until October, so this is yet another way for the feds to hang onto my money and leach off the interest.
“this sounds discriminatory, I want my free money”
It’s not free money. It’s an advance on your next year’s tax refund—as far as I understand it, and someone might correct me if I’m wrong.
“NO SOUP FOR YOU!”
Somehow, some way, congress will make sure our "guest workers" get their free money from us.
I haven't read all the details on this program yet, but I haven't heard that one before. What if there is no refund, do they just charge us more tax?
Linda Stiff indeed.
Doesn’t matter to me. I won’t get a check anyway......I’m tooooooo fortunate and lucky to make more than what they think if fair....
you’re wrong. it is a cash giveaway.
From what I’m reading now, it is just an advance on one’s tax refund, just like the last time about five years ago.
But if your 2008 tax year’s refund is actually less than the so-called “rebate”, you need not pay the difference...or so I read.
Yes, it’s not a “rebate”, that’s a fishy selling concept in itself. It’s just an advance on your 2008 refund. Both Dems and Repubs thing it worthy for the economy to crash after, not before, November elections.
I think it's more in the way of extra back that COULD be given every year, but isn't.
WHAT NO check from the federal government?...
There was a time when most republicans didn't even WANT a check from the federal government..
Must be the republican party are mostly all RINOs now..
Yeah!... even YOU...
Tax refund? What's a tax refund, come April 15 I almost always write a check to the IRS. Instead of doing the estimated tax payments I just wait till the 15th to send in money. Some years I have to pay over $25,000 but the penalty is only a few hundred.
I don't get one either, let me know how that "not filing" works out for you, I might try it too.
You could be right, it’s not a “rebate” it’s a “prebate”.
You're asking too many questions. You're supposed to just shut up and pay.
I heard they will be sending ID cards out with each check ... proves you filed a tax return ... and any LEO can ask to see it! Hmmmmmmmm?
In other words this is a redistribution of YOUR tax dollars to them. For EIC, most of these low-income earners qualify at ~25-30K and below. If they have some kind of dependent (even no dependents with a low enough income), they're home free. They get upwards of 3-4 THOUSAND dollars they never even paid in. The government calls it "earned income" as if they'd actually made enough to pay taxes on what they're getting back.....purely disgusting, but they all know about it and that's what they call their "refund" (because they're sure claiming multiple deductions at a rate where they don't pay $hit in taxes at payday time).
Wanna know what the icing is on this 'turd' cake is? I'll tell ya. There's such a thing as 'advance EIC' payments and the smart ones who figure it out (or told by some helpful do-gooder) can actually apply for an advance, paid each payday, of the amount they would get at the end of the year.
What is really, really sick about this is that the EMPLOYER has to fund this extra payment throughout the year (interest free) until they do their end-of-year filing......just ducky!!!!
This reminds me of the “WARNING: HOT” on coffee cups. DUH!
Thank you, Richard Nixon who proposed it, Gerald Ford who signed it into law and every administration since, without exception, that has increased it.
My guess is to compile the required recipients they first must determine how much the rebate will be. Second a current address would be valuable to eliminate check going astray. Second, ah heck, what is the use.
Arthur Laffer tells us why it's a bad idea.
By the very name of it, it is a nose-rubbing insult to those who actually pay taxes (net taxes).
Uh, you are required to file taxes even if you dont owe.
Enjoy my money folks! ... Uncle Sam figures I’m sufficiently simulated.
If you want to feed at the trough you have to enter the pen.
Paging Wesley Snipes!!
No, you aren’t. Not everyone is required to file. Only those with incomes over a minimum amount as shown on page 6 here:
http://www.irs.gov/pub/irs-pdf/i1040.pdf
Since I am not eligible for the free money, do I still have to file my taxes?
LOL
Well, I suppose we shouldn’t complain. All of our taxes go to good causes.
I may be wrong but I think that one of the requirements for receiving the Earned Income Credit is to have dependants.
It used to be that way, but there are now certain circumstances where a childless person can qualify for it.
Some years I have to pay over $25,000 but the penalty is only a few hundred.
Wow! You must make over a million dollars a year. No matter what...good for you! A success story.
It doesn’t make sense for low-income people to NOT file taxes. They have the EIC!!!!! Earned (how quaint) Income CREDIT.
Every year I press the button to see if I qualify and every year the computer says no...lol. I have never been able to qualify for this scam...dang it!!!
Has not been that way since early 90’s.
Single friend was getting EIC. He used to think was a hoot, until he got real job and watched his(tax)money going to pay for same.
Where on earth did you hear that nonsense?
Sorry, I had to ask
If you think a millionaire only pays $25000 in taxes you must be a democrat. I’ve never made more than 100K in a year.
Excuse the heck out of me. I could care less what you made. If you only made 100K and paid 25K you are a big dang fool and I am sorry that I praised you earlier.
2006 Federal Tax Rate Schedule
It used to be worse. I'm self employed and before I incorporated there was in addition to federal & state taxes a 15%+ self employed tax.
Wher my dam chek?
This sounds as obvious as Mrs. Clinton’s cankles, but I’m glad this is clarified.
I know people who grossed below the threshold for filing, so they didn’t, quite legal. When they were dismayed when I told them they probably won’t get a check, I said, “Hey, how’s Uncle Sugar going to know where to send it?” Duh.
those people will not file and thus get no return.
That is wrong. The previous stimulus plan (the $300 rebate checks) was derived from lowering the lowest tax bracket percentage from 15% to 10%, at a bracket dollar amount of $6000. They made this change retroactive to the beginning of the year, so people who had paid taxes into the second bracket (i.e. they have completely paid past the first bracket) were owed 5% of $6000 ($300) as a refund.
So it was partially a "prebate" on the next year's refund, but it was based on the sound logic that 1/2 the year had gone by where the government had been withholding too much tax since taxes were reduced at the low end that year (2001).
That's probably because you actually go out and work and get paid for it.
Thanks. I am still impressed with you. I never paid 25,000 dollars on my taxes. I pay about 11 overall. Good job!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.