Posted on 02/02/2009 6:38:42 PM PST by Askwhy5times
Many people remember the $600 or $1200 dollar stimulus rebate they got from President Bush. They were expecting more from Barack Obama. They were wrong. The Democratic stimulus bill before the Senate only gives individuals a maximum of $10 a week more in take home pay. Joint filers can get a maximum of $20. That is $500 per individual and $1000 per family spread over one year. Some low end and high end wage earners won't even get that much.
(Excerpt) Read more at bloggingredneck.blogspot.com ...
Your stimulus payment is a one-time tax cut - an advance on a credit you’ll receive on your 2008 return. You will not owe tax on your payment when you file your 2008 tax return, and it will not increase the amount you owe or reduce your 2008 refund.
The stimulus payment is based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you’ll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference.
“If you were supposed to receive a larger payment than you did, you will get the extra money,” said Treasury spokesman Andrew DeSouza. “If you received more than what you should have gotten, you will not be penalized.”
Yes and no:
Economic stimulus payments are not taxable, and they are not reported on 2008 tax returns. However, the stimulus payment does affect whether a taxpayer can claim the Recovery Rebate Credit and how much credit he or she can get. The credit is figured like last year’s economic stimulus payment except that the amounts are based on tax year 2008 instead of 2007. A taxpayer may qualify for the Recovery Rebate Credit if, for example, she did not get an economic-stimulus payment or had a child in 2008. See Fact Sheet 2009-3 for details. In most cases, the IRS can figure the credit. The instructions for Forms 1040, 1040A and 1040EZ have more information.
http://www.irs.gov/newsroom/article/0,,id=202106,00.html?portlet=7
BTW, I didn’t get stimulated either.
What you say is true in the above. And your history of my many reads shows me that you would know. She was to get 1200 and was told she would get 900..I will find out as "I wanna know!" ..Any Refund? What's that!..foreign to me.
My former employer provides me with “legal insurance”. If I need an attorney, it’s paid for. For whatever odd reason by the IRS, they call the value of that insurance “earned income” and I get a W-2 for it in the amount of $38.00.
My former employer does not with hold anything from it because they aren’t actually sending me a check for that amount. Not only do I owe fed and state tax on that amount, that’s no big deal, but I have to pay s.s. tax on it too because it’s “earned” income, which is another big pain in the ass.
My retirement pay from the company is on a 1099R. My wife has earned income and we both have “unearned” income.
I just finished filing my taxes and it is getting to be a bigger head ache every year. I try to adjust all our with holdings so we can come out about even every year and usually I get pretty close - within a couple hundred either way, plus or minus.
This year we are getting a refund of $5443.00 Fed and $276 state. We had 2 unexpected deductions, we had custody of two grand children from mid June ‘08 and it didn’t even occur to me that they would be deductions on my taxes until it hit me some time in Dec. too late to adjust with holdings - it won’t happen again, I hate the thought of the government holding on to any more of my money than I absolutely have to let them have.
I do have a theory for an economic solution, I would like to pass on: Put all Washington politicians to sleep for 6 months or longer. I call it my
Rumblestilskin Theory of Irrelativity
and improvement would be seen almost immediately.
..so I dream a lot.
OTOH, here's the correct winner from the Republicans:
"Congress declares a National Dividend in the amount of $9,000 per taxpayer instead of Porkulus."
That would be cheaper, and very difficult for Dems to fight. The Dems get to win due to the numbers. But that proposal will make their win as painful as possible among voters who would vastly prefer the $9K.
She’s ranting about nothing because that is not true.
Unless she scammed them out of it and they took the money back...
I’m going to buy a dress like MO wore to the Inauguration for Valentine’s Day and have enough left for a bottle of wine. (Please don’t let her start a fashion trend.)
free breakfast at Denny’s tomorrow!!!!
woooohoooooo!!!!
economic stimulus!!!!!!!!
Stimulus checks tripping up taxpayers
http://articles.moneycentral.msn.com/Taxes/Advice/stimulus-checks-tripping-taxpayers.aspx
I went after the 2:00 deadline on purpose..just to PAY for my meal and let them know this "stimulus" gesture impressed me. Give back or give something..and ye shall return the favor..the tips were pretty "thick", the staff was giddy, said they had 1000 and turned away 300-400 with rain checks..and this not a big city gig. Guy's arm was sore from beating the batter for pancakes..the wait staff was in up spirits even though tired..
Now if the Fed and state govt could follow suit..cut taxes and watch how people go out into the marketplace and spend. Liked what I saw and will go more often for Breakfast (all day) as I forget it is there..I will give them my business more often..did I say I brought home a piece of chocolate Hersey cake for later?? (shifts eyes)
Noted the stock has done well in the $1-$4 range..even that is attainable..
Just write Rangel/Daschle Exemption on the form...
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