Tax "rebates" to go out early

[abcdefz]

From CNN (http://money.cnn.com/2008/04/24/pf/taxes/Stimulus_checks/index.htm?cnn=yes):

As of next week, 800,000 tax filers daily will begin to have their checks directly deposited Monday, Tuesday and Wednesday. No checks
will be distributed Thursday, and 5 million payments will be made Friday.





...from what I understand, these aren't rebates -- they're advances against next year's refunds. But I need to read more about it.

[AceFace]

well we don't get $1200 back so i hope they don't make me owe next year! JEEZ!

[abcdefz]

The IRS website says it won't affect anything:


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.

Q. If my Stimulus Payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain
the letter that lists how much I received?

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have
the letter as a record of the amount you previously received. [New 4/11/08]

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.

[jabumbo]

direct deposited?

i didnt recall putting any bank information on my tax forms. unless that;s one of those things that the government just knows

[Yeti]

Your check will only be direct deposited if you had signed up with the IRS to direct deposit your refund. We did so ours will be direct deposited. If you did not have your refund direct deposited it will arrive via snail mail.

The check is not taxable, because it is a rebate of taxes you already paid. The IRS does not consider it income which is taxable. They are giving back to you something that was yours to begin with. Check out www.irs.gov for more info. Also this is not an advance on your tax year 2008 refund. So this means that this is free money from the government.

[AceFace]

direct deposited?

i didnt recall putting any bank information on my tax forms. unless that;s one of those things that the government just knows

i think most of that stuff is done if you file your taxes online.

we didn't get ours in the bank today. sad face.

[abcdefz]

we didn't get ours in the bank today. sad face.




...was your last two digits of the social security number scheduled for May 2?

Mine's May 9.

[abcdefz]

The schedule for rebates is determined by the last two digits of the primary taxpayer's social security number.

[abcdefz]

You get a refund by the same method in which you got your initial tax refund (or paid your taxes).





Below are the schedules for economic stimulus payments related to tax returns processed by April 15, 2008:

Direct Deposit Payments

If the last two digits of your Social Security number are:


Your economic stimulus payment deposit should be transmitted to your bank account by:

00 – 20

May 2



21 – 75
May 9


76 – 99
May 16



Paper Check

If the last two digits of your Social Security number are:


Your check should be in the mail by:

00 – 09
May 16

10 – 18
May 23

19 – 25
May 30

26 – 38
June 6

39 – 51
June 13

52 – 63
June 20

64 – 75
June 27

76 – 87
July 4

88 – 99
July 11

[AceFace]

May 2

21 – 75

ours is 42. maybe it'll show up tomorrow.

[abcdefz]

Sorry -- yours is May 9 (like mine). 00-20 is May 2.

I copied that from the IRS table, so it came out kinda screwy.

[AceFace]

WAY TO RUIN MY GOOD TIME A-Z! :p

now i have to wait another week to order my new screen door.

[abcdefz]

I'm a big disappointment to a lot of people. (y)

[AceFace]

awes! you know you're awesome.

[abcdefz]

Don't forget -- postage goes up on the 12th!

[jabumbo]

i have to wait until june? gosh....



i guess mine will end up more like a birthday gift then....

[ET]

Yeah, hooray for direct deposit! Now I can let it sit and rot in response to when gas goes past $4 again in a couple of months. You know, like most Americans will.

Are any of you guys going to spend it frivously? I am actually going to put it towards a new computer.

[jabumbo]

i wish i could spend it frivolously, but all of mine is going into the savings account for the house downpayment in the fall

[YoungRemy]

thanks to this thread, I just checked my bank statement, and as of this morning, $300 was transferred into my account (I'm in the May 2 bracket and I had my IRS refund Direct Deposit)

this was my best year ever

900 Federal
434 California
98 NY
300 from "economic stimulus"

I am going to start a 3 month rolling CD in the amount of $1000

(y)

[cookiepuss]

looks like mine should be here May 9th too. I'm not going to get to do anything fun with it. I'm in debt as usual.


it's too bad it's not coming today..cause my bank account is overdrawn.:(

[Documad]

what are you talking about?

I suspect that you and I are giving money to some of our fellow americans under the theory that they will spend the money and improve the economy. It's fucking ridiculous.

"Free money" my ass.

[Dorothy Wood]

I wonder how much money I'll get. I want 600, but the "up to 600" thing leads me to believe that I'll probably just get 300. boo! oh well, may 16th is the day they take out money for my monthly student loan payment. so I'll be giving the majority of my stimulus right back to uncle sam. hooray!

[The Notorious LOL]

i wish i could spend it frivolously, but all of mine is going into the savings account for the house downpayment in the fall

why bother? your downpayment will be flushed down the toilet about three months after purchase as the market continues to take a heaving shit and your property value drops more.

[QueenAdrock]

I'm supposed to get the full $600 (woot) and I plan on saving it towards my school. Less loans = awesome.

[AceFace]

ok strangeness has occurred.

yesterday we look at our online banking and saw "govt surplus, pending $1200."

YAY!

it was reflected in our balance, but had yet to officially clear.

i go on today to check on it and it's no longer in the register but still reflected in the balance. just thought that was kind of weird.

[AceFace]

I suspect that you and I are giving money to some of our fellow americans under the theory that they will spend the money and improve the economy. It's fucking ridiculous.

"Free money" my ass.
just the free money we GAVE the IRS that we should have been able to keep throughout the year.

[abcdefz]

I wonder how much money I'll get. I want 600, but the "up to 600" thing leads me to believe that I'll probably just get 300. boo!



There's a calculator at irs.gov, but I think the short version is that if you paid $600 or more in federal taxes, you get $600 back.

[Dorothy Wood]

hmm, all signs point to $600, but I'm not gonna get my hopes up.

it's gonna be pretty awesome to get that money though, because at the moment I'm pretty damn broke from paying bills and living on a tight tight budget. but I'm waiting on a check for some freelance work, and then after that I'll get the surplus. yay!

[Rock]

we gots our 12 hundgy today! Booya!

[abcdefz]

Was yours due by the 9th, or when?

[Dorothy Wood]

I forgot that I'm scheduled to get a raise this month too. yay! money!

[Rock]

the 9th.

[Loppfessor]

I want my moohlah too...I spent all my "fun" money buying my brother in law a Wii...

[abcdefz]

the 9th.



Nice!

[AceFace]

w00t! 12 hundred wing wangs in my account this morning!

[abcdefz]

Where's mine?

[abcdefz]

Nice!

You can check the status here (https://sa2.www4.irs.gov/irfof/IRServlet?app=IRACTC).

[cookiepuss]

Nice!

You can check the status here (https://sa2.www4.irs.gov/irfof/IRServlet?app=IRACTC).

:(

there's no info on mine. I guess I'm not getting it. I don't understand. I filled my taxes and I'm definiently don't make enough money to not qualify. I don't understand why i wouldn't qualify. according to the end of my social I should have got one today.

it fucking figures.
I could really use the money(n)

[abcdefz]

When would yours have been due?

Also -- make sure you put in the correct number of exemptions. At first I entered "0" because my brain fart made me think it was dependents.

[abcdefz]

Mine showed up yesterday. (y)

[abcdefz]

:(

there's no info on mine. I guess I'm not getting it. I don't understand. I filled my taxes and I'm definiently don't make enough money to not qualify. I don't understand why i wouldn't qualify. according to the end of my social I should have got one today.

it fucking figures.
I could really use the money(n)



Also -- were your taxes processed by April 15?


None of this is any of my business, of course...

[cookiepuss]

it was due by today...I filed electronically so it should have been transmitted to my bank account.

if you're single I think the exemption is just 1. that's what I read on the IRS page.

anyway it says: "We're sorry there is no specific info about your stimulus payment."

great.

it's been a bad morning. our cable and internet just got shut off at home because we've gotten behind on the bill, due to other expenses taking presedence. I'm seriously going broke. if any one need a fucking stimulus payment it's me.

but you know the gov. hasn't done shit for me before, so why should they start now?

hey maybe it will show up later....but I'm not going to count on it at this point.

[cookiepuss]

mine isn't there either, I don't think I am getting one either.

Didn't they say if you make over 75k you aren't included in the stimulus package or something?

uh yeah...but I only made 39K last year!!!! I certainly make well under 75K

[hpdrifter]

It said the same thing about mine when I checked the status earlier this week but it showed up today.

Christina 1, credit card 0

[abcdefz]

it was due by today...I filed electronically so it should have been transmitted to my bank account.

if you're single I think the exemption is just 1. that's what I read on the IRS page.

anyway it says: "We're sorry there is no specific info about your stimulus payment."

great.

it's been a bad morning. our cable and internet just got shut off at home because we've gotten behind on the bill, due to other expenses taking presedence. I'm seriously going broke. if any one need a fucking stimulus payment it's me.

but you know the gov. hasn't done shit for me before, so why should they start now?

hey maybe it will show up later....but I'm not going to count on it at this point.



-- and your return was processed by April 15?

[cookiepuss]

-- and your return was processed by April 15?

WELLLL Before that. I had mine filled in at the end of Feb/begingin of march.



I get no love from Uncle Sam.:mad:

[abcdefz]

You could call your bank and ask if there's a direct deposit pending.

[b i o n i c]

yeah they said if you make over $125k and drive an aston martin you dont get a rebate. sucks for me(n)

[b i o n i c]

you want my aston martin, dont you? :cool:



(i really am not that smart, you know that.)

[Loppfessor]

I got mines yesterday...good thing too cus I was el broko and didn't want to have to dip into my savings

[cookiepuss]

I got mines yesterday...good thing too cus I was el broko and didn't want to have to dip into my savings

sure, rub it in.
;)

[Loppfessor]

Sorry dude...I'm not spending much of it on me...it's all going towards mother's day gifts and such

[cookiepuss]

awe. that's sweet. your momma raised you right!

[The Notorious LOL]

i saved most of mine and i will spend a bit on mothers day

[Loppfessor]

Quit tryin to steal my thunder...can't I have my moment in the lime just this once??!

[AceFace]

so what did everyone spend their tax money on?

we paid off 2 credit cards and bought this:

http://www.target.com/Home-Madaga-Gazebo-10x10/dp/B000VYLBB2/sr=1-1/qid=1210598645/ref=sr_1_1/601-8600997-7616102?ie=UTF8&index=target&rh=k%3Agazebo&page=1

[Dorothy Wood]

so, today's supposedly the last day of this right? I didn't get mine. I am upset. all my friends already got stimulated and I don't know why I wouldn't. is no fair!

[Dorothy Wood]

okay, I figured it out. I had my dern fees deducted from my refund when I filed online instead of paying it up front with a credit card. that means I have to wait til july for a paper check. hmph! :mad:

[jabumbo]

i havent received a stimulus check or my return yet. but i guess that's what i get for mailing it out on the last day....


in any case, all the money is going toward a house purchase, so i guess the only rush is to get it into my savings account and maybe earn me 5 cents of interest