I received this email today...
Economic Stimulus Checks (I knew there was a catch.)
A lot of people are super excited about getting this extra money! This means $1800 more for my family this year...or does it? I was ecstatic when the government first announced it's plans to give this money a few weeks ago; that was until I found out the truth about this money.
These "extra" checks are already YOUR money. They are just an advance on next years return.
So, let's say you receive $1500 in May of this year (2008) next year (2009) when you file your tax returns and expect to receive $4600 back, you will only be getting $3100 because you were already given your other $1500 in May of 2008.
The government is doing this because they want everyone to spend this "extra" money quickly so it will boost the economy. This is basically a ploy to save their own asses by tricking us into spending our own money to make up for their mistakes.
For those of you who wish to read this information for yourself it can be found here.
http://articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx (http://articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx)
That was the email, and the link goes to a news story.
Did you know this? It was a big surprise to me... guess it's true that " you don't get somthin' for nothin' " I wonder if I can change my withholding to take out less, so I won't loose it ~ It reads like if you don't have that much refund coming at the end of '08, you don't have to pay it back.
I couldn't find anything on Snopes about it, probalby if I'd read the news closer or something I would have figured it out ~ or maybe there will be some "fine print" on the checks in May... If any of you have more or better info, it would be nice to know.
Folks on Social Security or a VA pension were not eligible for the 2001 Bush rebate.
Those same people, however, will be eligible for the 2008 Bush rebate by filing a Federal income tax form 1040a showing the amount of Social Security and/or VA pension received for 2007. That amount has to be over $3,000, though.
Does not make any difference if you do not owe any federal taxes or are not due a federal refund. The 1040a form has to be filed to get your name in the queue. IRS has announced they will be issuing a modified 1040a with specific instructions but that any 1040a form will do.
My friend Ruth just sent this info to me. Since the link is the actual IRS website, it is likely more accurate than MSN. HA!
"If you look for:
"Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?"
on the page, you will find that the answer is:
A. No, the stimulus payment will not reduce or increase your refund when you file your 2008 return.
In fact, from what I'm reading here, it isn't even considered taxable income for next year. ...
http://www.irs.gov/newsroom/article/0,,id=179181,00.html (http://www.irs.gov/newsroom/article/0,,id=179181,00.html)
I am sure the Chineses are really pleased about the economic stimulus package the Federal Government is going to give out. Since the Chinese are the number one supplierog goods to the US they will benefit the most.
Frank
I have already filed my 1040 showing my income including my social security income. Is there any reason I need to file a 1040A? I didn't owe any income tax and file only because of the pension and rent I receive. I file the state return because of the food sales tax refund that everyone is eligible for. Does this information say anything about filing the 1040A only if you don't have to file the 1040.
Wilma, I found this "on-line."
Already filed?
Taxpayers who already filed a return do not need to do anything else.
However, if you filed a return but reported less than $3,000 in income, you may need to file an amended return to be sure your qualifying Social Security or veterans' benefits are counted.
"Adding these benefits on an amended tax return will not increase an individual's tax liability but will establish eligibility for the stimulus payment," the IRS said. See this IRS statement for more details.
I just finished reading the article Joanna referred us to and with your information, I am pretty sure I am all right. I am going to go check my copy to be sure. I am sure looking forward to my $300.00 but I am not going to spend it until it is in the bank. There's many a slip betwixt cup and lip.
OK, I am safe. I wasn't considering my social security. The article says that people that receive social security need to show that it is over $3,000.00. If my social security weren't over that amount I would be in the poor house instead of living independently.
"There's many a slip betwixt cup and lip."
I like that!
The rebate depends on your 2007 income, but it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
So, you need not worry about your 2008 taxes (the ones you will pay on April 15, 2009) going up in order to pay for this rebate business.
It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.
I like Frank's comment about the Chinese. I hold the same opinion about Wal-Mart. Heck, they're the ones who will benefit the most from all these checks, and they don't even need stimulating.
How about using that money to stimulate the LOCAL economy? Go buy your groceries from Batson's, get new tires at Harrod's, take your family out for pizza at Poplar, dessert at Toots! Or even better yet; donate to the Elk Konnected program to continue to enhance and grow Elk County! (You owe me one, Liz!)
Speaking of buying tires in Howard.
I recently saw an ad in the Flint Hills Express advertising a business building for sale on K-99 in Howard but did not specify who or where.
The description sounded like the Helms tire place, which he just erected two or three years ago.
Anyone know if he is still going or did he sell out?
Yes, you're right; that is David Helm's shop for sale. Harrod's bought all his equipment and he works out of their shop now. When I asked David one time about it, he said he had a couple big contracts with the city, school, and some others maybe, but that the rest of the traffic was very slow. I accused him of spreading nails in the road out by my house, because I'd go "visit" him about every other week last spring and summer. But apparently, the 6 new tires I bought from him during that time didn't help out enough! (I actually have a tire/wheel warranty on my car, so I didn't actually buy them; Honda did.) Chuck kept David busy, too. I think they went through 20 tires on his work trucks and trailers last year! It's too bad that David couldn't make a go; it seemed like that was an ideal location.
guess I can't look forward to this "windfall" check. I filed a 1040A because of my Co-op retirement and the piddly amt. I made at the unified distict, however I did not show my social security because the instructions said if they weren't taxable, they didn't need to be shown, so I didn't. The other amounts came to more than $3000.00, tho, so maybe that will surfice. If not, that's just about the way my luck runs.
You should be okay.
The 1040a showing social security, va pension, etc., is for those who do not normally file a federal income tax return.
Florene, based on "Turbo Tax" explaination of the plan, you should be alright. If you want to read further on this, do a search "Economic Stimulus Plan-Turbo Tax" . Also for those who filed early and don't qualify due to leaving Social Security income out, you can refile. Again see Turbo Tax explainations. Check with a qualified tax preparer, before refiling or if you have questions.
Frank Winn
I don't care about all that. I just want my money. I've got my eye on a new squirrel rifle.
Watch which squirrels you shoot, Sarge. We don't want to lose any forum members.
Rudy! That was just bad. :o But I laughed too ;D
HELP !!!!!!!!!!! I'm scared.
Oh, sorry I got it wrong. I thought the rifle was FOR the squirrels. I was thinking how nice Sarge was to give them an even chance.
;D ;D ;D
Even with their very own rifles, they wouldn't have a chance against Sarge.
I keep hearing over and over....
The government is giving us free money !!
POPPYCOCK & BALDERDASH!
You all realize that they are graciously letting us know they have decided to give us a tiny portion of the hordes of cash we send them back to kick start the economy they screwed up in the first place. Kind of like the playground bully who has been taking your lunch money all month and then tosses you a dime.
Every penny of that rebate check is OUR money.
Or on the honest opinion side ... it's China's money. Our money is whats going to pay the loan over the next however many hundreds of years. Our government has been borrowing from Red China to finance the Iraq war.....God only knows how deep in debt we really are. ::)~~!
I'm with Sarge.. I'm taking mine and buying me another gun....or ammo... or both.. ;D
Read this in the Eagle
When will you get yours?
For more on the tax rebate, visit the IRS's Economic Stimulus Payments Information Center
If you filed your 2007 tax forms electronically by April 15, 2008:
Last two Social Security number digits: Payment will be transmitted:
* 00 through 20 May 2
* 21 through 75 May 9
* 76 through 99 May 16
If you filed your 2007 tax forms via mail by April 15, 2008:
Last two Social Security number digits: Payments will be mailed by:
* 00 through 09 May 16
* 10 through 18 May 23
* 19 through 25 May 30
* 26 through 38 June 6
* 39 through 51 June 13
* 52 through 63 June 20
* 64 through 75 June 27
* 76 through 87 July 4
* 88 through 99 July 11
Thanks Devyn, that makes me wonder though. If you file jointly, do you go by your spouses Social Security number? I am sure that you do. To bad, mine is smaller than his!! Oh, well!! I am a firm believer that you can't always sit and wait on the Government on handing out money. So, when it comes, GREAT!! If it doesn't that won't surprise me either!!! :'( :'(
If you filed jointly, it goes by the first SSN on the return.
Tax Rebate
President George Bush said each one of us would
get a $600.00 tax rebate. It was previously slated to be
$800.00, but they dropped it to a $600.00 tax rebate
because of various budget problems.
Now, if we spend that money at Wal-Mart,
all the money will go to China , if we spend it on
computers, most of the money will go to Korea or India
If we spend it on gasoline it will all go to the Arabs
.....and none of these scenarios will help the American
economy.
We need to keep that money here in America .....so the
only way to keep that money here at home is to drink beer,
gamble, or spend it on prostitution. Currently it seems that
these are the only businesses still left in the U.S.
Roma, don't forget we can all go to our neighbors garage sales. Remember to drink Budweiser as Coors I believe is Canadian now.
I say Roma Jean Turner for President, finally someone that understands the trade deficits, the devaluation of the dollar and how to help the economy.
Frank
Well Roma Jean, let me know when you get your check! I want to stay off the highway! LOL!! :D :D
I can't claim that post myself, it was sent to me, but I thought it was good. I could never make it through a campaign. Sooner or later I'd shove someone out of my way or smash a camera. Oooooooooos. ;)
First seen on Brit Hume program on Fox today.
Electronic payments of up to $600 a person and $1,200 a couple will start flowing to tax filers at a rate of 800,000 daily on Monday, Tuesday and Wednesday, with 5 million more on Friday, May 2.
Treasury is starting five days earlier than previously announced.
The initial payments are limited to those who filed electronically.
Haven't seen a new schedule but it appears everyone will receive their payment five days earlier than originally scheduled per the schedule posted by Devyn-Leann, above.
They probably thought they had better get with it while one check could still buy a tank of gas!! ;D ;D
I would imagine the first part of every check will probably go for a full tank.
Looks like we'll be using ours to fly back to Tulsa and rent a car. Money paid to Southwest Airlines and Car Rental Companies will surely "stay in the United States?"
A new little pistol and clip and ammo is what I'm buying.
I could use it for gas.. or other things.. but I'm not going to . I am going to treat myself.
Actually the only way to spend it and know the money is staying in the US is to go to Garage sales and spend it there.
;D ;D ;D
HAD TO PASS THIS ONE - IT'S THE BITTER TRUTH
IRS Rebate Check
As you may have heard, each of us will be getting a tax rebate check to stimulate the economy. If we spend that money at Wal-Mart, all the money will go to China. If we spend it on gasoline it will go to the Arabs. If we purchase a computer it will go to India. If we purchase fruits and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good car it will go to Japan. If we purchase useless stuff it will go to Taiwan, and none of it will help the American economy. We need to keep that money here in America. The only way to keep that money here at home is to spend it at yard sale, since those are the only businesses still in the USA ! GOD BLESS YOU
But what if we spend it in town here. Won't that help the economy??? I know the items that we buy around here aren't all USA made, but it still puts a little in the counties pocket won't it??? I hope it does anyways. I am planning on putting my on my van payment or saving it, will just have to see if and when it comes!!!!! :-\ :-\
A portion of ours is going to Lane's spring/summer wardrobe. And most likely the rest will be for diesel, or sent to the co-op.
Based on last week's much publicized accelerated send out, we were scheduled to receive our stimulus payment last Monday, April 27.
Based on the original schedule, we were to receive on May 2.
We actually received on May 2.
I have heard there are a lot of scams out there trying to bilk someone out of their payment, but, thus far, we have not received anything from anyone indicating such.
Well my tax man told me that I should be getting $1,200.00 back for me and my kids and I got my check direct deposit today and it was only $623.00 !!!!!!!!! THANKS BUSH !?!?
I am sorry for that, but that doesn't surprise me. Like I said before, I will not even believe it till I see it!! Which of course isn't until June, so by then they will probably come up with some excuse that they won't pay us, so at least you got something, right??? But the does upset me that they tell you one thing and do another, THAT IS GOVERNMENT FOR YOU!!!! >:( >:( >:(
Well, that is $623.00 that you didn't have the day before.
Maybe you should question your tax man first.
EFW
Oh I'm happy that I got that.........don't get me wrong I am very grateful and I will ask my tax man about why it was not the amount that they said that i should have gotten according to their guidlines. The government just makes me so angry.....just tell the truth and stop lying to the american people.....lol
Quote from: cheyronni on May 02, 2008, 12:25:36 PM
..just tell the truth and stop lying to the american people.....lol
Don't hold your breath! THAT will never ever happen. :-\
http://www.truthorfiction.com/rumors/i/irs-refund.htm
I don't think they announced an specific amount anyone would receive. They said "up to" 600.00, 1200.00, etc. Personally I am not going to count on ANY until I see it in my checking account.
Me either Flo.
I just hope I have enough for that little pocket pistol I want.. if not.. well.. I'll just have to do more massages until I can get it. LOL
Whatever one gets from this, just consider pure windfall. As grandma used to say..."Best not to count your chickens until they hatch." I'm eyeing a pretty new bicycle, but like Teresa and her gun, if ain't enough, I'll just be working a little harder till I get it. I went on to the Social Security site. They have a calculator that you can answer certain questions and it will tell you what you appear to be eligible for. Nothing is of course guaranteed. One of my friends just received her check this week. I didn't ask her how much.
::) well, my little garage out back needs a new roof, bad, and thot if I should get enough to buy the metal then my lawnmower and other things stored in there wouldn't always be wet and the floor wouldn't always be MUD >:(. still not holding my breath tho.
Yea of little faith. We got ours 4/30 (auto deposit), $1,200.
We received a mailed follow up from IRS today which states how the stimulus amount was calculated.
The notice also gives an assistance number of 1-866-234-2942, should there be a problem.
what really scares me is how they intend to recoup this "free" money and believe me, they will.
Well there are still struggling families across our great nation that are waiting for a special delivery from the federal government. They are looking for their promised stimulus rebate check from Uncle Sam. ::)
Yes, I realize that people look at this cash infusion as a welcome and needed "bump"... ............ until you realize that our children will be paying back this money to China (who we borrowed it from) ..over their lifetimes so that we can supposedly jump-start our economy today.
Now you tell me... Does this make any kind of rational sense to you? ???
It doesn't to me.
We BORROW all the money from China..to "give"..to the people in the US.
Then for the most part.. all the people will run out and buy "stuff" that the Chinese made and already sold to the US.. in turn stimulating China's market and economy..
THEN..
we and our children and their children ...for hundreds of years (if the world is still around) will be paying back all this "free" money and all the interest it has and will accumulate. Not to mention on top of all the other borrowed and reborrowed moneys that an already debt drowning nation has incurred and buried us under.
Nobody with any business sense runs a company this way. Has the whole world lost their mind? :o
Our check won't come until late June. We owed a bit this year, so even though we filed electronically, the check will still come to us here.
Teresa, you do know we also sell a lot of stuff to China too. I'm sure it's not equal, but it's not all one sided either. I believe China is something like 3rd or 4th highest on the US export list. Canada is probably 1st. A lot of bulk foods and processed foods are exported to China. Lots of transportation equipment, farm equipment, manufacturing equipment, waste and scrap, and chemicals are sold to them also. Even Kansas sells to China. China is your 3rd largest export market for processed foods, waste and scrap, electronics and computers, and a few more. It just seems like everything comes from China. Al bought a new tractor battery today...American made.
Right now economics is as hard to figure out as politics! :laugh: I've about given up trying to figure out who borrowed what from whom.
I was curious and found these 2007 figures
Exports as percentage of total
Canada 22%
Mexico 12%
China 10%
Japan 6%
Germany 5%
UK 5%
Imports as percentage of total
China 19% Almost one-fifth of all goods
Canada 16%
Mexico 11%
Japan 8%
Germany 5%
remember weeks ago when we were discussing this "free" money and I stated I wasn't gonna count my chickens before they hatched? Well, guess the eggs rotted because my deposit date has come and gone by three weeks and I now need to tell my children the good news. They won't have to pay anything back on my account. Guess they figured I didn't need any additional money to stimulate the economy. :'(
Thanks Waldo! Flo, don't give up....Call that 866 # and ask for help.
It wasn't a matter of filing electronically as when you would get the money, it had to do with whether you had direct deposit or direct withdrawl versus doing it thru the US mail.
direct deposit here and my ss # said May 9.