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Old 02-14-2008, 09:44 AM
 
Location: San Antonio
1,234 posts, read 2,061,057 times
Reputation: 866
Latest tax tip from the IRS:

IRS Will Send Stimulus Payments Automatically Starting in May; Eligible Taxpayers Must File a 2007 Tax Return to Receive Rebate (http://www.irs.gov/newsroom/article/0,,id=179094,00.html - broken link)

Your Stimulus check will be automatically sent to you. Highlights from the Tax Tip below:
* 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,”

* Stimulus payments will be direct deposited for taxpayers selecting that option when filing their 2007 tax returns.

* In most cases, the payment will equal the amount of tax liability (1040 line 44, 1040A line 28, 1040EZ line 10) 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. BUT THEY MUST FILE A 2007 TAX RETURN EVEN IF THEY ARE NOT REQUIRED TO DO SO!

* 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.

* 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.
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Old 02-14-2008, 12:07 PM
 
Location: Beautiful New England
2,413 posts, read 4,382,301 times
Reputation: 2916
Quote:
Originally Posted by goodmanm View Post
Didn't the feds treat it like the gas tax here in Texas and tap the money for other purposes?
Yes, and they still do. There was a presidential candidate in 2000 who campaigned to set aside the money and put it in a figurative "lock box" to assure SS's long term solvency. But the term "lock box" was derided and he did not become president.
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Old 03-17-2008, 09:45 PM
 
Location: San Antonio
1,234 posts, read 2,061,057 times
Reputation: 866
Stimulus payment mailing schedule tied to Social Security numbers - MarketWatch
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Old 03-31-2008, 08:41 AM
 
Location: San Antonio
1,234 posts, read 2,061,057 times
Reputation: 866
"YORK, Pa. (AdAge.com) -- That hand in your pocket belongs to your local retailer, trying to grab your economic-stimulus payment before you even get it. "
Home Depot, Sony Lust After Your Tax Rebates - Advertising Age - News
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