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Old 05-16-2008, 03:38 PM
 
Location: Smalltown, USA
3,111 posts, read 9,169,731 times
Reputation: 2056

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Quote:
Originally Posted by sapphire View Post
Well, they've already admitted they made a ton of mistakes regarding the child credits, and giving money to people who weren't supposed to get any.
Well I wasn't one of them. My daughter turned 17 this year, so no more child tax credit. I was like "WTF", she cost me more now that she is 17 than she ever cost before . I mean, she is only a junior in high school so it isn't like she is out making her own living. oh well...... that's our government.

What was really screwed was that she worked last summer (with my company) and they didn't take out taxes so when she did her income taxes this year she had to claim as 'self employed' and pay self employment tax. Since she claimed this way she wasn't even eligible for the stimulus check.

OK, OK, I'm finished whining. back on topic
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Old 05-16-2008, 04:37 PM
 
529 posts, read 2,704,118 times
Reputation: 166
Got mine today direct deposit. I e-filed with Turbo Tax. Paid the 17.95 fee to e-file with my credit card.
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Old 05-16-2008, 04:41 PM
 
14,637 posts, read 34,869,877 times
Reputation: 6683
Quote:
Originally Posted by TXtrkgrl View Post
Well I wasn't one of them. My daughter turned 17 this year, so no more child tax credit. I was like "WTF", she cost me more now that she is 17 than she ever cost before . I mean, she is only a junior in high school so it isn't like she is out making her own living. oh well...... that's our government.

What was really screwed was that she worked last summer (with my company) and they didn't take out taxes so when she did her income taxes this year she had to claim as 'self employed' and pay self employment tax. Since she claimed this way she wasn't even eligible for the stimulus check.

OK, OK, I'm finished whining. back on topic
Yeah, that's a strange age to get cut off at--why not 18? If your daughter turned 17 December 31st, you lose out, right? So that's really like getting cut off at 16, in my eyes anyway.
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Old 05-16-2008, 04:43 PM
 
Location: Diyallusss, TX
1,805 posts, read 4,756,802 times
Reputation: 560
I would sure like to use mine to travel and see my wonderful grand-nephew, who has already grown by leaps and bounds (!!!!), but I lose so much money not working..... as an independent contractor, I don't get paid if I'm not producing...... I hope to have this business up and running strongly enough within the next six months, that I can afford a few weeks each year to go play, MEET MY NEWEST FAMILY MEMBERS, etc etc......
he is soooooo cute now!!! just giggles constantly!!!
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Old 05-16-2008, 07:24 PM
 
140 posts, read 506,985 times
Reputation: 46
does filing self employment and having to pay self employment tax make you exempt from getting the stimulus check?
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Old 05-16-2008, 07:41 PM
 
Location: Mid South Central TX
3,216 posts, read 8,515,117 times
Reputation: 2263
Whoo hoo...ours hit yesterday, a day early..of course USAA does generally credit our account upon receiving a notifiation of a dd, and does not wait...yay me!
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Old 05-16-2008, 10:00 PM
 
529 posts, read 2,704,118 times
Reputation: 166
Default Self employment counts; Rapid Refunders get a paper check

I saw on the news today that folks having fees taken out of their refunds will get paper checks. I also saw it on the IRS website

For the daughter who didn't get taxes taken out. I don't know if your daughter was an really an independent contractor or not - there are some very specific rules that go along with that. Just because the business doesn't bother to take taxes out doesn't automatically make her an independent contractor. Some business like to call their employees independent contractor so they don't have to pay their social security etc.. but if they don't follow the very specific state rules, they are doing it wrong.

To the self employed person paying their own taxes, yes, according to the IRS website, that money counts (unless you made too much, of course)
from irs.gov:
If you had no net income tax liability for 2007, you are usually getting a minimum payment of $300, if you are single, or $600, if you are married filing jointly, as long as you had qualifying income of at least $3,000 in 2007. To figure your qualifying income, add together the following amounts:
  • Wages that are reported on Form W-2;
  • Net self-employment income that is taken into account in computing taxable income;
  • Social Security benefits reported in box 5 of the 2007 Form SSA-1099 you received in January 2008. If you don’t have this form, you can estimate your annual benefit by multiplying your monthly benefit by the number of months (usually 12) you received benefits during 2007;
  • Certain Railroad Retirement benefits reported in box 5 of the 2007 Form RRB-1099 you received in January 2008;
  • Veterans’ benefits received in 2007, including veterans’ disability compensation and disability pension or survivors’ benefits received from the Department of Veterans Affairs. You can estimate your annual benefit by multiplying your monthly benefit by the number of months during 2007 you received benefits;
  • Nontaxable combat pay if you chose to include it as earned income on your 2007 return.
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Old 05-16-2008, 10:34 PM
 
Location: Western Bexar County
3,823 posts, read 14,618,666 times
Reputation: 1943
Quote:
Originally Posted by TXtrkgrl View Post
Well I wasn't one of them. My daughter turned 17 this year, so no more child tax credit. I was like "WTF", she cost me more now that she is 17 than she ever cost before . I mean, she is only a junior in high school so it isn't like she is out making her own living. oh well...... that's our government.

What was really screwed was that she worked last summer (with my company) and they didn't take out taxes so when she did her income taxes this year she had to claim as 'self employed' and pay self employment tax. Since she claimed this way she wasn't even eligible for the stimulus check.

OK, OK, I'm finished whining. back on topic
When the child tax credit first came out, my youngest daughter was 16, so I received this benefit only for one year. I don't know about you but most kids are still in High School at 17 years old, and that being their Senior year can be very expensive!
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Old 05-19-2008, 11:20 AM
 
Location: Smalltown, USA
3,111 posts, read 9,169,731 times
Reputation: 2056
Quote:
Originally Posted by shenane View Post
I saw on the news today that folks having fees taken out of their refunds will get paper checks. I also saw it on the IRS website

For the daughter who didn't get taxes taken out. I don't know if your daughter was an really an independent contractor or not - there are some very specific rules that go along with that. Just because the business doesn't bother to take taxes out doesn't automatically make her an independent contractor. Some business like to call their employees independent contractor so they don't have to pay their social security etc.. but if they don't follow the very specific state rules, they are doing it wrong.

To the self employed person paying their own taxes, yes, according to the IRS website, that money counts (unless you made too much, of course)
from irs.gov:
If you had no net income tax liability for 2007, you are usually getting a minimum payment of $300, if you are single, or $600, if you are married filing jointly, as long as you had qualifying income of at least $3,000 in 2007. To figure your qualifying income, add together the following amounts:
  • Wages that are reported on Form W-2;
  • Net self-employment income that is taken into account in computing taxable income;
  • Social Security benefits reported in box 5 of the 2007 Form SSA-1099 you received in January 2008. If you don’t have this form, you can estimate your annual benefit by multiplying your monthly benefit by the number of months (usually 12) you received benefits during 2007;
  • Certain Railroad Retirement benefits reported in box 5 of the 2007 Form RRB-1099 you received in January 2008;
  • Veterans’ benefits received in 2007, including veterans’ disability compensation and disability pension or survivors’ benefits received from the Department of Veterans Affairs. You can estimate your annual benefit by multiplying your monthly benefit by the number of months during 2007 you received benefits;
  • Nontaxable combat pay if you chose to include it as earned income on your 2007 return.
In the situation with my daughter, I called the IRS help line twice. I thought that maybe I just got someone who didn't know what they were talking about Both times I got the same answer, because her income was reported in box 7 and not box 3 on the W2 then she had to pay self-employment tax. This year she will work there again and I am going to ask the A/P clerk about changing that. I already told my daughter though, that she needs to put some aside this year because I'm not paying it again. I'm such a mean mommy

Steel Man, you are absolutely correct. I think the cut off age should be older than 17 because like you said most kids are in their senior year and that does get very expensive.
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Old 05-19-2008, 03:36 PM
 
361 posts, read 920,738 times
Reputation: 249
Quote:
Originally Posted by shenane View Post
I saw on the news today that folks having fees taken out of their refunds will get paper checks. I also saw it on the IRS website

For the daughter who didn't get taxes taken out. I don't know if your daughter was an really an independent contractor or not - there are some very specific rules that go along with that. Just because the business doesn't bother to take taxes out doesn't automatically make her an independent contractor. Some business like to call their employees independent contractor so they don't have to pay their social security etc.. but if they don't follow the very specific state rules, they are doing it wrong.

To the self employed person paying their own taxes, yes, according to the IRS website, that money counts (unless you made too much, of course)
from irs.gov:
If you had no net income tax liability for 2007, you are usually getting a minimum payment of $300, if you are single, or $600, if you are married filing jointly, as long as you had qualifying income of at least $3,000 in 2007. To figure your qualifying income, add together the following amounts:
  • Wages that are reported on Form W-2;
  • Net self-employment income that is taken into account in computing taxable income;
  • Social Security benefits reported in box 5 of the 2007 Form SSA-1099 you received in January 2008. If you don’t have this form, you can estimate your annual benefit by multiplying your monthly benefit by the number of months (usually 12) you received benefits during 2007;
  • Certain Railroad Retirement benefits reported in box 5 of the 2007 Form RRB-1099 you received in January 2008;
  • Veterans’ benefits received in 2007, including veterans’ disability compensation and disability pension or survivors’ benefits received from the Department of Veterans Affairs. You can estimate your annual benefit by multiplying your monthly benefit by the number of months during 2007 you received benefits;
  • Nontaxable combat pay if you chose to include it as earned income on your 2007 return.
It's more than that. There's also an issue for how much you paid in taxes on your 1040, everyone listed as dependents or spouses must have social security numbers, and other little issues for who qualifies. It's hard to describe, but I saw on the news that because of the muddy language (thank you IRS and congress), only 100 million out of 300 million Americans will actually get the stimulus checks.

Thanks to WHO those people are, the economic stimulus intention is a bust since half of them are working-class people using the money to pay bills and the other half are deadbeats living off the system like many welfare users who didn't earn $3000 or anything at all yet somehow are getting rebates. It's BS. In one week's time, the IRS stimulus check calculator went from telling me I am getting $600 to telling me I am not qualified, so I suspect that in order to save money congress and/or the IRS is "tweaking" the rules for who gets them as the program goes on.
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