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any know what "delayed for review" might mean on a letter from the Irs about the check? I was guessing that since i dont do direct deposit, it might only mean that i would get a paper check instead of direct deposit since i got the letter on may 12 and i was not due to get mine sent out until june..
Do you think that applies for people who use turbo tax too? We used turbo tax and had the fee for the program deducted from our tax return. We should have had ours on the 9th too. Bummer if that is the case.
I used Turbo Tax and my stimulus payment was deposited last week. I used the free edition though.
I'm not sure where you got you information, but you are wrong! The Stimulus Payment will not effect next years tax return, and you do not have to pay it back.
No, you are wrong... I stated, if you read carefully, that if you were to GET MORE THAN the $600 refund next year, you will get $600 LESS next year (since you already receive the $600 THIS year, thats why they call it a PREBATE). If you were to get say only $300 next year, well you get nothing next year cause you got $600 already and you do NOT need to pay anything back, the extra $300 is free. Its based on tax liability... you need to understand it before telling people they are wrong..
What was the income cut off to qualify for the stimulus check?
We actually got the check today and I wasn't expecting us to get one at all. Did they increase the limit?
I didn't make as much as usual last year, but still didn't expect to get it.
Does anyone know the limit?
It's based on Adjusted Gross Income. For singles, the rebate is reduced by 5% for amounts over $75,000. The amount where the phase out would equal the rebate is at $87,000 AGI. For couples, the rebate is reduced by 5% for amounts over $150,000. The amount where the phase out would equal the rebate is at $174,000 AGI. You also get $300 for every child you can claim as a dependent, but that amount can also be reduced or phased-out completely if you make too much money.
I keep hearing two different things...that the rebate will affect your refund next year and that it won't affect it at all.
Which is it?? I'm getting $2400, so that's a huge chunk of my refund if it's not going to be there next year.
It depends on how much you are getting back THIS year and what you expect to get back NEXT year.
1) If you get $600 THIS year but expect to only get back $300 NEXT year. Your tax refund for next year is $0 dollars BUT you got an extra $300 tax free from the stimulus check (so I wouldn't be whinning)....
2) If you get $600 THIS year but expect to get $2400 NEXT year. You will get only $1800 next year as you already got the $600 EARLIER.
3) If you get $600 THIS year but expect to PAY $100 NEXT year. You will only owe $100 dollars and got $600 for free.
What is the amount you are getting for the economic stimulus check? It is equal to what your tax liability is. For instance, say my wife and I PAID a total of 4k in taxes last year and make 50k per year, after deductions and exemptions, our tax liability drops down to only $1k (instead of $4k). So our tax liability is $1k (but we paid 4k, so we get 3k refund normally) and that means the MAXIMUM amount that we get back from the stimulus check is $1k... But since we normally get back 3k NEXT year, we will only get back 2k NEXT year because we already got 1k from THIS year.... the $600 per spouse is misleading because you missed the "up to" part in front of it (like those credit card offers with credit lines up to 100k but you only get 5k when you apply for it)... $600 is the maximum you can possibly get but it is not the minimum...
We are supposed to get $1500 for our stimulus payment. We were supposed to get it May 9, but will not recieve it till I do not know when. The reason is because we had to file an amended tax return in March and it is not done processing yet. I was told today to call back the first two weeks in June to check on the status of our refund. You see, Turbo Tax screwed up our tax return and we were over one thousand dollars short on our refund for our taxes.Because of that we filed the amended return. I had to call the IRS to find out when I was getting the stimulus and that is when they told me.
We are still upset about this, since my husband is disabled and cannot work (No disability income for him either).Two of out three kids at home are disabled and only I can work.I had plans for that money.
We are supposed to get $1500 for our stimulus payment. We were supposed to get it May 9, but will not recieve it till I do not know when. The reason is because we had to file an amended tax return in March and it is not done processing yet. I was told today to call back the first two weeks in June to check on the status of our refund. You see, Turbo Tax screwed up our tax return and we were over one thousand dollars short on our refund for our taxes.Because of that we filed the amended return. I had to call the IRS to find out when I was getting the stimulus and that is when they told me.
We are still upset about this, since my husband is disabled and cannot work (No disability income for him either).Two of out three kids at home are disabled and only I can work.I had plans for that money.
Something got screwed up on mine also where they changed my estimated taxes and I am still waiting on it also. I was supposed to be one of the first SS Numbers to get it.
It depends on how much you are getting back THIS year and what you expect to get back NEXT year.
1) If you get $600 THIS year but expect to only get back $300 NEXT year. Your tax refund for next year is $0 dollars BUT you got an extra $300 tax free from the stimulus check (so I wouldn't be whinning)....
2) If you get $600 THIS year but expect to get $2400 NEXT year. You will get only $1800 next year as you already got the $600 EARLIER.
3) If you get $600 THIS year but expect to PAY $100 NEXT year. You will only owe $100 dollars and got $600 for free.
What is the amount you are getting for the economic stimulus check? It is equal to what your tax liability is. For instance, say my wife and I PAID a total of 4k in taxes last year and make 50k per year, after deductions and exemptions, our tax liability drops down to only $1k (instead of $4k). So our tax liability is $1k (but we paid 4k, so we get 3k refund normally) and that means the MAXIMUM amount that we get back from the stimulus check is $1k... But since we normally get back 3k NEXT year, we will only get back 2k NEXT year because we already got 1k from THIS year.... the $600 per spouse is misleading because you missed the "up to" part in front of it (like those credit card offers with credit lines up to 100k but you only get 5k when you apply for it)... $600 is the maximum you can possibly get but it is not the minimum...
I have no spouse and 6 kids, so my rebate is $2400. Refund is usually around $6K. I have no idea what my tax liability is.
3) Take your total taxes paid minus what you are getting refunded. That is your tax liability. (Shortcut: If you file a 1040 then it is line 37)...
4) If that amount is more than your $2400 than you will get the full $2400 (unless you have a high income where you lose a certain percent for every amount over). However, your next year's taxes will also be $2400 less than what you would of gotten (because you got it earlier)... the tax stimulus check is basically, you are getting PART of next year's tax refund earlier... (for some people it will be free money)...
5) If that amount is less than $2400, then you will get the lesser amount. You will also get NOTHING next year as you already got the tax refund THIS year...unless next year you stand to get more taxes back then you get more money back...
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