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Monday, March 17, 2008 | 8:01pm
Mo’ Money, Mo’ Money, Mo’ Money!!
I’ll believe it when I see it…
So I’m sure that everyone has heard about this “Stimulus Payment”. So goes the story, all you have to do is file your 2007 tax return and the stimulus payment will just fall in your lap! Sounds too good to be true doesn’t it?! Well, they seem to be serious about this because the IRS has just released a schedule of payments. I’ll be waiting. In the mean time, this is the schedule as follows…
Stimulus Payment Schedule for Tax Returns
Received and Processed by April 15
| Direct Deposit Payments | |
| If the last two digits of your Social Security number are: | Your economic stimulus payment deposit should be sent 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 |
You should know, however, that if you owe child support, or defaulted on your student loans, this payment will be put towards that first (just as your tax refund would) before you receive anything. So if you have federal debt, don’t get your hopes up. (Sorry)
The key is, though, you have to file your taxes by April 15 for this table to be accurate. If you file after April 15, you will receive your stimulus payment 2 weeks after you receive your tax refund but not before your scheduled date listed above. If you want to know how much your stimulus payment should be, the IRS has provided a calculator on their website to aid in estimating your payment amount.
For more information about the stimulus payment, go to the IRS website.
FILED IN Need to Know, News
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ahh yes papel
We’ll see. Can’t wait.
I am still doing research for this, but it is my understandment that the so called ’stimulus plan’ is more so a ’stimulus loan’. If you know more please tell me, but it is my understanding the money will be deducted from what you should get in 2009 from your 2008 rebate.
Is this a rebate? What is it a rebate on?
The funds are rebate on the taxes you will pay next year, they are a rebate on your 2008 tax return. Rather than give it to you next year, they are giving it to you now. Next year, after you file your taxes, the IRS will calculate what you should’ve gotten and adjust your return. So if you received too much “rebate,†they let you keep it. If you received too little, they decrease what you owe next year.
your right E.. We will have to pay back that money with our tax refunds from the next year. It’s Bush hope to get people to shut up for now and have the issues of the economy fall on shoulders of the next president.
From the IRS FAQ for the stimulus rebate…
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. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.
Q. I don’t qualify for a stimulus payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?
A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.
(I’m not sure how the next year benefits will work)
I will say this though, I’m skeptical of this whole ordeal. Free money?!?! There’s gotta be a way for the government to keep some of that money in their pocket. The whole purpose of this “rebate” (word probably picked because they weren’t clever enough to think of a better word) is to stimulate the economy (i.e. lessen the value of the dollar). Their thought process, if they give us money, we’ll spend it. So here’s a kick in their pants, HOW ABOUT EVERYONE PUT THEIR MONEY IN SOME SORT OF A SAVINGS ACCOUNT! Purpose defeated!!