Stimulus check

[ofblong]

I'm not getting one because of some moronic loophole. I met all of the criteria expect that I was claimed as a dependent, so would my parents get it? Nope, because I'm 18. There's $300 we could have used to re-model the kitchen.

if you were under 18 part of the year they will still get $300 for you.... I know some of the first checks sent out they screwed up and forgot to pay people for their dependants. For that matter I think your wrong because I was able to claim my wife as a dependant because she made less than 2700 last year (she mad $0 actually) and I still am supposed to get 1200 for filing jointly plus 1200 for my 4 kids.

[the_sandman_454]

Congratulations: you've been stimulated. lol

[Shorts]

We got 12 back. This year we owed a little...don't get me started on why...useless HRO staff

[koji52]

I didn't get the stimulus check. I don't really care either...the stimulus is basically a credit from this year's taxes. So if you typically owe money at the end of the year, you better keep that $600 to give it back to the government in 2009.

The letter I got specifically states

NOTE: You will not be required to report the amount of your stimulus payment as taxable income on your 2008 federal income tax return.


Shorts its based on the last 2 digits of the primary, note first, person listed on the return.

You are going to wish that it did state that. I didn't say that you'd be paying taxes on it...that's a debit on your taxes in 2008. So if you typically get $800 back as a tax credit after April 15th, you'll get $200. Even worse, if you owe $800, you'll be paying $1,400. That stimulus check is effectively an interest free loan from the government.

Come on, you don't actually think Uncle Sam with all of his debt will give every American free money in an aggregate of billions now do you?

http://finance.yahoo.com/taxes/article/ ... d-Losers#7

Edit: Added in the link

would like me to make a copy with my scanner and show you what it sayd. what I typed is EXACTLY what the letter says. If you goto the irs website it is NOT a loan either. You WILL still get $800 back if you get $800 typically (which I got almost 8 grand back this year so im not worried either way). Next time make sure you understand your sources. Right there in that friggen link it says FOR MOST PEOPLE THIS IS A TAX FREE CHECK AND NO MONEY WILL BE REPAID TO THE GOVERNMENT.

First of all, you need to calm down and check the attitude at the door. I am no accountant but i do work in private business valuation (I save rich people money on their taxes in their estate planning) so I know a little something about the IRS. I've been up and down the IRS website for both work and for this subject and have found nothing to support what you are saying (I read IRS code enough at work and I refuse to do it at home). If you have the link, I would be interested in seeing where you get your info from. For now, I think you need to read the entire link that I provided. Here, i'll point out the pertinent parts of my link for you:

What will the rebate mean to my 2008 taxes?
Will I owe taxes on my rebate amount next year? What if this year my situation changes and that means my rebate amount should be less?

For most filers, says Luscombe, this year's rebate will appear as a simple gift from the government. The rebate amounts are tax-free.

But filers will have to reconcile any money they receive this year when they file their 2008 returns.

"It harks back to the 2001 situation when we got the new 10 percent bracket and got an advance check for that. Then on next return had to account for it," says Luscombe. "It's expected to be that way this time."

The 2008 tax forms should have a line for the new credit. When calculating taxes next year, taxpayers will have to subtract what they got as a rebate check the previous summer.
"Some people might think that's unfair," says Luscombe, "but they got the money, and they got it early."


Yes, the check is tax free. What does that mean? Well, that means you won't be paying taxes on it. Which goes back to what you were saying: it won't be accounted for in your income when you report your earnings for 2008. Technically, you won't be accounting for it as part of your gross earnings. I DID NOT say that you would account for it in your income. It will be coming straight off the bottom line of your taxes owed/overpaid.

The link did not say "NO MONEY WILL BE REPAID TO THE GOVERNMENT." Don't mix and match sources.

If you have ever had any dealings with the IRS, who probably handled your check and related paperwork from the beginning, you would understand that it is all about wording and facts. You say:

"The letter I got specifically states

NOTE: You will not be required to report the amount of your stimulus payment as taxable income on your 2008 federal income tax return."

That's fine because you won't be reporting the rebate amount as taxable income. Do you really think they would say, "Please spend this money, even though you'll have to give it back to us in 2009"??????? I don't think so... The government wants you to spend it (not that it'll do any good for the economy). I guarantee you that they put that in there to encourage you to go out and spend it on a new stereo or tv.

BTW, a little friendly advice, don't be a douche...think before you jump out and try to flame me for offering facts. Some more advice: if you are getting $8000 back in your tax return, you should refile a W-4 and take the correct deductions. You are basically letting the government take an interest free $8000 loan from your checks over the course of the year. THe $8000 is not a gift from the government, that's your own money. Talk to your human resources person or accountant for more info.


sandman...haha I felt no such stimulation.

[koji52]

I'm not getting one because of some moronic loophole. I met all of the criteria expect that I was claimed as a dependent, so would my parents get it? Nope, because I'm 18. There's $300 we could have used to re-model the kitchen.

if you were under 18 part of the year they will still get $300 for you.... I know some of the first checks sent out they screwed up and forgot to pay people for their dependants. For that matter I think your wrong because I was able to claim my wife as a dependant because she made less than 2700 last year (she mad $0 actually) and I still am supposed to get 1200 for filing jointly plus 1200 for my 4 kids.

I do not believe this is true either. Dystopian, when did you turn 18? Are you in or enrolled in college? Did you file a tax return? I just graduated college last august and was claimed as a dependent by my parents. Because they got the tax deduction for me being a student, i won't get $600, since I am over 17, they won't get a $300 rebate from me. Believe me, if you're enrolled for college, they got a deduction much greater than your $300. If you're not, then yes you just got "screwed" by the IRS.

Ofblong, you file jointly with your wife so, in aggregate, you will both recieve $1200 (600 each).

[ofblong]

I didn't get the stimulus check. I don't really care either...the stimulus is basically a credit from this year's taxes. So if you typically owe money at the end of the year, you better keep that $600 to give it back to the government in 2009.

The letter I got specifically states

NOTE: You will not be required to report the amount of your stimulus payment as taxable income on your 2008 federal income tax return.


Shorts its based on the last 2 digits of the primary, note first, person listed on the return.

You are going to wish that it did state that. I didn't say that you'd be paying taxes on it...that's a debit on your taxes in 2008. So if you typically get $800 back as a tax credit after April 15th, you'll get $200. Even worse, if you owe $800, you'll be paying $1,400. That stimulus check is effectively an interest free loan from the government.

Come on, you don't actually think Uncle Sam with all of his debt will give every American free money in an aggregate of billions now do you?

http://finance.yahoo.com/taxes/article/ ... d-Losers#7

Edit: Added in the link

would like me to make a copy with my scanner and show you what it sayd. what I typed is EXACTLY what the letter says. If you goto the irs website it is NOT a loan either. You WILL still get $800 back if you get $800 typically (which I got almost 8 grand back this year so im not worried either way). Next time make sure you understand your sources. Right there in that friggen link it says FOR MOST PEOPLE THIS IS A TAX FREE CHECK AND NO MONEY WILL BE REPAID TO THE GOVERNMENT.

First of all, you need to calm down and check the attitude at the door. I am no accountant but i do work in private business valuation (I save rich people money on their taxes in their estate planning) so I know a little something about the IRS. I've been up and down the IRS website for both work and for this subject and have found nothing to support what you are saying (I read IRS code enough at work and I refuse to do it at home). If you have the link, I would be interested in seeing where you get your info from. For now, I think you need to read the entire link that I provided. Here, i'll point out the pertinent parts of my link for you:

What will the rebate mean to my 2008 taxes?
Will I owe taxes on my rebate amount next year? What if this year my situation changes and that means my rebate amount should be less?

For most filers, says Luscombe, this year's rebate will appear as a simple gift from the government. The rebate amounts are tax-free.

But filers will have to reconcile any money they receive this year when they file their 2008 returns.

"It harks back to the 2001 situation when we got the new 10 percent bracket and got an advance check for that. Then on next return had to account for it," says Luscombe. "It's expected to be that way this time."

The 2008 tax forms should have a line for the new credit. When calculating taxes next year, taxpayers will have to subtract what they got as a rebate check the previous summer.
"Some people might think that's unfair," says Luscombe, "but they got the money, and they got it early."


Yes, the check is tax free. What does that mean? Well, that means you won't be paying taxes on it. Which goes back to what you were saying: it won't be accounted for in your income when you report your earnings for 2008. Technically, you won't be accounting for it as part of your gross earnings. I DID NOT say that you would account for it in your income. It will be coming straight off the bottom line of your taxes owed/overpaid.

The link did not say "NO MONEY WILL BE REPAID TO THE GOVERNMENT." Don't mix and match sources.

If you have ever had any dealings with the IRS, who probably handled your check and related paperwork from the beginning, you would understand that it is all about wording and facts. You say:

"The letter I got specifically states

NOTE: You will not be required to report the amount of your stimulus payment as taxable income on your 2008 federal income tax return."

That's fine because you won't be reporting the rebate amount as taxable income. Do you really think they would say, "Please spend this money, even though you'll have to give it back to us in 2009"??????? I don't think so... The government wants you to spend it (not that it'll do any good for the economy). I guarantee you that they put that in there to encourage you to go out and spend it on a new stereo or tv.

BTW, a little friendly advice, don't be a douche...think before you jump out and try to flame me for offering facts. Some more advice: if you are getting $8000 back in your tax return, you should refile a W-4 and take the correct deductions. You are basically letting the government take an interest free $8000 loan from your checks over the course of the year. THe $8000 is not a gift from the government, that's your own money. Talk to your human resources person or accountant for more info.


sandman...haha I felt no such stimulation.

it wasnt a "loan" on the last one either. I got 100% of my income tax paid back the last time they handed out a "stimulus" check. I believe at that time it was $300 per person. I got my $300 plus 100% of what I had paid in that year for tax's. Now maybe this next tax year will be different as I do make about 7x what I did back then. As for the link I misunderstood what you were saying and the link I have doesnt represent what you were saying. I do realize I WILL be paying state income tax on this like I did last time because the state will say "Hey thats income".

as for the 8 grand I did it as a "savings account" not because its my money but because that way I got a big check at the beginning of the year to do whatever with (ended up paying my van off with it lol). I did, however, change my w4 to 10 decutions in January. They have still taken over $2600 out of me this year. Mostly due to OT as a normal 40 hour check they take out $5.

[koji52]

I think that you still do not understand fully what I am saying but oh well...i don't have the effort to explain anymore.

[Dystopian]

OOps, I meant to say 17 and I will be 17 until July, sorry for that typo.

[jstark47]

I don't think we got one. If we did, it wasn't much, and Mrs. Stark grabbed it. She's farkling her new bike - Givi topcase, mounting plate for same, dohickey to hold a larger tail pack, crash bars, tail tidy, different tail light, wind screen, different brake pedal, adjustable levers, hand guards, louder horn, ........ I think an aux. fuel tank is next.

(Gee, I wonder where she gets the money to pay for all this??)

[koji52]

OOps, I meant to say 17 and I will be 17 until July, sorry for that typo.

Ah, you are in that grey area. They can neither get a deduction or get the $300. My brother is 17 and in the same spot.