sorry for two posts back to back here. ABC's local news and 20/20 were basing the information directly from the Zone locations (IRS branch offices that normally take care of check processing), for each area, this is the place that received via slow-mail. Part of my disability is getting what I know is in my head and to communicate this effectiently, I guess I failed at that. Now my logic part of me is getting it's second wind as it were so here it goes:
"
Q. Can I have my stimulus payment direct deposited?
A. Stimulus payments will be direct deposited for taxpayers who select that option when filing their 2007 tax returns. Taxpayers who already filed and requested direct deposit won't need to do anything else to receive the stimulus payment. Taxpayers who did not request Direct Deposit for their 2007 refund will receive a paper check by mail. The IRS reminds taxpayers who haven't filed their 2007 returns yet that Direct deposit is the fastest way to get both regular refunds and stimulus payments.
received fromn the IRS website.
Starting in late April, the Treasury began sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.
Even though April 15 has passed, there is still time for retirees, disabled veterans and others who normally do not file a tax return to submit a 2007 form to receive an economic stimulus payment.
Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer.
The vast majority of Americans who qualify for an economic stimulus payment will not have to do anything other than file their 2007 individual income tax return to receive their payment this year. They will not have to complete applications, file any extra forms or call the Internal Revenue Service to request the payment, which is automatic. The IRS will determine eligibility, figure the amount and issue the payment.
Stimulus payments will be direct deposited for taxpayers selecting that option when filing their 2007 tax returns. Taxpayers who have already filed with direct deposit won't need to do anything else to receive the stimulus payment. For taxpayers who haven't filed their 2007 returns yet, the IRS reminds them that direct deposit is the fastest way to get both regular refunds and stimulus payments.
The IRS will use the 2007 tax return to determine eligibility and calculate the basic amount of the payment. In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return) and a minimum of $300 for individuals ($600 for taxpayers who file a joint return).
Even those who have little or no tax liability may qualify for a minimum payment of $300 ($600 if filing a joint return) if their tax return reflects $3,000 or more in qualifying income. For the purpose of the stimulus payments, qualifying income consists of earned income such as wages and net self-employment income as well as Social Security or certain Railroad Retirement benefits and veterans’ disability compensation, pension or survivors’ benefits received from the Department of Veterans Affairs in 2007. However, Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment.
Low-income workers who have earned income above $3,000 but do not have a regular filing requirement must file a 2007 tax return to receive the minimum stimulus payment. Similarly, Social Security recipients, certain Railroad retirees, and those who receive the veterans’ benefits mentioned above must file a 2007 return in order to notify the IRS of their qualifying income.
Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount and the approximate time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year.
Anyone who moves after they have filed their 2007 tax return should notify the IRS by filing Form 8822, Change of Address, and also notify the Post Office.
Stimulus payments will be subject to offset against outstanding tax and non-tax liabilities in the same fashion as regular tax refunds.
In addition, the IRS emphasizes the stimulus payments will not count toward or negatively impact any other income-based government benefits, such as Social Security benefits, food stamps and other programs.
What is it? It's an economic stimulus payment that more than 130 million households will receive starting in May. It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return.
Both people listed on a "married filing jointly" return must have valid SSNs to qualify for the payment — if only one has a valid SSN, neither can receive the payment.
How much will you get? The actual amount depends on the information contained on your tax return. Eligible individuals will receive between $300 and $600. Those who are eligible and file a joint return will receive a total of between $600 and $1,200. Those with children will get an additional $300 for each qualifying child. To qualify, a child must be eligible under the Child Tax Credit and have a valid Social Security number. We have various examples for you check out.
The payments phase out at certain income levels, so those with higher incomes may receive a reduced payment or even no payment.
How will you receive the payment? Be sure to choose direct deposit when you file your tax return, even if you aren't due a regular tax refund on your tax return. That way, the stimulus payment will go right to your bank account. Otherwise, we'll mail you a check.
Most taxpayers do not need to take any extra steps to receive the payment beginning in early May.
Q: I know some people won’t get a stimulus payment. How do I know if I’m one of them?
A: You won’t get a stimulus payment in 2008, if any of the following apply to you:
You don’t file a 2007 tax return.
Your net income tax liability is zero and your qualifying income is less than $3,000. To determine your qualifying income, add together your wages, net self-employment income, nontaxable combat pay, Social Security benefits, certain Railroad Retirement benefits and certain veterans’ payments.
You can be claimed as a dependent on someone else’s return (whether or not you actually are claimed as a dependent on someone else's return). For example, this would include a child or student who can be claimed on a parent’s return. [Updated 4/15/08]
You do not have a valid Social Security Number.
You are a nonresident alien.
You file Form 1040NR or Form 1040NR-EZ, Form 1040PR or Form 1040SS for 2007.
Q. I have moved since filing my 2007 tax return. How will my payment reach me?
A. You should file a Form 8822 with the IRS and a change of address notice with the U.S. Postal Service. This will ensure your check is sent to your new address. Without your current address, the check could be returned to the IRS as undeliverable.
This quote from the IRS was needed because of those that filed their taxes before this went into effect in Febuary. So yes, now my information has been updated as well.
Q. Will my stimulus payment be included in my regular tax refund? Will the checks or direct deposits come at the same time?
A. No and no. There will be two payments. You will receive one payment for your regular tax refund and later you will receive a separate stimulus payment.
Q. I filed my return on time, but I haven’t received my stimulus payment, even though the payment date listed for my Social Security number has passed. Why?
A. In general, the payment schedule only applies if your return was received and the IRS finished processing your return before April 15. If you filed your return on time, but close to the April 15 deadline, the IRS may not have finished processing it before April 15.
Processing times for tax returns and stimulus payments vary. If you are getting a regular income-tax refund, the IRS will send you that refund first. Normally, your stimulus payment will follow one to two weeks later.
If you are not expecting a regular tax refund, your stimulus payment should arrive a minimum of six weeks after you file.
At the end of this quote is an update date...read it carefully:
Q. When will I receive my stimulus payment?
A. The Treasury Department began making payments on April 28. Early filers, especially those who chose direct deposit, are getting their payments first.
If the IRS finished processing your return by April 15, you will most likely get your payment based on this schedule. If you chose direct deposit, this means your payment will arrive on May 2, May 9 or May 16. If you did not choose direct deposit, checks will be mailed between mid-May and mid-July. For this initial batch of stimulus payments, the payment date is based on the last two digits of your Social Security number. [Updated 5/8/08]
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.
Q. If my stimulus payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?
A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08]
Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?
A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.
I do hope this hasn't broken any rules of the forum..as I have not read them like I should have. I have included the basic information from the IRS FAQ page on the Tax stimulus payments. It clearly states that if you filed you tax papers with a Direct Deposit that you will have a DD for the stimulus as well. Do not make the mistake of the Direct Debit in which it does state that then you will have a paper check and most software cannot setup both, but to check with the software company or the agency that processed your taxes. It is also something to note here about H&R Block after talking with my neighbor whose mother works with H&R Block and is a CPA; many of the tax prep centers do not actually setup a direct deposit with the IRS for you, but charge for a direct deposit with a rapid antipation refund loan. Direct deposit for tax puposes is free of charge (regardless if you e-file or manually fill out the forms by yourself). You must make sure that any software or agency that does tax prep for you has not charged for a direct deposit and if they have you should have them refund that payment. A charge for dd without a rapid antipation refund loan is basically a rip off since it is free. According to this individual, H&R Block gets most of the information and can calculate only what you can expect but this is not official until you get the information directly from the IRS. The dates are listed for being sent out are general statements. The calculations of the sum of the last two are done by the computer when the group that your check is actually time to process. It was originally setup to estimate the time but was determined to be much more confusing. Those that got their check already way before may have had other things...such as early filing, dd, and other things. If the person who mentioned knowing the person with 92 as the last two lives within the same area, check to see what other things occured. Arkansas office is still sending out according to the sum of the last two..they didn't want to change the system already in place...(would have slowed them down for all checks).
As stated before, I am not an expert. I should have clarified that the information was given to me in the later part of March and due to not having Internet connection until now (for reasons not to be discussed in this forum) I had to go by that information, I was also going by the information that Social Security and the IRS sent me about the same time. A lot of changes took place, including the information that the checks would not begin to be shipped until around the 12th or 13th of May....I guess they found problems there too. As far as I go, CNN, 20/20, H&R Block, and others while may be highly informed about things...they all make mistakes as so do I...if you have questions about the IRS or Social Security or for that matter any government agency...get it from the "horse's mouth" is what my grandma-ma always said. Any other is just rumor and gosip. In fact, when I was in the military...I always found out that the government can never be trusted in what they say, they change rules too fast and even then still do whatever the heck they want to and whenever the heck they want to. Showing us in Iraq about the chemical weapons and their effects...well only one problem, while yes they were being done...the pictures were not Arabic people and not of pictures of the effects of chemical & biological weapon tests being done there..I guess that is why they say "Government Intellegence or the Central Intelligence Agency is just one big oxymoron"
Community Forum
Topic: Tax Rebate (Read 21074 times)
May 07, 2009, 08:59:47 am
