Tax Rebate Check Update: The 2008 Economic Stimulus Package
The deal is done - the checks will be coming.
What does that mean for you? Well, that depends.
In short, the 'rebate' is based on income. If you made less than $75,000 last year, you'll get $600. If you made more, you'll still get a check, but the amount goes down as income goes up.
If you're married, you'll get $600 each, and the income cap is $125,000.
If you've got kids, you'll get $300 more for each, with the same income restrictions, up to the maximum.
To answer a few common questions: No, you will not be taxed on this money next year. It is officially considered an 'advance' on 2008's taxes - so you might have to pay it back, but you won't get taxed on it.
You don't have to file any special paperwork to get it; it will be mailed sometime in May automatically. However, you do have to file a tax return (even if you technically don't have to). That's why it's on hold until May; the Treasury Department needs your taxes to figure your check amount.
So, really, the only question left is: what will you do with yours?
Published by Bryan Belrad
The mind behind Zero Sum Theory, author of best-selling fiction and non-fiction, see what else he's up to on Facebook. View profile
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42 Comments
Post a Commenti was just wondering if a second round of stimulus checks are going to be issued and if yes when will they start being issued out
Pamela, the stimulus program is taking a different direction this year. Instead of sending out large sums of money, the government is simply letting you keep more of your own. Starting this spring, and running for most of the year, the FICA tax has been suspended for most Americans. Unfortunately, this system is skewed based on income: those with no job recieve no assistance or benefit, and those who make the most reap the greatest return, as they are the ones who had the largest deductions. For most people, this form of stimulus amounts to roughly $7 per week. The idea is that you won't notice it, so will spend it, thereby *stimulating* the economy. Spread over millions of Americans, that paltry $7 amounts to a whole lot of money.
I was wondering when I would recieve my check for 2009 a 2nd stimulus check?
Hello Patricia! Unfortunately, the window to claim the stimulus has closed; the IRS stopped accepting returns for application to the stimulus program in October. However, it isn't all bad news: most people with children end up with a refund, even if they aren't "required" to file a return. I'd recommend that you file anyway - you may be in for a pleasant surprise!
Salutations America!!!!! I have never been so THRILLED, to be alive, living in America, Native Indian, Irish Caucacian and AFRICAN American, Whew!!!!!!! My Husband and I are the proud parents of 7 children. We wear several hats and have a lot of Professions under our belts! OK, back to the problem. I just found out today that we were supposed to file an income tax form, even if we did not need too. Do we miss out on 2008 Stimulus checks?? What should we do to be sure of getting the 2009? We need a Chrysler Town & Country 2009 van (smile!) a car period would be wonderful! A large home of our own or the ability to buy the smaller one we are renting now, permitted by our wonderful landlord of course! I just can't say all that is needed, mostly we would like to look like we CAN help lots of others by not just struggling ourselves. I look forward to even helping others to get any and all information out there to help themselves, to acually get, in their possession,right now, what they n
I am thankful to have a job. But in this day and age there are no middle class theres the rich and the poor. I have worked my whole life I'm 52 yrs old,educated as a LPN and work for the mentally disable. I have never felt so poor in my life as I have in 2008. They need to bail out " We the people of the Untied States."
I was supposed to get my stimulus check June 20th, but haven't received or heard anything, When do you think I might receive it?
Corey, I'd check with the IRS to see what's going on.
It is now July 16 and I filed last year. My SS is 79 and I haven't recieved my Stimilus. Does anyone have any advice for me or avenues I need to take?
Wow - still getting questions. Ok, LAVINA - to find out when the mailed checks will be sent, check the IRS website for dates. They base it on the last 2 digits of the person whose name is first on the tax return. REDD - If your refund was split into 2 accounts, expect your rebate to be direct deposited with the same % breakdown. And, LINDA - if you're married, you might get less than the full $1200 if you made too much, or, as I was surpised to learn myself, if the two of you together owed no taxes. If you got refunded every penny you paid in, then you, as a couple, only get $300 per person (but the $300 per child remains unchanged).