Devoted to understanding the basics and fundamentals of investing

Bring it, Uncle Sam! Thanks for the update Aaron.

Does this include senior citizens?

Anon,

It looks as if senior citizens are not included unless they have earned $3,000 in the past year or have payed taxes on investments, pension plans, etc. Here is a link speaking to the frustration that senior citizens have with this bill.

http://cbs5.com/national/senator.seniors.retirees.2.638431.html

Im a college student who earned over $3,000 working part time, but I am also listed as a dependent. Would I recieve a check?

Kevin,

From my understanding you will likely receive a rebate check. It is most likely that the amount would be $300, but until the full disclosure of all the terms come out I can't be sure.

Thanks,
Aaron

Will we have to pay this money back when we file for 2008 if we are expected a refund then?

How do they determine your income? Is it from you tax return? For which year? Thanks!!!

I just read that the amount you receive will actually be deducted from your income tax refund for 2009. So, if my husband and I qualify for $2400 in 2009, our refund would only be $1200 for the 2009 taxes. Is this true?

To answer the questions above:

I don't believe that the rebate will be deducted from your tax refund from 2009, but since all the official language of the bill probably won't be known until after the President signs the bill next week, I can't say for sure just yet.

As to how income is determined: The number used is your adjusted gross income from 2007. As long as you earned over $3,000 in income you will receive a check of at least $300.

Thanks for the comments and questions. I'll be sure to update this once all the official language of the bill is released!

Aaron

We need to get rid of the IRS and the banking system. The goverment should be printing money not a private bank.

so will they take the money back for next years tax return?

Will individuals making over $75,000 per year receive a tax rebate check?

I hold a full time job and my husband is on Social Security disability. We file jointly and we make less than $150,000 between the two of us. Would we receive $1,200.00 or less than that?

Yvonne,

Individuals making over $75,000 a year will not receive a tax rebate check.

Caryl,

I believe it is likely that you would receive the $1,200 amount since your husband is paying social security taxes. Unless there is a stipulation in the bill that specifically states that anyone on social security disability only receives $300, I would assume $1,200 would apply to your situation.

Thanks for the comments and questions!

Aaron

Is the $150,000 taxible income, or total income?

Thanks

my two daughters are over 18 ,They in in our home.They both work and go to school.My huaband and I pay for there school,books and there living. I work part-time 10 months year and my husband is on ssdisablity.Will we get 1,200.00 or more???

my two daughters are over 18 ,They in in our home.They both work and go to school.My huaband and I pay for there school,books and there living. I work part-time 10 months year and my husband is on ssdisablity.Will we get 1,200.00 or more???

I only earned 31,000 will I recieved a check also I am single.

I only earned 31,000 will I recieved a check also I am single.

they are saying $300 for senior citizens that make over $3,000. Is that for each person or for a family. Like an elder man and wife when both have pensions over 3,000

Will this tax rebate be deducted from any refund we are due after filing income takes next year?

David,

The $150,000 is based on Adjusted Gross Income, which is the number you place at the bottom of page one on your Form 1040 statement.

Kim,

It looks to me like for you it will all depend on if there is any stipulation in the age of children as to whether you can claim them. I believe it will most likely that you will receive $1,800, unless they put an age limit of 17 or 18 on the children you can claim, which this link seems to think, the limit will be children under 17. http://freep.com/apps/pbcs.dll/article?AID=/20080207/NEWS07/80207085

Kathy,

Yes, you would receive a check. $600 if you are filing individually and have no children.

rlspiller,

I interpret that to mean that you would receive $300 each, or $600 total.

Rosa,

The rebates sent this year will have to reported as income next year, but shouldn't affect the refund.

Thanks for the comments and questions!

Aaron

..will I get a rebate if I owe money to the IRS?

I am a mother of 4, but have 3 on my taxes, I also only made $13,000 and filed EIC....is there a possibility I will get a check? I just noticed that nowhere in the requirements did it say anything about EIC so I just wanted to bring it up.

flipflop,

Yes you should still get a rebate check as long as you make over $3,000 a year.

Anonymous,

Yes I think you will probably still receive a check. The new compromise appears as if it will allow tax rebates to those who filed EIC as well, but we will know for sure after the bill is signed this week.

Thanks,
Aaron

THIS IS NOT A REBATE. It is an advance credit on next year's taxes. I did read through the bill. Its not that long. There is also no provision in the bill for any exemptions as some are claiming so that you don't have to pay it back next year. It looks like the idea is absed on the fact that it is believed that the average refund is for $2500. So a family of 4 who would get an advance of $1800 would then only get a refund next year of $700. The last time they did this nonsense, they just made it taxable the following year. People were pissed but not enough to actually vote out the scammers. People in America have become sheep and the politicians know it. Voters will forget. They will only remember that they had more money to spend on more junk from China whose economy will be the ones really stimulated by this bill. Its just more smoke and mirrors brought to you by the powers that be. LOL!

There is no free lunch.

What about people who receive income tax credits
I know families who recieve $7500.00 in earned income credits. Will they also get $1200.00 plus $900.00 for three children. and is that fair?

If I owe the IRS for past taxes, will I still get the rebate?

Anonymous,

I'm honestly not sure how that will work. I do agree that if they receive the full check amount that wouldn't be very fair.

Cole,

The IRS said that it will apply the rebate to whatever amount you owe, so if the amount you owe is greater than the rebate you would receive you wouldn't receive a check.

Aaron

rebate checks; is interest and alimony considered income to qualify for a rebate even if i only make 15oo.oo $ a yr in wages from an employer but i pay into the irs taxes?

Just divorce summer of last year. Ex claimed our 1 child this year and I will claim child next year on taxes. Does this mean that my ex will receive the rebate?

Anon,

I believe you will qualify at least for the $300 check.

Stacy,

Your situation will be a unique one. They are offering second chances at rebates in April of 2009, so you might be eligible for that rebate since you will claim the child next year.

Aaron

Is there anywhere that I can find when I might expect my check?

WHEN WILL THE CHECKS BE SENT OUT???

Checks will begin going out in mid-May. The first to receive their checks will be those who file their 2007 taxes earliest.

My mother lives with me & my husband. We've been taking care of her and was able to claim her as a dependent. Will she be claimed as one of our dependents on this tax rebate?

Cindie,

If you claim your mother as a dependent in your annual tax return then she would be a dependent again, meaning she would not be eligible for a rebate herself. Is that what you were looking for? If you have any additional questions I'll be glad to do my best to answer them.

Aaron

I all ready sent a tax form out on the Stimulus Payment .But I recieved the forms in the mail after i allready sent it out. But I did not write at the top Stimulus Pay.Should I redue the tax forms over that was sent in the mail. The 1040A forms. Thank You. Please email me back to let me know.

It seems to me Uncle Sam found a way to write himself a check. Many people who need this money will not get it because they owe; however this money will be applied to their previously owed tax. I have no children; therefore I owe the government every year. This does not mean I don't need the stimulas money "I do", but instead I'm one of Uncle Sam's victims it will be applied to a previous bill. Presently I'm behind on my mortage. Do you feel this economical stimulas package was well thought out to consider all affected by the economy?