Stimulus Rebate ...

[lynamon 0]

This may influence the way you file your income taxes for 2007:

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. For example, this would include a child or student who can be claimed on a parent’s return.

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 file using an individual taxpayer identification number (ITIN). Can I still get a stimulus payment?

A: No. The law does not allow stimulus payments to people who file a return using an ITIN. A taxpayer must have a valid Social Security Number to qualify for the stimulus payment. If married filing jointly, both taxpayers must have a valid Social Security Number. And children must have valid Social Security Numbers to be eligible as qualifying children.

Q. I have an ITIN, but my spouse has a valid Social Security number. Can we get a payment?

A. If you and your spouse file a joint return, you will not get a stimulus payment. If your spouse files a separate return, your spouse may qualify for a payment, based on his or her income deductions and credits.

Q. If I have a valid Social Security Number and my child has an ITIN, do I get extra money for the child?

A. No. To qualify for the extra credit for qualifying children, not only do the taxpayer and spouse, if filing jointly, need valid Social Security Numbers, but the qualifying child must also have a valid Social Security Number.

[Kathryn41 3,205]

Well, considering that the stimulus rebate is actually being 'borrowed' from your own tax rebate for the following year, it just means you don't get it a year early and do get it the year for which it is relevant. So, those who are waiting for the SSN to come through and the rest of those who are not eligible for it the year early (excepting those who do not file a return or have income as the rebate is based on your actual tax rebate) will get it next year. I am wondering what will happen to those who do not have a rebate in 2008 - come tax time will they have to repay the stimulus rebate?

[AnewKINDofFEELIN 0]

Well, considering that the stimulus rebate is actually being 'borrowed' from your own tax rebate for the following year, it just means you don't get it a year early and do get it the year for which it is relevant. So, those who are waiting for the SSN to come through and the rest of those who are not eligible for it the year early (excepting those who do not file a return or have income as the rebate is based on your actual tax rebate) will get it next year. I am wondering what will happen to those who do not have a rebate in 2008 - come tax time will they have to repay the stimulus rebate?

The rebate isn't being "borrowed." The only thing that you will repay next year is the taxes on the amount of the rebate itself.

[*JG* 2]

Well, considering that the stimulus rebate is actually being 'borrowed' from your own tax rebate for the following year, it just means you don't get it a year early and do get it the year for which it is relevant. So, those who are waiting for the SSN to come through and the rest of those who are not eligible for it the year early (excepting those who do not file a return or have income as the rebate is based on your actual tax rebate) will get it next year. I am wondering what will happen to those who do not have a rebate in 2008 - come tax time will they have to repay the stimulus rebate?

If this is the case, then, yes, you may end up owing it back the following year.

In Missouri, we had something similar a few years back. The year they based the rebate on, I got to claim my kids on my tax return. The next year, when I went to file without them, I ended up owing the state of Missouri almost all that money back (cause I rarely get a state refund). It sucked big time.

[Sister Fracas 5]

Well, considering that the stimulus rebate is actually being 'borrowed' from your own tax rebate for the following year, it just means you don't get it a year early and do get it the year for which it is relevant. So, those who are waiting for the SSN to come through and the rest of those who are not eligible for it the year early (excepting those who do not file a return or have income as the rebate is based on your actual tax rebate) will get it next year. I am wondering what will happen to those who do not have a rebate in 2008 - come tax time will they have to repay the stimulus rebate?

The rebate isn't being "borrowed." The only thing that you will repay next year is the taxes on the amount of the rebate itself.

....because the rebate will be considered taxable income...

Edited February 28, 2008 by Sister Fracas

[Jenn! 918]

The tax rebates in process as part of the Federal economic stimulus package are not a loan against future taxes and will not affect tax returns filed for 2008, according to the Internal Revenue Service.

"That's been a major point of confusion about the stimulus package," said Eric Erickson, spokesperson for the IRS. "It is not taxable income, and it will not increase or affect the refund for next year in any way. It is strictly a one-time rebate or refund."

http://circlevilleherald.1upmonitor.com/ma...amp;TM=58154.39

[Sister Fracas 5]

oh, ok... LOL

[AnewKINDofFEELIN 0]

The tax rebates in process as part of the Federal economic stimulus package are not a loan against future taxes and will not affect tax returns filed for 2008, according to the Internal Revenue Service.

"That's been a major point of confusion about the stimulus package," said Eric Erickson, spokesperson for the IRS. "It is not taxable income, and it will not increase or affect the refund for next year in any way. It is strictly a one-time rebate or refund."

http://circlevilleherald.1upmonitor.com/ma...amp;TM=58154.39

Good job, Jenn! Now I think this thread should turn into a flame war.

I hate you!

[Jenn! 918]

[w¡n9Nµ7 §£@¥€r 123]

jenn, you rock!

[Sister Fracas 5]

I blame Trollie. I get all my news from him and I know he told me different. *runs*

[mawilson 2,133]

You won’t get a stimulus payment in 2008, if ...

Your net income tax liability is zero and your qualifying income is less than $3,000

or your qualifying income is more than $???,???

[tom&tata 2]

You won’t get a stimulus payment in 2008, if ...

Your net income tax liability is zero and your qualifying income is less than $3,000

or your qualifying income is more than $???,???

will be reduced if income is above $ 75k single ($150k couple). Not sure if it is AGI or Gross.

[w¡n9Nµ7 §£@¥€r 123]

I heard its AGI

[simple_male 1]

You won’t get a stimulus payment in 2008, if ...

Your net income tax liability is zero and your qualifying income is less than $3,000

or your qualifying income is more than $???,???

will be reduced if income is above $ 75k single ($150k couple). Not sure if it is AGI or Gross.

It is AGI, adjusted gross income. I mistakenly mentioned gross income previously.

Edited February 28, 2008 by simple_male