Stimulus payment will NOT be taxable income! It's all yours to keep!

[w¡n9Nµ7 §£@¥€r 123]

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. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.

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.

http://www.irs.gov/newsroom/article/0,,id=179181,00.html

[YuAndDan 153]

I would think so, they are just returning $$$ that they took from you in taxes.

[HAL 9000 96]

Which sucks for those that pay taxes while in EAD as part of the AOS transition... according to some here, that disqualifies the couple to receive anything if filing status is married filing jointly. Hopefully that means a married filing separately can occur on a 1040X if that will mean a retroactive payment.

[YuAndDan 153]

Which sucks for those that pay taxes while in EAD as part of the AOS transition... according to some here, that disqualifies the couple to receive anything if filing status is married filing jointly. Hopefully that means a married filing separately can occur on a 1040X if that will mean a retroactive payment.

The US citizen will still qualify for $600 the foreign citizen if they have a SSN will also qualify for $600. The foreign citizen does not qualify if filing the return using an ITIN.

SEE: http://www.irs.gov/newsroom/article/0,,id=179095,00.html

Edited March 24, 2008 by YuAndDan

[lucyrich 20]

Which sucks for those that pay taxes while in EAD as part of the AOS transition... according to some here, that disqualifies the couple to receive anything if filing status is married filing jointly. Hopefully that means a married filing separately can occur on a 1040X if that will mean a retroactive payment.

The US citizen will still qualify for $600 the foreign citizen if they have a SSN will also qualify for $600. The foreign citizen does not qualify if filing the return using an ITIN.

SEE: http://www.irs.gov/newsroom/article/0,,id=179095,00.html

No, from the article you quoted:

Both individuals listed on a married filing jointly return must have valid Social Security numbers to qualify for a stimulus payment.

So if one individual on a MFJ return has an ITIN, neither qualifies for the payment. For further reinforcement, see this IRS.gov stimulus payment calculator. The first page has three questions. Answer "No" to the third question, "Does your tax return include a valid social security number for you and your spouse, if filing a joint return?", and the calculator will tell you that you do not qualify for any payment.

[simple_male 1]

Which sucks for those that pay taxes while in EAD as part of the AOS transition... according to some here, that disqualifies the couple to receive anything if filing status is married filing jointly. Hopefully that means a married filing separately can occur on a 1040X if that will mean a retroactive payment.

The US citizen will still qualify for $600 the foreign citizen if they have a SSN will also qualify for $600. The foreign citizen does not qualify if filing the return using an ITIN.

SEE: http://www.irs.gov/newsroom/article/0,,id=179095,00.html

No, from the article you quoted:

Both individuals listed on a married filing jointly return must have valid Social Security numbers to qualify for a stimulus payment.

So if one individual on a MFJ return has an ITIN, neither qualifies for the payment. For further reinforcement, see this IRS.gov stimulus payment calculator. The first page has three questions. Answer "No" to the third question, "Does your tax return include a valid social security number for you and your spouse, if filing a joint return?", and the calculator will tell you that you do not qualify for any payment.

Yes, for Married Filing Jointly, both have to have valid US Social Security Numbers to qualify for the stimulus payment.

Edited March 24, 2008 by simple_male

[DARUMA07 25]

you can get the Payment Calculator and the Payment Schedule here at this link....

http://www.irs.gov/newsroom/article/0,,id=177937,00.html

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http://www.irs.gov/newsroom/article/0,,id=177937,00.html

[YuAndDan 153]

No, from the article you quoted:

Both individuals listed on a married filing jointly return must have valid Social Security numbers to qualify for a stimulus payment.

So if one individual on a MFJ return has an ITIN, neither qualifies for the payment. For further reinforcement, see this IRS.gov stimulus payment calculator. The first page has three questions. Answer "No" to the third question, "Does your tax return include a valid social security number for you and your spouse, if filing a joint return?", and the calculator will tell you that you do not qualify for any payment.

Good correction, in that case compare married filing separately to filing jointly.

[HAL 9000 96]

Which sucks for those that pay taxes while in EAD as part of the AOS transition... according to some here, that disqualifies the couple to receive anything if filing status is married filing jointly. Hopefully that means a married filing separately can occur on a 1040X if that will mean a retroactive payment.

The US citizen will still qualify for $600 the foreign citizen if they have a SSN will also qualify for $600. The foreign citizen does not qualify if filing the return using an ITIN.

SEE: http://www.irs.gov/newsroom/article/0,,id=179095,00.html

Hopefully that will be the case.

[HAL 9000 96]

Which sucks for those that pay taxes while in EAD as part of the AOS transition... according to some here, that disqualifies the couple to receive anything if filing status is married filing jointly. Hopefully that means a married filing separately can occur on a 1040X if that will mean a retroactive payment.

The US citizen will still qualify for $600 the foreign citizen if they have a SSN will also qualify for $600. The foreign citizen does not qualify if filing the return using an ITIN.

SEE: http://www.irs.gov/newsroom/article/0,,id=179095,00.html

No, from the article you quoted:

Both individuals listed on a married filing jointly return must have valid Social Security numbers to qualify for a stimulus payment.

So if one individual on a MFJ return has an ITIN, neither qualifies for the payment. For further reinforcement, see this IRS.gov stimulus payment calculator. The first page has three questions. Answer "No" to the third question, "Does your tax return include a valid social security number for you and your spouse, if filing a joint return?", and the calculator will tell you that you do not qualify for any payment.

Very good. This calculator is exactly what was causing some confusion with some folks here. It should be noted that it was for those that are still waiting their AOS to be adjusted. They may not be considered residents YET, so their logic according to question #2 in the calculator, would negate the payment for the joint tax return. Of course, how the IRS verifies resident status when the immigrant spouse has a SSN is beyond me but if they do and they apply the calculator as something set in stone, then people in that situation will have something to gripe about.

[Sister Fracas 5]

deja vu...didn't we discuss this already....?

[w¡n9Nµ7 §£@¥€r 123]

deja vu...didn't we discuss this already....?

I posted it again because I believe the information I had before was that the rebate would be taxable income for tax year 2008. This new information indicates otherwise.

Maybe I was wrong to begin with.

[Sister Fracas 5]

good on ya for keeping us informed then...

[simple_male 1]

deja vu...didn't we discuss this already....?

I posted it again because I believe the information I had before was that the rebate would be taxable income for tax year 2008. This new information indicates otherwise.

Maybe I was wrong to begin with.

IRS has always said that the stimulus payment is not taxable. However, it is very easy to get confused.

Which sucks for those that pay taxes while in EAD as part of the AOS transition... according to some here, that disqualifies the couple to receive anything if filing status is married filing jointly. Hopefully that means a married filing separately can occur on a 1040X if that will mean a retroactive payment.

The US citizen will still qualify for $600 the foreign citizen if they have a SSN will also qualify for $600. The foreign citizen does not qualify if filing the return using an ITIN.

SEE: http://www.irs.gov/newsroom/article/0,,id=179095,00.html

No, from the article you quoted:

Both individuals listed on a married filing jointly return must have valid Social Security numbers to qualify for a stimulus payment.

So if one individual on a MFJ return has an ITIN, neither qualifies for the payment. For further reinforcement, see this IRS.gov stimulus payment calculator. The first page has three questions. Answer "No" to the third question, "Does your tax return include a valid social security number for you and your spouse, if filing a joint return?", and the calculator will tell you that you do not qualify for any payment.

Very good. This calculator is exactly what was causing some confusion with some folks here. It should be noted that it was for those that are still waiting their AOS to be adjusted. They may not be considered residents YET, so their logic according to question #2 in the calculator, would negate the payment for the joint tax return. Of course, how the IRS verifies resident status when the immigrant spouse has a SSN is beyond me but if they do and they apply the calculator as something set in stone, then people in that situation will have something to gripe about.

I think, as long as both have valid SSN for married filing jointly, IRS will issue the stimulus payment. I am like you not sure how IRS verifies resident status using one's SSN.

[mawilson 2,133]

Very good. This calculator is exactly what was causing some confusion with some folks here. It should be noted that it was for those that are still waiting their AOS to be adjusted. They may not be considered residents YET

If they live in the US, they are considered residents for tax purposes.

Residence for tax purposes has nothing to do with AOS or "permanent residence" (i.e. "green card").

I am like you not sure how IRS verifies resident status using one's SSN.

They don't - it's irrelevant.