Expiring stimulus payment

[Black Bart]

As I understood it this thing dies the day after tomorrow. Wasn't there something about being able to use it in '08 some way or another?

[Lion]

2008 Returns

It actually is a rebate on 2008 tax return with the option of getting it early based on 2007 return information. So, if no or only partial rebate from 2007 return, you get another chance to see if you can get more with 2008 information on that return. Very helpful for divorced parents who alternate years of claiming dependent or someone with lower income during 2008 or someone not employed during 2007 but working in 2008 or...

[les grans]

BB, you *know* it's not as simple as that. IIRC, Congress wrote into the law that no payments of the rebate on the 2007 tax returns would be made after 12-31-08, and based on that IRS decided that they would do some sort of "cut off" for 2007 tax returns filed after October 15th (so as not to run afoul of Congress's statutory yearend deadline). But my understanding is that an entitled taxpayer will still get his "kickback" - whatever amount he's eligible for, of course - with the filing of his 2008 tax return. At least that's what I remember; but I know my memory ain't what it used to be. Am I about to lose anything, because I'm *not* prepared to file my 2007 tax return by tomorrow... But for a coupla hundred bucks, I would put *something* in the mail. Why, I'ld even sign it.... I *think* I would even sign it...!!

[David1980]

However it is important to note that the 2008 credit will be based no 2008 qualification.

So if you were gainfully employeed in 2007 with 3 kids on your return and would have qualified for $1500 in 2007, but in 2008 were unemployeed the full year and the kids all got taken away in December of 2007 you now get $0.

So if the stimulus payment would have been greater in 2007 than in 2008 you are SOL.

[dyne]

This morning on TV it was announced that Congress or the President is considering a
SECOND stimulus payment.

[JohnH]

That's because they thought WE need something to do between Oct 15 and the end of the year.