Stimulus payment

[NotEasy]

Have they decided on the amount of the stimulus payment already?

Is it pretty safe to tell your clients that each person will get $500 tax rebate (if they qualify) around the middle of the year?

[Larmil]

Have they decided on the amount of the stimulus payment already?

Is it pretty safe to tell your clients that each person will get $500 tax rebate (if they qualify) around the middle of the year?

Until the Prez signs nothing is sure.

[KBTS]

The House and Senate have passed their own versions of the latest "stimulus". The differences must be reconciled before the law can be passed. I would not tell clients anything about what to expect until the law is signed. That way, they cannot come back to you later complaining that you told them the wrong thing.

[NotEasy]

The House and Senate have passed their own versions of the latest "stimulus". The differences must be reconciled before the law can be passed. I would not tell clients anything about what to expect until the law is signed. That way, they cannot come back to you later complaining that you told them the wrong thing.

I am just curious. At this moment, how big is the chance that there will be another tax rebate this year?

[Larmil]

I am just curious. At this moment, how big is the chance that there will be another tax rebate this year?

Do you have a crystal ball? Ask it.

[Gretel]

OK, I will ask my crystal ball if someone had enough good common sense to reinstall the energy credit for 2008.

Done - my crystal ball says I am looking in the wrong place for finding someone with good common sense.

[JohnH]

I am just curious. At this moment, how big is the chance that there will be another tax rebate this year?

It's all a matter of statistical probability.

If the Congress passes it and the President signs it, I'd put the chances at 100%.

If one or the other of the above does not happen, I'd put the chances at 0%.

I'd give that info to the clients as the range of probabilities and suggest that they calculate their own mean, median, mode, and average based on their understanding of statistics.

[David1980]

I am just curious. At this moment, how big is the chance that there will be another tax rebate this year?

Even if passed, the ones floating around now work by reducing the tax withholding and not issuing a check (at least they did the last time I checked.) In which case the taxpayer probably wouldn't even notice the difference, and if you told them there was going to be a $500 rebate they'd be expecting (and counting on) a single check for $500.

[JoshinNC]

You are right Dave.

Even if passed, the ones floating around now work by reducing the tax withholding and not issuing a check (at least they did the last time I checked.) In which case the taxpayer probably wouldn't even notice the difference, and if you told them there was going to be a $500 rebate they'd be expecting (and counting on) a single check for $500.

The current bills, both House and Senate versions, include a "making work pay" credit of $500 per taxpayer, which is designed as an offset to the payroll tax. No checks, just a credit on the 2009 return.

[tpnl]

I'm not telling clients anything. If they ask, I tell them to wait until the bill is passed and signed by the Pres.

I also understood it to be lowering the tax tables so everyone gets a little more in their paychecks. The stimulus did not work because most people saved it (like me) or paid down debt. The thought is that if people have a few more dollars in their pocket each week, they will blindly spend it.

[Larmil]

I tell clients "It ain't over 'till the President signs."