Stimilus Package

[quicksam]

Well it seems the rebate checks have passed.

I have clients asking how much they are going to get. Does anyone know who is going to get the money for the kids when the custodial parent signs the 8332 letting the noncustodial parent claim the kids as dependents?

My best guess tells me that the parent they live with is going to get the money. If that is not the case, there are going to be a lot of custodial parents upset with me that I informed that signing the 8332 for the noncustodial parent would cost them very little on their return.

Also we have "dependent of others" who have made more than $3000 that keep asking if they are eligible.

I really do not know the answer to these questions yet.

[mblatour]

Here's a link to check out....

http://www.bloomberg.com/apps/news?pid=20601070&sid=aIprzj6Rfn3M&refer=politics

[Burke]

[QUOTE=quicksam;50767 Does anyone know who is going to get the money for the kids when the custodial parent signs the 8332 letting the noncustodial parent claim the kids as dependents?Also we have "dependent of others" who have made more than $3000 that keep asking if they are eligible.

I really do not know the answer to these questions yet.[/QUOTE]

Neither does anyone else. It only passed the Congress last night. It isn't even signed yet. Give the pundits time to read it, and post the info. Tell clients to "sit tight." It looks like it will be May before any checks are sent out.

[oceanlovin'ea]

Pay back?

One thing that I still don't see mentioned is if this money is going to reduce the refund they would get next year. Is this just "Free" money? or Is it an advance on their tax refund for 2008?

Linda F

[JoshinNC]

My reading indicates that

One thing that I still don't see mentioned is if this money is going to reduce the refund they would get next year. Is this just "Free" money? or Is it an advance on their tax refund for 2008?

Linda F

there will be a credit added to the 2008 return based upon the requirements set forth in the text of the legislation. The credit will then be reduced by the amount recieved in 2008 as a stimulus. If for some reason a TP is eligible and does not recieve a stimulus check than they will take the credit without the reduction. But, this is just my reading of the legislation.

[jimmcg]

There is no such thing as "free money." We taxpayers will pay in the end. However back to the original question as to rebate or advance the gang in Vegas are giving three to one it is an advance.

[Larmil]

there will be a credit added to the 2008 return based upon the requirements set forth in the text of the legislation. The credit will then be reduced by the amount recieved in 2008 as a stimulus. If for some reason a TP is eligible and does not recieve a stimulus check than they will take the credit without the reduction. But, this is just my reading of the legislation.

Does your reading indicate the the additional $300 per child is for children under age 17 in 2008?

[wv112]

After answering the phone all morning about how much am I gonna get!!!, I think I will look up my state senator's phone number, give it to the clients and tell them to ask him. I am so far behind and now this.